The days of popping to the high street for an affordable wardrobe refresh appear to be dwindling. In a trend that would have been unthinkable just a few years ago, coats commanding four-figure price tags have become a fixture at many of Britain’s most popular retailers. From heritage department stores to once-accessible fashion chains, premium outerwear with premium pricing is the new normal.
The Thousand Pound Coat Club
Leading the charge into this rarefied pricing territory is John Lewis, the stalwart of the British high street renowned for its “never knowingly undersold” pledge. In a striking departure, their upcoming spring collection will feature a gabardine cotton trenchcoat by designer label S S Daley retailing at an eye-watering £1,475.
Not to be outdone, fashion brands Cos and Arket, both owned by the H&M Group, have also embraced the four-figure coat. Cos is offering a funnel-neck shearling coat for £1,190 and a leather and wool blend for a neat £1,000, while Arket’s biscuit-hued shearling comes in at £1,299. Even Whistles, a mid-market women’s fashion chain, has a mid-length shearling coat priced at £1,499.
The Luxe Effect
This dramatic uptick in pricing is part of a broader strategy by high street brands to reposition themselves as more premium, luxury-adjacent labels. By sprinkling in these high-end “hero pieces” amongst their standard offerings, they aim to elevate their overall brand perception.
Many of these retailers are, or at least would like to be, seen as more ‘luxe’ brands at the premium end of the UK high street and are keen to create an air of luxury online or in store. Sprinkling four-figure statement coats among their somewhat more affordable assortments certainly works to elevate the offering.
– Graeme Moran, Associate Editor, Drapers
This aspirational shift was clearly signaled last year when Zara collabor ated with supermodel Kate Moss on a capsule collection that included a £699 leather jacket, while Cos launched its upscale Atelier line at New York Fashion Week with price points double that of its mainline.
Confidence or Cash Grab?
John Lewis has attributed its pivot to pricier products to a rebound in footfall and consumer confidence post-pandemic. However, questions remain over whether these lofty price tags are truly justified by increased quality and craftsmanship, or simply a means to boost profit margins.
Increased margins play a huge part, but the sad thing is that none of it is actually going to the producers. It’s mainly lining the pockets of the people that own the companies.
– Jane Shepherdson, Former Brand Director, Topshop
While some brands like S S Daley pride themselves on local manufacturing and upcycled materials, with much of their collection made in the UK, this level of transparency around sourcing and production is often lacking from other high street labels, even at these elevated price points.
The New Normal?
As the cost-of-living crisis rumbles on, it remains to be seen whether consumers will continue to embrace four-figure fashion as an occasional indulgence or revert to more affordable alternatives. What’s clear is that the once clear demarcation between high street and high-end has become increasingly blurred.
The thousand-pound coat club may be an exclusive one, but it’s a sign of the shifting sands in retail, where accessible fashion brands are now vying for a slice of the luxury market. While this aspirational strategy may burnish brand image, the risk is alienating core customers. The delicate balancing act for retailers will be maintaining an air of exclusivity while retaining a sense of accessibility. The future of fashion may be paved with four-figure price tags, but the path forward remains uncertain.
