Is it cost effective to manufacture athletic wear in a country like the United States or Mexico?
Yes, it can be. Most manufacturers struggle to be cost effective from anywhere. There are always many variables that take away efficiency, such as minimum order sizes or color variations. If you were to ask them to lower their minimum order quantities, most cannot deliver. However, Teamwork has a strong lean manufacturing culture, where continuous improvement is required. We typically have 4-6 Black Belt-certified lean enterprise coaches. Due to our minimum order size of only one piece and our average manufacturing lead time for custom businesses being less than 10 days, we have no choice but to be cost efficient and produce first rate products.
You also have a division called 'ProSphere' custom-sublimated division for custom uniform? Tell us something about this.
Prosphere is Teamwork's premium sublimation garment line in the market today. It has become the largest sports apparel brand on Amazon. The keys to Prosphere's success are quality and quick order fulfillment, with 3, 5 and 10-day options. The products range from sports team uniforms to athleisure wear.
Sports accessories have a huge potential. What is your presence in this segment?
We sell a variety of accessories, or 'fries', as we affectionately call them here. We offer socks, sleeves, caps, trim, slip-on shoes and other accessories.
Please share details of your growth story for the last two fiscals and your expectation for the next.
Retail sales of apparel are generally soft throughout the industry. The primary cause is the mass consumer migration away from brick and mortar stores. Consumers are now leaning towards online shopping.
For this reason, we developed Rapid Threads, which ultimately saves retailers from going out of business. Retailers that are reducing their product offering due to the high cost of holding inventory are now vastly increasing their product selection, while minimizing or eliminating inventory risks. Rapid Threads' proprietary product development technology, called 'Tsunami', helps our distributors create massive custom product catalogues for pennies per SKU. This coupled with our business model focusing on made-to-order, no-minimums, no set-up fees and delivery within a few days, can make retailers reinvent their businesses and show exponential growth.
Our made-to-order sublimated product businesses, such as Prosphere and Spectrum, continue to deliver double-digit growth. We expect even higher growth as we add thousands of new products every week.
Any expansion plans or an increase in capacity?
We are planning to expand our product factory in Mexico and another expansion to the same factory by the end of the year.(HO)
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