Jaeger executive chairman Stewart Binnie told delegates attending Drapers’ Fashion Summit today that they must focus on building their brands in the face of a challenging economic climate.
He urged retailers to look to the luxury sector, which remains buoyant.
He said: “The fruits of being a brand are clear to see when you look at the luxury market.”
Speaking about Jaeger’s decision to sell at full price from September, regardless of what was happening in the wider market, he said: “With a deep gulp we decided to trade womesnwear at full price. And it’s been a huge success.”
Going on Sale isn’t always the best strategy to drive turnover, he warned.
“If you have the brand and the guts there are other ways of doing it.”
However, he added: “I would like to think, but don’t believe, that Jaeger’s example will be followed”