Designer after designer has pulled out of New York Fashion Week because of the costly expenses. ABC News shares these figures: “It’s a fortune — $28,000 just for the tent!” exclaims Mara Hoffman, 31, best known for creating memorable frocks for Sex and the City. “It totals maybe $70,000 for everything — it’s nuts.”
We all know that Vera Wang, Betsey Johnson and Monique Lhuillier have opted out for this fall season show. Even though they may not be in the tents at Bryant Park, designers need not completely abstain from any sort of display. There are many economical alternatives to runway shows such as off-site shows, presentations or even transforming spaces into markets like Alexander McQueen for instance!
Alexander McQueen debuts his Target McQ line at St. John’s Center (330 West Street at West Houston Street) from noon until 10pm on February 14th and 15th. McQ will later launch nationwide on March 4. Fashionista‘s Britt Aboutaleb describes, “they’re transforming the space into their own version of Camden Market complete with chain link fences, distressed plywood and graffiti-covered grates to ‘evoke some rock ‘n roll nostalgia’.”
Do you have any other brilliant ideas to share for those absent from Fashion Week? Do presentations and market spaces suffice?
Many luxury brands have recently slashed prices. “This is an unusual time. You have to be creative at this moment,”says Ralph Toledano, chief executive of Chloé. Although lowering prices can help business, some believe it can affect brand image.
“While $2,000 handbags and $700 stiletto heels are still expensive for most people, if prices drop precipitously, the perception of a label’s value may also drop,” explains Rachel Dodes and Christina Passariello in the Wall Street Journal article, In Rare Move, Luxury-Goods Makers Trim Their Prices in U.S.
Abercrombie & Fitch agrees with this concept of prices affecting brand identity. “Even though their sales for the third quarter decreased 46% (and even though holiday sales account for nearly half their total sales), Abercrombie says it won’t jump on the sales bandwagon,” writes Natalie Hormilla of Fashionista.
Abercrombie & Fitch should pay attention to those luxury brands slashing prices and follow suit. In a time of financial crisis, people expect brands to lower their prices. It is fundamentally understood that as sales decrease so do prices. Their brand image will not change if they lower prices like the rest of the market. Do you think high prices are crucial to Abercrombie & Fitch’s brand identity during a global financial crisis?