CHANGING COURSE: British contemporary men’s wear label Private White V.C. is shaking up tradition and introducing a new pricing policy as it seeks to become a more transparent brand.
Under the brand’s new Pricing Manifesto, products will sell at two to three times the cost of manufacturing as opposed to a five to seven times markup, which Private White V.C. said is an industry standard. Outerwear ranges from 325 pounds for a bomber jacket to 595 pounds for their signature Jaguar driving jacket and shirts retailing at 99 pounds to 125 pounds.
The move to greater transparency is a response to new consumer attitudes. “With full traceability being at the top of the consumer’s wish list these days, we feel it is only fitting to encounter such seismic changes with a relevant approach to pricing,” said James Eden, founder and chief executive officer of Private White V.C.
“Maximizing the trust and confidence of our customers has always been at the forefront of the brand. It’s done by being honest in our approach, we like our customers to know they are not being misled or charged what we would consider to be an unfair price,” Eden said.
While pricing down may seem like an unorthodox move as so many brands and retailers are already seeing their margins squeezed by the fall in the pound and rising rents, Eden is confident in the new pricing approach. “This new approach is sustainable, whereas the traditional model of excessive markups and an incessant merry-go-round of new releases is simply not viable in our eyes,” he said.
As a non-trend led brand, Private White V.C. said it is able to have smaller markups while continuing to source locally and produce in its Manchester factory. Eden noted that fairer pricing strategy has opened the brand up to a new consumer market and in the future will help the business grow.
“The reaction to our fair price policy has been unequivocal and we’ve seen game-changing uplift in demand for our garments, which will allow us to sell more, manufacture and employ more and to grow more.”
To celebrate and support the Pricing Manifesto, Private White V.C. has revamped its brand logo and garment label and introduced a new web site.