Haspel is tweaking its pricing.
The family-owned and operated brand, which was founded in 1909 and relaunched in 2014, is significantly lowering its prices for spring. Suits, which had previously opened at $990, will now sell for $595. The price change comes as a result of a new license for tailored clothing with Studio Moda USA, which is allowing the company to be more competitive, according to Haspel.
The license with Studio Moda is for suits, separates and sport coats. The company is the U.S. subsidiary of El Zay Ready Wear, a manufacturer in Jordan.
Prices of the company’s sportswear, which is produced in-house, will be lowered in a similar fashion for the spring season, the company said.
“Customer habits have shifted and a new mind-set around price is prevailing,” said Haspel president and chief executive officer Laurie Aronson, who is the fourth generation of the company to own and operate the brand. “We want to be sensitive to that while also delivering the same high-quality product at a more accessible price. This move allows us to aggressively pursue a new price zone to stay in step with our loyal customers and partners.”
She said the prices keep Haspel in the contemporary zone but at a “more accessible level.”
“Haspel has long been an innovator in tailored and they own the spring-summer business,” said Craig Lickliter, president of Studio Moda USA. “We are proud to be their partner and continue the tradition of quality production and design established by the Haspel family. Manufacturing in duty-free Jordan will help Haspel deliver both the quality and value Haspel customers deserve.”
Haspel will continue to offer a higher-priced collection of U.S.-made tailored clothing, as well, the company said.
The brand, whose founder, Joseph Haspel Sr., popularized the seersucker suit, is also pursuing licenses for footwear, accessories and other categories and will expand its sportswear offering. “There are endless possibilities in the categories that we are aggressively seeking,” said Aronson.
Haspel is carried at retailers including Ron Herman, Richards-Mitchells, Nordstrom and Trunk Club.