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  • #966608
    AquaGirl
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    Hi All

    I am happy to say i received some of the clothes i will be selling. As expected, some of the items were creased.
    Anyone know what process needs to be taken so that the items are still brand new but sold without creases? Surely dry cleaning wont affect the newness but i thought id check if anyone was certain of this process of what goes on between receiving clothes and stocking them in store.

    Another question – i heard that when importing it’s possible to set a fixed exchange rate so that if you want to keep the same rate when the aussie dollar is worth more, how is it possible to do this?
    The supplier wont be impacted either way, will they, since they will receive the amount on the invoice in their currency? im not sure about this so any advice would help

    cheers
    Linda

    #1019665
    akagrp
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    Hello

    All the best for new biz. With regards to clothes most retailers simply iron the clothes while on the hanger using a steamer, I have not seen many that do a full dryclean as this just adds to their cost.

    With regards to exchange rates, you can lock in a rate for a given time with many FX companies but really depends on the size of your shipments. Many banks are also starting to offer foreign currency accounts which will allow you to buy currency at a rate suitable, but they do tend to charge a high monthly account fee so your volume would need to justify the cost of this.

    To your success
    Anna

    #1019666
    Accounts Studio
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    Hi Linda
    Glad to hear you have received some stock. Most retailers would use a steamer which just steams the creases out. The rates you are talking about as mentioned above would be forward exchange contracts which you organise with your foreign exchange trader – you lock in a rate and you are guaranteed that rate for an agreed period of time. You may need to investigate further though as I believe in the past you would have to have offered some sort of collaterol to do this – although it may all be different now. I can give you the details of someone to talk to about it if you like at one of the best forex dealers.

    #1019667
    AquaGirl
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    Hi Anna and Sophie

    Thanks for that. I bought a 1450watt steamer… hopefully this is enough power for professional grade results and works on all fabrics?

    Yeah id rather not do anything with banks, however if i do get to a stage where i need to import more products at once it might be beneficial to use a fx broker.
    Let me know if you have a basic idea of an average cost to lock in the rate for 6 months.

    cheers
    Linda

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