Kodak Apparel HK — Sales Intelligence
Internal Report
January posted the strongest month at $717K revenue / 2,959 units — driven by launch momentum and Chinese New Year spending. February dipped 52% to $341K (seasonal + post-CNY slowdown). March recovered to $452K, indicating sustained demand beyond initial launch.
Tops lead at $596K (39% of total revenue) on 1,754 units at $340 avg price. Outerwear follows at $327K on 392 units at $833 avg. Outerwear delivers 2.4x the revenue per unit vs Tops — critical for margin strategy, but requires careful SKU selection.
The $200-$499 band drives 2,946 units and $580K revenue (38%). But $800-$1,199 products punch above weight: 715 units generating $353K at $494/unit. The under-$200 band moves 2,869 units (mostly accessories/socks) but only $26K revenue. Premium works for the right products.
79.4% of customers buy only once (193 out of 243). However, 9 customers with 6+ orders account for 119 orders (likely wholesale/retail accounts). True consumer repeat rate is low but AOV is strong at $1,688.
| Product | Units Sold | Current Stock | Revenue | Sell-Through % | Status |
|---|
These products have zero sell-through and represent frozen capital. Immediate action required to clear or repurpose. Do NOT reorder any of these for SS27.
這些產品售罄率為零，代表凍結資金。需立即清貨或轉用，SS27 切勿補訂。
Q1: 83 units / HK$38K sold — the weakest category. Clean Cotton Cargo Pants, Mesh Texture String Pants, Mesh Rugby Knee-Length Shorts, Breeze Pop Cool Half-Length Shorts barely moved; over 1,300 units of bottoms stock now sit across 23 SKUs (much of it newly-landed summer shorts that still need the season — judge those at Q3, not now). The category averages ~$459 per item; customers reject cargo and wide-leg silhouettes at that price.
0 paid units sold, 30 units stuck across Archive / Funsaver / Film metal + acrylic keyrings. Meanwhile the same shape works perfectly as a GWP: ~635 free Lightbox keychains were happily taken at the $800 spend tier. The category lesson: customers love the keyring as a free reward, not a paid purchase.
Jackets delivered HK$174K on 194 units at ~$895 average — strong margin where it sold. Brownie Reversible Padded (~99% ST) and Photographer Dyed Snap (91% ST) sold through; RGB Denim Collar Jacket S26 and Photographer Hooded sat at 0%. The category is bimodal — it wins big or fails completely. Spray-and-pray buying is the wrong strategy here. (Note: hoodies/sweats — HK$409K — are counted under Hoodies & Sweats, not here.)
118 units stuck across 2 T-shirt SKUs. The category overall is the strongest in Q1, so this is not a category failure — it is two specific SKUs that misfired (likely sizing, print quality, or aesthetic mismatch). Treat them as standalone exits, not a category indictment.
Revenue leaders: Tops ($596K, 39%) and Outerwear ($327K, 21%) together drive 60% of all revenue. Headwear is the volume leader at 1,209 units but only $243K due to lower ASP.
Bags 包: Mini bags outperform — size is the deciding factor. Essential Mini Cross sells through near-completely; the larger crossbody formats sit. Buy small, buy shallow.
Bottoms: Weakest category at 93 units / $42K. High price + wrong silhouettes = no demand. Avoid expansion.
Volume sweet spot: $200-$499 drives 52% of units (2,293). This is the entry/core price band where caps, t-shirts and socks live.
Revenue sweet spot: $800-$1,199 generates $353K on 715 units — highest revenue per unit at $494. This is the sweatshirt/light outerwear zone.
Premium plays: $1,200+ delivers $292K on only 309 units. High margin, low volume — only for proven outerwear winners.
Action 行動: Maintain wide $200-$499 assortment for traffic. Deepen $800-$1,199 with proven sweats/outerwear. Be highly selective above $1,200.
January: 48 units ($3K) → February: 134 units ($14K) → March: 570 units ($77K). March was 11.8× January volume — a genuine mid-March spike, likely social/influencer driven. But the picture has since flipped: Charmera now sits at 59% sell-through with 680 units still in stock, and runs at −24.7% margin (cost > price). It is a footfall magnet, not a profit or supply story — do not chase it as a reorder.
Charmera buyers also purchase: HK Exclusive T-Shirts (10 co-orders), Photographer Dyed Snap Hoodie (9), Rainbow Big Logo Sweatshirt (9), Ice Pop T-Shirt (8), Synergy T-Shirt (8). These are the core KD apparel items — Charmera acts as a gateway to the brand.
GWP redemptions sit on large baskets: the Lightbox Keychain ($800 tier) and Sticker Set both pull ~$1,560–$1,580 average order values, well above the $1-add-on Tote's ~$1,190 (see the per-tier figures on the cards above). Read it with care, though — the gift sits on the qualifying threshold, so part of that basket is "had to spend to unlock," not pure incremental lift. The mechanic clearly anchors baskets at the threshold; isolate the true incremental effect before scaling it.
