One of America’s most beloved fashion labels might be less obtainable moving forward. Ralph Lauren has announced they will be raising their prices.
As spotted on Hype Beast the house that Ralph built will be asking consumers to pay more for their aspirational goods moving forward. In an interview with Bloomberg News Ralph Lauren Corporation CEO Patrice Louvet explained the strategy. “I don’t think there’s a limit as long as we do a good job on elevating the product, elevating the storytelling, elevating the environment,” he explained. “The onus is on us to make sure that we are able to provide this consistent elevation. Then that will support the continued growth of average unit retail.”
The move is in an effort to elevate the brand’s prestige. But some trade experts claim the tactic could be risky. “Elevating a brand with higher price points without commanding the ensuing margins raises questions about how elevated the brand perception really is,” BMO Capital Markets analyst Simeon Siegel wrote in a report published earlier this month. Louvet also announced that the brand is planning to launch a second Polo Bar in London. RL currently has a Polo Bar in New York City and restaurants in Chicago and Paris.
Recently Ralph Lauren confirmed it will be returning to New York Fashion Week this fall after a four year hiatus.
Photo: RALPH LAUREN CORPORATION