Men’s young fashion brand One True Saxon has cut wholesale prices by an average of 20% in a bid to compete with the high street and offer customers better margins.
The Pentland Brands-owned label, which has 70 stockists and 100 doors in the UK, has made significant changes to its supply base in order to deliver the price cuts and will now source from Turkey alongside its existing supply base of Portugal and the Far East.
It has increased the number of suppliers it uses from three to four. Bigger volumes, boosted by a 40% increase in year-on-year sales, have given the brand greater negotiating power with new suppliers.
One True Saxon’s sales director Mark Bailey said: “The young generation of male consumers has been brought up with very good menswear on the high street. The change to our prices is about responding to market demands. Prices relating to this sector of the market have to become more competitive in order for us to remain a relevant player.”
The price decreases will be passed on to stockists for spring 10 and will be seen across shirting, polo shirts and knitwear, while prices of denim will remain broadly flat.
The price cuts will offer retail stockists some much-needed respite said Ravi Grewal, owner of menswear indie Stuarts London.
He said: “It will help us with margin and sell-through and will help get more customers on board. All brands need to address this given the current climate because we won’t be buying into a few
European brands for spring 10 because the prices are too high.
“One True Saxon doing this has meant that we will be putting more of our budget towards the brand. If other brands follow suit, it will be good for the industry all round.”
Product Spring Autumn
Polo shirts £16 £20
Shirts £24 £30
Knitwear £24 £30