The Tote costs little to the customer but creates perceived value driving $500+ baskets. The Lightbox Keychain is free but motivates $800+ spend. As an unlock mechanic tied directly to a spend threshold, GWP gives an unusually high return on a low item cost.
Note: GWP redemption counts are a snapshot, not live. 註：贈品兌換數字為快照，非即時數據。
The margin-positive Q1 revenue engine is outerwear and sweats: Brownie Reversible Padded Jacket ($84K net, ~99% ST), Scenery Graphic Half-Zip Hoodie ($76K, 82% ST), Rainbow Big Logo Sweatshirt ($69K, 91% ST), Photographer Dyed Snap Jacket ($56K), plus Ice Pop Tee ($52K) and Relaxed-Fit Square Logo Cap ($50K). Reorder these in fresh SS27 colourways and hold cap depth (1,185 Q1 units — the #1 gateway that cross-sells into apparel). The newly-visible women's-fit range also clears at full price — Rainbow Crop Hoodie and Kodakurry Denim are 100% sold through. CHARMERA is the exception, not a winner: it leads gross revenue ($93K Q1 net) but runs at −24.7% margin (unit cost > selling price) with 680 units still in stock — it is a footfall / window-magnet asset, not a profit line, and it is not supply-constrained. Do not restock it for margin; if it stays, book the loss as a deliberate marketing cost.
Only ~5% of orders carry a captured customer email (~243 identified customers across the period). The repeat-purchase signal we can see sits on that tiny subset — too small to read reliably. The repeat-rate number is unreliable until checkout email capture is fixed. Without identity there is no loyalty programme, no Klaviyo flow, no remarketing — ~95% of customers walk out anonymously. This is the single highest-leverage fix in the operating stack.
9 products have zero sales yet still hold stock — pure frozen capital (the live count is shown in the Dead Stock section above). Beyond those, slow movers pile up: bottoms (cargo / wide-leg / shorts), 2 stuck T-shirt SKUs, and ~30 units of paid keyrings. Untouched, this stock sits through the entire S26 window — a real opportunity cost in shelf space and cash flow.
Current range: 144 products, with 9 confirmed dead and roughly 40 more under 10% sell-through. Too wide for a brand at this stage. The losers concentrate in predictable areas; the winners are clear. SS27 buying should reflect Q1's hard truths — not the launch-period thinking that a wide range gives optionality.
Q1 net price-band breakdown (by product price) shows where the money comes from: $200–$499 drove 3,146 units / $623K (the traffic engine — caps, tees, mini bags); $800–$1,199 delivered $367K on 730 units (the sweet spot — sweats and selected outerwear); $1,200+ added $267K on 272 units (premium margin, only for proven outerwear winners); $500–$799 added $221K on 608 units. The under-$200 band is tiny in net terms ($18K / 346 units) — socks and small accessories only; it is not a real revenue driver (free GWP gifts are excluded from net).
CHARMERA appeared in ~350 retail orders (19% of all POS), accelerated 11.8× from Jan to Mar, and cross-sold meaningfully into tees, sweats, and free Tote gifts. Online tells a different story — just 4 online CHARMERA units vs 741 retail in Q1. The product is a physical foot-traffic asset, not a digital one. But it sells below cost (−24.7% margin) and still holds 680 units of stock — so its value is footfall and email capture, not product margin. Treat it as a costed window magnet, not a profit hero or a restock priority.
Context: FW26 PO is already placed (locked). Next buying decision = SS27. The Q1 SS26 sell-through signals below directly inform SS27 buying; winter signals carry forward to FW27.
Over-bought (working capital frozen on the shelf): — SS26 retrospective as of Q1 close; for live stuck-capital see the Promote & Reorder → Markdown list.
Under-bought (demand left on the table):
The pattern: we over-ordered heavy outerwear and saturated colours/sizes (White, Mint, XL), and we under-ordered our actual winners (mini bags, padded jackets, the gateway gadget). Q1's losers were predictable from Korea ST signals; the winners ran out because depth was conservative on proven product.
Grow (where Q1 ST proves we left money on the table):
Cut (already proven not to work):
Colour curve for SS27 (based on paid-units evidence): lean Black (1,135u / 35% ST), Ivory (677u / 35% ST), Yellow (365u at 47.5% ST — fastest mover), Red (45% ST), Navy (36%). Cut depth on White (670 stuck / 21% ST), skip Mint (0% ST), skip Sky Blue (7.6% ST), reduce Khaki (18.8%).
Size curve: M and L drive volume across 75 products each. XL depth is too deep (925 stuck / 25% ST) — cut to roughly half. XS depth (118 stuck / 39%) is OK. For bags use numeric "1" (50% ST — the size leader) over "2" (31%).
Operating rules: