Parsons x Teen Vogue: Production Cost Assignment

Happy Friday –

This post is dedicated to Class 3, Assignment 1 in the online Fashion Essentials course from Parsons x Teen Vogue. The goal of this assignemt is to understand the differences in production costs between both small and large companies.

We were to create an accessory inspired by a mood board we previously created for another assignment; and find out how much it cost to produce it. Once we were done with that, our next step was to find the same pieces at a cheaper price and calculate what it would cost to produce it as whole sale.

Here is my design and what it was inspired by:

GC Idea

IMG_2171

The original price for the supplies used to create this necklace are as follow:

Jump Rings/Claw/Chain/Endings: $1

Hemp Strings: $0.50

Beads: $0.10

Labor: $3.20

 

Production Cost: $4.80

Retail Value: $8.00

Profit: $3.20

 

I found the supplies cheaper on a wholesale site. The price for the new suppliesΒ are as follow:

Jump Ring/Claw/Chain/Endings: $0.50

Hemp String: $0.01

Beads: $0.05

Labor: $1.60

 

Production Cost: $2.70

Retail Value: $8.00

Profit: $5.30

Finding supplies cheaper and being able to produce more products faster allowsΒ you to make a greater profit. The downside on that is that the quality of clothing definitely decreases when more of the same items are produced.

I’ll explain this further in my next assignment blogpost. Keep an eye out for it in the next few days.

Thank you so much for stopping by and taking a peek at a Parsons x Teen Vogue assignment. Hope you enjoyed!

Till next time,

GC xo

 

2 thoughts on “Parsons x Teen Vogue: Production Cost Assignment

    1. Thanks love! It’s an interesting assignment – I love how this online course had introduced me to so many different aspects of the fashion industry. It’s so cool. Again, as always, thanks for the love & support babe. Love you!

      Like

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