“A woollen mill doesn’t tell you a herringbone cashmere will cost you £70 per metre one month and £25 a few months later. The button-maker doesn’t tell you “buy one hundred of these, and we’ll throw in fifty of those.” What they make is as good today as the day it was made, and will be just as good a year from now. To pile it high and sell it cheap would be to devalue the product; devalue the raw materials, devalue the labour, the months and months of effort and expertise that has gone into making the finished article.”
Paul Vincent, Co-Founder of menswear brand S.E.H. Kelly, speaks candidly about how pricing affects brand value. The connections between fashion and branding aren’t always clear, but Vincent unintentionally helps to bridge the gap in a recent interview with Well Spent, a site dedicated to covering honestly crafted products.
Although he speaks primarily from a managerial perspective for a fashion brand, a lot of his comments also relate to brand strategy across a multitude industries. In an attempt to meet short-term marketing and communication objectives, several brands today often ignore Vincent’s point above about using pricing as a tool to further develop and maintain brand value.
Read the rest of the interview here, where Vincent also talks about the power of selective brand collaborations and online consumer engagement.