Pricing differential Savile Row

[stephenm]

I have had suits made by four different tailors on Savile Row in recent years. I'm interested to know what the view is on price differential between the various houses, and is it just related to overheads? For example, you could get a very good two piece from Norton & Sons for a price, then walk down the road to a Huntsman and pay £1,000 more like for like. I use the example specifically as the former head cutter from Norton is senior cutter at Huntsman. So what does one get for the £1,000? Would be interested in views.

[kamil]

See the discussion: viewtopic.php?f=4&t=10619

[stephenm]

Thank you. I'm new to the forum and hadn't seen that thread.

[tteplitzmd]

For the price differential you may get to buy from a shop with a royal warrant (or two) from
defunct monarchies or obscure potentates.

[stephenm]

As opposed to buying from some people who actually think they are royalty, I guess ...

[tteplitzmd]

..."merchant princes?"

[stephenm]

Very good!

[Badden]

For the price differential you may get to buy from a shop with a royal warrant (or two) from
defunct monarchies or obscure potentates.

Amusing, but untrue.

The vast majority of notable SR firms have a warrant or two (Poole, Huntsman, Dege, Gieves, W&J, Meyer + Mortimer, Davies, KH&L, etc. etc.). Frankly, the firm with the most impressive list of warrants (Poole) is priced (relatively) reasonably. The more expensive SR firms are typically those without warrants (Sexton, C&M, R-Anderson, Sedwell).

Some firms charge more because they have always done so, and their customers seem used to it (Edward Sexton, Chittleborough, Huntsman, and by extensive, Richard Anderson), others charge for more extensive handwork (Sedwell), while others need to in order to support their high overhead (Gieves).

[tteplitzmd]

"...that their customers seem used to it..." would seem to prove my point: the price variation exists because they can get away with it.
Not because of overhead, handwork, etc., etc. The worst bespoke commissions I've had came from amongst the highest priced SR "houses" (with
and without royal warrants I might add). Isn't there a concept in economics about a "general glut?" Markets don't behave efficiently in that climate
if I am remembering it correctly. SR and its adjacent streets would seem to be in a state of general glut.

[Badden]

Not really - your original point was that a premium is paid for patronizing a firm that boasts a royal warrant.

A basic premise of economics is that a firm can/should charge a price the market can bear. Most of these firms still appear to be in rude health, so I'm not sure how a 'general glut' exists (don't prices have to fall, and consolidation occur, in a glut?)

[tteplitzmd]

Actually my point was simply that a Veblen effect is at work here.

[hectorm]

Actually my point was simply that a Veblen effect is at work here.

I'm afraid it's the wrong point.
At industry level if SR prices increased overnight, demand for bespoke suits would not increase as a result. That would have been the expected outcome with Veblen goods which are deemed to be more desirable as their price go up (as status symbol or similar reason).
At unit level, if Huntsman's prices increased overnight, I can assure you that demand for their one button suits would not increase either. People seeking status will not move from A&S to Huntsman because of the latter's increased prices (nor will the Huntsman's client order the extra odd jacket pushed by the traveling tailor because now it's suddenly more expensive and has become a "trophy").
Actually the Veblen effect might be observed only temporarily on tiny tranches of the demand curve for certain positional goods. Not the case with bespoke SR suits.
But I agree on the fact that some people are willing to pay more because the front shop has a couple of stag's heads hanging on the wall (which, it is safe to say, is not directly linked to the suit's quality).

[Rowly]

some people are willing to pay more because the front shop has a couple of stag's heads hanging on the wall (which, it is safe to say, is not directly linked to the suit's quality).

Nor is the Royal Warrant.

[Scot]

I have had suits made by four different tailors on Savile Row in recent years. I'm interested to know what the view is on price differential between the various houses, and is it just related to overheads? For example, you could get a very good two piece from Norton & Sons for a price, then walk down the road to a Huntsman and pay £1,000 more like for like. I use the example specifically as the former head cutter from Norton is senior cutter at Huntsman. So what does one get for the £1,000? Would be interested in views.

The really interesting question here is why did you have suits made by four different tailors? How many suits were made by each, and did you not find at least one tailor you enjoyed working with and who produced good results? Having set a ceiling for what you wish to spend, it seems to me that a bespoke journey that constantly seeks "value" in the way one looks for value in say, soap powder, is unlikely to result in ultimate satisfaction.

[kamil]

I have had suits made by four different tailors on Savile Row in recent years.(...)

The really interesting question here is why did you have suits made by four different tailors? How many suits were made by each, and did you not find at least one tailor you enjoyed working with and who produced good results? Having set a ceiling for what you wish to spend, it seems to me that a bespoke journey that constantly seeks "value" in the way one looks for value in say, soap powder, is unlikely to result in ultimate satisfaction.

May I venture a guess: to enjoy a variety of house styles?