Consuming luxury and fashion are 80% about lust and 20% about utilitarian value most of the time.
When you adjust the percentage scale to 50% lust and 50% utilitarian value, what do you get?
You get brands like Everlane.
Don’t get me wrong – I do lust for Everlane’s products, but it wouldn’t be in the same way I do for, say, a Cartier Love bracelet. The lust for Everlane pieces stemmed from a different place.
According to founder Michael Preysman, Everlane’s item price is just the double of the item’s production cost.
It isn’t a very “profitable” pricing strategy in the eyes of other business owners given that 600% markup is something very normal in the fashion industry. But that is where Everlane stands out: they aim to make products with the highest quality possible within that 100% mark-up strategy. (I guess they’ll have to aim for higher sales volume to make-up for the low markup though.)
According to Everlane, the factories that manufacture their products are also the same ones that manufacture for some high-end designer labels.
Everlane’s offerings are fairly basic currently, and they do not yet have a very extensive range of products. You can’t find statement pieces there, but I have to say their design are very admirable. It’s minimalistic and chic – not something you can’t expect from the Head of Design Petra Langerova who used to work for Tommy Hilfiger, J.Crew and Gap.
“Hopefully, this is a bag you buy once, and then again in ten years,” Preysman said. That’s a bold statement. In fact, their bags department tugged my heartstring the most.
Check them out, guys. I’m looking forward to see what they will come up with next.
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