In recent times, the fashion industry has been grappling with the challenges posed by inflation, and menswear has not been immune to its effects. One notable player in this arena is Contempo Suits, a renowned online website brand that has been a staple for those seeking stylish and contemporary men’s fashion. With the surge in inflation, the prices of suits, shoes, and menswear have witnessed a significant uptick, affecting both consumers and retailers alike.
The Inflationary Surge:
Aaron Sarfati the President and CEO of Contempo Suits said, “I first started noticing the inflation actual arise when manufacturer’s goods coming over from China were having shipping issues. That issue was the sudden rise in the cost of shipping goods to the US. Before 2022, the cost of a shipping a container full of products would cost around $5000 – $6000 from China. Suddenly, the cost jumped to $20,000 for that same container. Well, guess what, that cost of landing goods here in the US has to go somewhere. That somewhere is raising the wholesale price of the product.
Let’s say for example that the landing price of shipping for a pair of shoes was $35, with the new shipping cost, that had to be a price adjustment of $8-10 to that one pair of shoes. Suddenly, the pair of shoes that was marked at retail for $80 needed to be sold at $100. Not good. Naturally, the consumer is not going to like that. It isn’t like the consumer got a raise to offset the new cost of goods. This ends up affecting everything across the board with higher prices.” Over the past year, the world has seen a resurgence of inflation, causing a ripple effect across various industries. Menswear, in particular, has experienced a price hike of approximately 20%, leaving both retailers and consumers searching for strategies to navigate these challenging times.
The Impact on Stacy Adams:
Stacy Adams, a distinguished brand synonymous with quality fashion men’s shoes and licensed menswear, has not been immune to the inflationary pressures. Prices for their suits, shoes, and other offerings have all seen an increase, leading to a shift in the landscape of affordable and stylish menswear.
Contempo Suits and Aaron Sarfati’s Response:
At the helm of Contempo Suits, Aaron Sarfati, the CEO, has been at the forefront of navigating the challenges posed by inflation. Faced with rising wholesale prices, Sarfati has implemented strategic measures to mitigate the impact on both the brand and its loyal customers.
One such strategy employed by Sarfati is ordering goods earlier than usual. “By anticipating future price hikes and securing inventory ahead of time, We aim to maintain competitive prices and uphold its commitment to providing affordable yet stylish menswear.” “We have also had to run more promotions to offset the natural rise in prices on our product line.”
In addition to early ordering, Contempo, under Aaron Sarfati’s leadership, has also opted for larger order quantities. By placing bulk orders, the brand aims to negotiate better deals with suppliers and secure more favorable wholesale prices. This approach not only helps in offsetting the impact of inflation but also ensures a consistent supply of inventory for their customers.
Challenges and Opportunities:
While inflation poses challenges for the menswear industry, it also presents opportunities for innovation and adaptation. Brands like Contempo Suits are leveraging their experience and industry knowledge to implement strategic solutions, ensuring that quality menswear remains accessible to a diverse customer base.
Conclusion:
Inflation has undoubtedly influenced the pricing dynamics within the menswear industry, affecting brands like Stacy Adams and retailers such as Contempo Suits. However, the proactive measures taken by leaders like Aaron Sarfati showcase the resilience of the fashion industry. By adapting to these economic challenges through early ordering and larger quantities, We are determined to weather the storm and continue providing customers with the contemporary and stylish menswear they have come to expect. As the industry navigates these uncertain times, innovative strategies will be key to maintaining equilibrium and meeting the evolving demands of consumers.