The old school thinking that sourcing was somewhat of a zero sum game – and no one wanted to leave any money on the table – is no longer valid.

Greater globalization, much more transparency and more complex market conditions have made it increasingly risky to play the kind of games that used to be seen as part of being a smart negotiator, a sharp business person or simply ‘the way this industry works.’

The industry is still stacked heavily in favor of the buyer, since there are far more suppliers competing for business.  And there are fewer big buyers as some of the traditional large brands fail and leave the market and the new brands are smaller. 

Yet, even the largest brands are realizing that they need their vendors, almost as much as their vendors need them.  

“The importance of commitment and building a mutually beneficial relationship between brands and vendors has always been a priority for us.  Our suppliers really came through for us during the pandemic.  But the value of good relationships is not only during a crisis. Our collaborative approach to working with our vendors plays an important role in supporting our initiatives on innovation, flexibility and speed,” said Vivian Lee, Managing Director & VP Sourcing for 5.11 Sourcing Ltd, the sourcing arm of 5.11 Tactical.