Today, we deviate somewhat from the Rives editorial line to tackle a key subject: the price of a tailor-made suit.
For most of our customers, the price of the garment is just one of the topics we discuss: the quality and durability of their tailor-made jackets and Trousers come first.
But we also talk freely about the price of the tailor-made suit: you know where you are, you’ve already done your research, and you know that quality comes at a price.
The idea of this article is to share some thoughts on how to explain the price of a tailor-made suit, so that everyone can make the right decision according to their tastes, desires and budget.
Admittedly, this is not a very French attitude (we don’t like to talk about money…), but deconstructing the price of a suit made for you is necessary.
UNDERSTAND THE PRICE OF A TAILOR-MADE SUIT
Breaking down the price of a ready-to-wear suit
Let’s start with a quick economics lesson to understand the price of a ready-to-wear suit.
In the ready-to-wear sector, margins are on the order of X8, X15, sometimes X20.
Sometimes less so, it’s true, for low-cost chains that focus on quantity, on volume, and can make do with lower margins.
In terms of value for money, the objective for you, the customer, is to aim for the lowest multiplier: if you put “only” €200 into a suit, you “get what you pay for”. You invest little, you “get” little, the deal is fair.
The question starts to arise when you invest a lot (from 700€), but the quality of the product isn’t up to scratch because the big house applies a huge margin.
So you’ve bought the brand, you’ve bought a well-manufactured product, but the quality/price ratio isn’t always in your favor.
This is one of the main concerns about the price of PAP suits.
Let’s talk about the price of a tailor-made suit.
And let’s compare like with like: manufacturing costs.
First of all, when you invest in a tailor-made suit, you’re effectively paying for quality tailoring, a traditional, handmade production process. This comes at a cost.
This is inevitably higher when working with European craftsmen, who are more expensive than the Indian, Vietnamese or Chinese labor used by most of the major ready-to-wear brands.
How much does a good tailor-made suit cost? Understanding inventory
To successfully price your Tailor-made suit, you need to understand how we do it.
First of all, our margins are reduced on tailor-made suits, and on all the brand’s products.
Reduced, to be fair, to develop the brand, and to offer you the best value for money.
To put it plainly: in the tailor-made sector, we generally apply margins of between X2 and X4 on certain products.
This means that your €1,500 suit is “worth” between €375 and €750. Our choice: to offer you certain options, unsold, simply for the pleasure of being able to propose them, so as not to limit your choices.
To make things even clearer, we use only the finest, most durable fabrics, which are the main cost of your tailor-made suit. A large part of the cost of manufacturing your Tailor-made suit comes from the cost of the raw material, the fabric.
Added to this are shipping costs, consulting services, styling, marketing costs for our small team, boutique rent and, of course, free alterations.
In all, your tailor-made suit will pass through the expert hands of 70 people. This represents as many possible errors (because to err is human).
If there’s the slightest flaw in the workmanship, we’ll put it right. Every product we deliver is a prototype, a unique piece that will only exist once.
Each pattern is unique, and kept in our database so that we can offer you professional, personalized support.
Finally, while the ready-to-wear industry invests millions in just 20 fabrics, at Rives you’ll find 2,000 fabrics every day, and 30% to 40% are renewed every year. Freedom of choice comes at a price.
Clearly, in Tailor-made products, unlike the majority of PAPs, the quality/price ratio is in your favor.
You’re wearing a quality suit, and it shows.
The material is more noble, the finishing better worked, and of course, your suit fits you like a glove, like a second skin, since we created it together.
THE COST OF PICASSO’S SIGNATURE
Our brand has evolved, and you also pay for the Rives spirit in the price of your tailor-made suit.
You’re bound to know this Picasso anecdote.
Legend has it that Pablo Picasso was drawing in a park when a woman recognized him and approached him.
“It’s you, Picasso, the great Picasso! Oh, paint my portrait, I beg you!”
Picasso complied. After observing her for a while, he drew her portrait, in a single gesture, with the stroke of a pencil. And handed it to the woman.
“It’s perfect! You managed to capture my essence in an instant, in a gesture. Thank you. How much do I owe you?”
He asked for $5,000.
“What? $5,000?! How can you demand so much, when it only took you one second to make this drawing?!”
He replied, “No, ma’am, it’s taken me my whole life.”
This anecdote illustrates the difference between value and price.
We like to say that we’re experts at what we do, because we’ve been doing it every day for the last ten years.
When we listen to you and advise you, you benefit from real expertise. The reason for the cost of this advice is simple: we have “nothing to sell”.
We’ll never steer you towards a mauve Joker costume when a nice green would suit you better, just because we have rolls of fabric to finish.
In a Rives tailor-made suit, you’re buying time, you’re buying the in-store experience, and you’re also paying for the care we give you.
To us, you’re unique, and deserve our full attention. That’s why, even before the Covid pandemic, we never let more than 4 customers into the store at a time.