Overview
Inventory and Procurement Manager Jobs in Toronto, ON at Formula Fig
Full job description
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 a…
Title: Inventory and Procurement Manager
Company: Formula Fig
Location: Toronto, ON
Category:
