Assistant Buyer Men's- Galeries Lafayette India

Job Purpose:

To assist the Men's Buying Manager to maintain a balanced merchandise assortment for the Galeries Lafayette India stores based on luxury market trends & consumer preference, while upholding GL's brand image. The ideal merchandise mix for GL luxury retail stores based on exclusivity & brand identity should complement the superior customer service to maximize full price sell-through at stores and strengthen clientele relationships.

Key Result Areas:

Assisting Men's team in the selecting & sourcing of Merchandise assortment/mix for GL stores

• Collaborate closely with the Men'sBuying Manager and other team members to develop a well-balanced assortment of men's fashion products, considering factors like style, size, color, and price range.
• Conduct thorough global market research and trend analysis to identify emerging fashion trends and customer preferences, ensuring the assortment remains current and attractive to the Indian Luxury market.
• Work with the Buying Manager to set assortment goals, making data-driven decisions to select brands and products that align with the store's luxury image and the Indian market's unique tastes.
• Monitor the assortment's performance regularly, assessing sales data and customer feedback to identify top-performing and underperforming items and categories.
• Ensure that the assortment caters to a wide range of customer preferences while maintaining a cohesive and appealing presentation on the sales floor.
• Create appropriate buying plan for assigned category as per Sales targets for GL stores – updating Order Master.
• Create Ordersheets, review Order Confirmation (OCs), share Purchase Orders with brands and track the progress of orders to ensure on-time delivery.
• Creating in season trade actions (re-orders, swaps or RTVs) on a need basis.
• Create Option plan and conduct depth analysis

Collaborating with brands

• Establish and cultivate strong relationships with vendors, including international and local fashion brands,
• Monitor vendor/brand performance, addressing any supply chain issues or discrepancies in a timely manner to maintain consistent product availability.
• Stay informed about market trends, innovations, and conditions, ensuring the selection of brands/vendors that align with the store's luxury brand image.

Inventory Management

• Monitor inventory levels for the men's category, ensuring an optimal balance between supply and demand.
• Analyze sales data, including sell-through rates and stock turnover, to make informed decisions about replenishments and restocking.
• Implement inventory optimization strategies to reduce excess inventory, minimize stockouts, and control holding costs.
• Collaborate with the Planning Team to align inventory management practices with overall merchandise planning and demand forecasting.
• Work with the Buying Manager and other team members to make markdown and clearance decisions for slow-moving or seasonal items to maintain profitability.

Sales Analysis

• Analyze the sales performance of men's products, regularly reviewing sales data, including revenue, units sold, and margins, to identify trends and opportunities for improvement.
• Collect and analyze customer feedback, reviews, and comments related to men's products, using this information to gauge customer satisfaction and identify areas for enhancement.
• Collaborate with the Buying Manager to assess the performance of specific products, styles, and brands within the men's category, determining which items are top performers and which may require adjustments.
• Assist in the creation of sales forecasts and demand projections for men's, leveraging historical sales data and market trends to refine sales expectations and optimize inventory planning.
• Provide data-driven recommendations for assortment adjustments, including product additions, exclusions, or modifications, to improve sales performance and better meet customer demand.
• Updating Brand sell-through reports.
• Creating top seller slow seller reports.
• Preparing Sell-through reviews & department reviews.

Pricing Strategy

• Assist in developing pricing strategies that balance competitiveness with maintaining the luxury image of the store's men's category.
• Monitor price elasticity and conduct pricing analysis to determine optimal price points for different product segments.
• Collaborate with the Buying Manager to set promotional pricing and markdown strategies that maximize profitability during sales events and clearance periods.
• Keep a close eye on currency exchange rates and their impact on pricing for imported luxury products.
• Conduct regular pricing benchmarking against competitors to ensure the store remains competitive while preserving its luxury positioning.

Market Research and Intelligence

• Stay updated on global and local fashion trends, attending fashion shows, trade events, and keeping a close eye on industry publications and social media to remain informed.
• Analyze competitor offerings and customer reviews to identify gaps in the market and opportunities for differentiation (Competition Mapping)
• Conduct regular customer surveys and feedback analysis to understand changing preferences and gather insights for assortment adjustments.
• Collaborate with the Buying Manager to evaluate the performance of men's products in the market, identifying areas for improvement or expansion.
• Translate market insights into actionable buying decisions, such as selecting products that align with current trends and customer demands.
• Keep track of new launches in the market (competition product/ window/ schemes)

Visual Merchandising Support

• Work closely with the Visual Merchandising team to ensure that men's products are displayed effectively and aesthetically, aligning with the overall store's visual merchandising guidelines and luxury image.
• Provide input and recommendations on how men's products should be presented in the store, including coordinating product groupings, mannequin displays, and window displays to create an enticing and coherent shopping experience.
• Collaborate with Visual Merchandisers to align product displays with seasonal themes and emerging fashion trends, ensuring that the visual presentation remains fresh and relevant to customers.
• Work with the Visual Merchandising team to coordinate the rotation of inventory and placement of new arrivals, ensuring that the most appealing and seasonally appropriate products are prominently featured.
• Understand customer behavior and shopping patterns to recommend visual merchandising strategies that enhance customer engagement and drive sales, ultimately contributing to the store's overall success.

Collaboration with Internal Team

• Collaborate effectively with cross-functional teams, including the Buying Manager, Visual Merchandising, Planning, and Marketing, to align men's buying strategies with overall business objectives.
• Maintain open lines of communication with vendors and suppliers, sharing relevant information with the procurement team to ensure timely deliveries and smooth inventory management.
• Share sales data, customer feedback, and market insights with cross-functional teams to inform merchandise planning, visual merchandising, and marketing strategies.
• Collaborate with the Marketing team to coordinate promotional activities and sales events, ensuring that marketing efforts align with men's assortments and customer interests.
• Work closely with the Operations team to facilitate efficient stock movements, replenishments, and inventory control, ensuring that men's products are readily available for customers while optimizing stock levels.
• Align with Retail Operations Team on Product Training Season for each brand.