Yep that sounds like a pretty sound analysis. Just seems to me that they are beginning to specialise more and more in the art of diminishing returns. But I'm sure at some point they will release another wax coverall or balmacaan or something or other that has enough charming design idiosyncrasies that will have me rushing back. However, their most recent output to me seems pretty devoid of any reason to pay Drake's prices. Spending £145 on a polo shirt is madness to me.I think Drake's are pivoting because relatively few people work, sit around and socalises in shirts and ties - and even less will be buying more and more of those items.
It is aiming to be more of a lifestyle (do you go on walks? Sail a bit? You can wear Drake's doing that now!) + slightly ironic urban brand, appealing to new and younger customers and reflecting their locations and staff style. I think the aesthetic fits together nicely, as sometimes called 'rugged ivy' just added to euro or ivy-ivy.