Denim brands and retailers are adjusting their sales strategies in order to maintain some cash flow, including Rag & Bone.
The premium denim and lifestyle brand announced in a statement that it’s temporarily lowering prices on all items in the hopes that doing so will generate a much-needed uptick in sales. Everything on the Rag & Bone website, including the brand new Spring/Summer 2020 collection, is currently discounted between 25 percent and 70 percent, and will stay that way through May 1. Gift cards are not eligible for discounts.
The new women’s Ruth super-high-rise, ultra-wide-leg jeans, which normally retail for $375, are discounted to $281.25, while men’s jeans are available for as low as under $100.
Rag & Bone, which prides itself for quality and craftsmanship, addressed the reduced pricing as a temporary solution for the challenging times.
“Like the rest of the world and the rest of the industry we are doing our best to navigate our way through this, acknowledging that we need to do all we can to support and protect our employees, our company and our customers,” said Marcus Wainwright, