Moss chief executive Brian Brick has told Retail Week that the men’s formalwear retailer may be forced to raise some of its prices for next year’s Spring collection amidst the ongoing conflict in the Middle East.
Brick said that the fashion business was facing increased cost pressures across its supply network due to the rising prices of raw materials.
“We bought for the autumn before the trouble started [but] we’re now finalising everything for next spring,” he said. “Polyester, which is oil-based, is going up. You’ve got wool prices increasing, you’ve got linen prices increasing.
“We can’t absorb all of the costs, so there will be some where we have no choice but to pass it on to the customers,” Brick said.
He said any price rises would be kept to a “minimum”, adding: “It’s very difficult for us to increase our retail prices, because money is tight out there.”
“The advantage we have, because we do a lot of wedding and events business, if that’s the suit you like and it’s going to cost you £10 more, you’ll probably still buy it,” said Brick.
“The problem you have, if something is £199 or £299, it’s very hard to tip it over that.”
Brick’s comments come as the formalwear retailer progresses with its store refresh programme. Moss has spent the past couple of years refurbishing or upsizing its brick-and-mortar estate to show off their new collections under its updated branding.
“We’re probably about 60% of the way through by the end of this year on stores being branded Moss, as opposed to Moss Bros.
“The reason we’re not just going around and changing signs is because over the next two to three years we’ll refurbish the balance of those stores, so there’s no point in wasting money just changing the sign when we know that you’re going to completely re-do the job.”
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