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“The days of $800 to $900 shoes are over"

anonomouse

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HA!

So I can buy some overpriced remarked gap shoes to go with my baggy clothes and pleated kakhis. Yeah right!
 

ohm

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Originally Posted by Steven Aver
Mickey Drexler:

"The world is not about overpriced designer [goods] anymore," Drexler said, adding, "The days of $800 to $900 shoes are over. We [J. Crew] have adjusted prices and are going after [luxury] businesses that have grown hugely."






http://www.wwd.com/business-news/ret...4?module=today


It's true. They're all 1100 now.
 

lizmasc

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I'm not sure this is even going to make a difference, someone who'll pay that on a regular or less than regular basis for shoes doesn't have much of a problem with the recession, so, life goes on
 

fashion_newbie

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I think he has a valid point. He isnt saying $1,000 shoes will dissapear but that market for high end shoes which had grown in the last few years will slow down.
Many consumers of $800 shoes will step down to $200 shoes for a while and that is where he believes J Crew will try to position themselves.
We will see a lot of boutique shoe and clothes makers close shop in the next year as their market dries up.
 

Kuro

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Originally Posted by fashion_newbie
I think he has a valid point. He isnt saying $1,000 shoes will dissapear but that market for high end shoes which had grown in the last few years will slow down.
Many consumers of $800 shoes will step down to $200 shoes for a while and that is where he believes J Crew will try to position themselves.
We will see a lot of boutique shoe and clothes makers close shop in the next year as their market dries up.


I think it is more likely that these consumers will just wait for sales...
 

PolePosition

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Originally Posted by edmorel
On the one hand, he says luxury is dead. On the other hand, he says he is positioning his company to go after the luxury market


I think he means targeting the people that are currently buying $800-900 shoes but either can no longer afford to do so or choose not to. From the looks of it, I'm guessing by providing them high quality goods for lower prices that go beyond simply brand and high price. But perhaps I misread.
 

edmorel

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Originally Posted by PolePosition
I think he means targeting the people that are currently buying $800-900 shoes but either can no longer afford to do so or choose not to. From the looks of it, I'm guessing by providing them high quality goods for lower prices that go beyond simply brand and high price. But perhaps I misread.

The problem is that the customer he is aiming for is the one most hurt. $200 shoes are a luxury to a large percentage of the US population, this forum is very skewed. The $800-900 retail shoe shopper is very unlikely to trade down to JCrew shoes, they will probably buy less. The "aspirational" shopper, the one that spends 200-300 on the bag that looks like the 2K Balenciaga bag or the one that goes to the Bergdorf's of the world when there is a massive sale, that is the shopper most hurting and the one that would bite a JCrew's "luxury" offerings. I think they either need to go the lower priced route or go really high end with some offerings, this middle ground will get them killed I think.
 

A Canuker

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Originally Posted by edmorel
The problem is that the customer he is aiming for is the one most hurt. $200 shoes are a luxury to a large percentage of the US population, this forum is very skewed. The $800-900 retail shoe shopper is very unlikely to trade down to JCrew shoes, they will probably buy less.

+1 You think Aportnoy is going to start picking up Jcrew specials?
 

nerdykarim

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Originally Posted by edmorel
I think they either need to go the lower priced route or go really high end with some offerings, this middle ground will get them killed I think.

It will definitely be interesting to see what they do in the next few years wrt price/quality. I'm not sure I agree that they're trying to take a "middle ground" approach. My understanding is that in the last conference call, MD said that they were slashing retail prices dramatically in order to try to reduce customer reliance on the 40% off final sale (the ballet flats were their case in point, IIRC). At the same time, they're selling Rolex watches, Globetrotter Luggage, and Mackintosh coats at the stores. It's an interesting brand to watch, for sure.
 

CharlesAlexander

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Originally Posted by PolePosition
I think he means targeting the people that are currently buying $800-900 shoes but either can no longer afford to do so or choose not to. From the looks of it, I'm guessing by providing them high quality goods for lower prices that go beyond simply brand and high price. But perhaps I misread.
This is what he is saying. I love it when people who run huge companies think they know it all. The problem with this way of thinking is: -If this were to happen then once the economy turns, won't these people just stop buying J Crew and go back to buying $800-$900 shoes? Are they going to somehow show people "The error of their ways" with their fantastic sub-par merchandise? -*A large number* of people paying full retail for high end shoes will not be affected for the most part. -*Most* shoes in this price range last for a long time. People that have them can go a year or two without buying new shoes. You may have to buy a new pair of Kenneth Coles every year, but your John Lobbs will last for years and years. This is a concept people like Mickey don't understand or choose to ignore. *Most* shoes in this price range are that way for a reason. -People who appreciate quality shoes in this price range who may be affected by the economy will just wait for sales (there are plenty of them going on right now!). Or just find alternative ways to acquire them.
 

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