Department: Finance
Direct manager: CFO
Location: The ideal candidate will be located in one of the Company's primary markets - Toronto or Vancouver
Hours: Flexible. Must be available as required by the business Monday - Sunday 8AM - 8PM local time and Tuesday evenings from 8PM - 10PM PST
Remote work option: Yes
FTE: Full-Time
Company description
Service-Meets-Retail
Experiential Skincare Company
A pioneer of experience-led, science-forward skincare destinations that transform your everyday. Our immersive locations (Fig Bars) offer an innovative range of 30-minute, best-in-class technology-driven facial treatments and medical aesthetics injections. Tailored by trusted medical professionals, delivering natural-looking results. Alongside a curated assortment of skincare products.
Role Description
The primary responsibilities of the Inventory & Procurement Manager are to ensure our product categories and SKUs are stocked efficiently to drive our financial and business objectives. The successful candidate will collaborate closely with cross-functional teams to manage all transactions in the inventory systems workflow.
Key Responsibilities
- Manage and overlook all transactions in the inventory system including transfers, stock adjustments, sales orders clearing, and POs
- Fully administer weekly, monthly and quarterly inventory count for all locations across US/Canada
- Produce weekly shrinkage analysis reports and provide explanations for key variances
- Prepare weekly fulfillment reports for interlocation transfers from distribution centers to retail stores
- SKU management which includes developing processes for new-in and phased-out SKUs
- Manage the full new item Intake process and record into our systems
- Development of Open-to-Buy (OTBs) for POD and Retail products
- Following up on tracking and invoices from the brands and vendors
- Reconciling or disputing differences between PO and invoiced amount with the brand/vendors
- Reconciling or disputing differences between received product and PO with the brand/vendor
- Actioning on SKU changes or price changes with cross functional teams
- Managing inventory pools such as strategically building tester and comp product pools for cross functional teams to have access to
- Action on all inventory management system key actions such as adding new suppliers, SKUs, initiating and sending POs, posting transfers, stock adjustments, weekly inventory count importing, clearing SOs
- Complete all SKU product category, name and wholesale cost changes
- Negotiate and manage relationship with our brand partnerships to secure favorable margins on all SKUs purchased
- Act as a primary point of contact to liaise with our brand partners on a regular basis to resolve any product inventory inquiries
- Recommend, present, and direct the development and implementation of product category strategies and tactical plans to secure sufficient supply within our locations
- Strong negotiating skills regarding vendor costs, terms, contributions, and delivery dates
- Presents key insights with relevant and actionable product strategies to leadership as well as cross functional teams
- Participate in evaluating new business opportunities consistent with company's short and long-term business strategies
- Promptly and regularly monitor and execute on any changes to pricing for our product ranges
- React to changes in demand and logistics
- Liaise with Fig Bar Managers to ensure supplies meet demand
- Collaborate with all departments cross-functionally to ensure pricing is reflected accurately through all of our service channels (i.e. Website, Retail, Distribution)
- Ensure proper stocking levels and SKUs are available for our all of our products
- Collaborate with financial teams to develop periodic inventory plans during the open-to-buy process
- Quantify business opportunities for assigned products that support the overall assortment strategic plan
- Achieve category results aligned with Company goals including revenue and profitability
- Obtain feedback from Fig Bar retail teams to improve assortment and inventory level
We are looking for someone who has:
- Post-secondary education in Inventory Management and/or Supply Chain
- 3-5 years experience managing inventory and procurement
- Experience and knowledge or willingness to optimize inventory controls and processes
- Experience working in a fast-paced retail & beauty environment is considered an asset
- Familiarity with inventory, POS, and e-commerce systems such as Shopify
- G-Suite experience (Google workspace functionality) knowledge
- Excellent ability to manage reporting through Excel or Google sheets
- Strong collaboration, interpersonal and team-centric skills while being comfortable with changing priorities
- Excellent attention to detail
At Formula Fig, we believe that our people are at the forefront of our brand - every team member will make a meaningful contribution to our growing company.
Fig provides equal employment opportunity (EEO) to all employees and applicants for employment. We believe in providing an inclusive workplace where all individuals have the opportunity to succeed.
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remote work