There’s a story behind every transfer: Everyday Cashmere
As the world starts to open up again, travel between countries may look a little different, but Jennifer Hart founder of Everyday Cashmere will make sure you look the part no matter your destination’s climate.
Jennifer Hart started her clothing business in 2008, offering a solution to the struggle of finding “versatile garments to rely on in all situations”. Prior to the COVID-19 pandemic, Jennifer recognised that a love of travel across both the north and south hemispheres was something innate to Australian culture, making climate-controlled outfit selections difficult.
To ensure high quality, ethically produced products for customers, Jennifer sources Mongolian cashmere yarn from family-run farms. While this contributes to long-term sustainability, it does come at a cost. Managing currency fluctuations, paying overseas suppliers on time and keeping up to date with incoming orders can be challenging for any small business.
“Suddenly realising you have $50,000 worth of stock landed and cleared because that fits in with the manufacturers schedule is hard because you can sit on it for 3 or 4 months before you can actually sell it. You are slotted in around other orders, making planning hard. We used short-term financing companies to cover costs initially as we weren’t supported by anyone. Like any small business, cashflow is key”.
And like many other small business owners, Jennifer wears many hats in her business. “We are a team of three people and Aylin [Amey, OFXpert] is an extension of our team. I think it’s important as a small business to have a specialist on-hand, someone who understands the business side and can integrate their FX knowledge into what the business needs.”
Developing such a great relationship with Aylin has meant Jennifer can focus more on the areas of her business she enjoys.
As Jennifer’s business continues to grow, so do her manufacturing orders. Future planning is essential to ensure production timelines are met and there is some level of predictability on her cost base. With the help of Aylin, Jennifer knows when the rates are optimal for her key currencies and can lock in a fixed rate for upcoming orders. “We have discussions about what our volume is for the next 2 months and how much we should lock in. Having that extension of the brand makes our planning a lot better.”
There is no question that Jennifer is excited for travel to become a big part of people’s lives again. For now, the focus is on maximising the versatility of her products and showing people that cashmere really is for the everyday.
How would Jennifer describe OFX in one word? Personal.