Ralph Lauren To Continue Raising Prices
Citing an effort to “boost brand prestige.”
Ralph Lauren has announced that it will continue to raise its prices. The brand’s latest business development is an effort to boost brand prestige.
Since 2018, the average unit retail (AUR) of the quintessential American brand has increased by about 80%. This figure details that the average price of the products customers are buying has increased – revealing that customers are keen on acquiring luxe garments. Accordingly, the brand will continue to elevate its roster of pieces. Additionally, the brand’s gross margins last quarter were 61.7%. So the mission to continuously raise prices also coincides with boosting these figures to meet competitors like Tapestry Inc. and Capri Holdings Ltd.
“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,” Ralph Lauren’s Chief Executive Officer, Patrice Louvet, told Bloomberg. “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.”
In other news, Studio Nicholson FW23 takes us to ’80s New York City.
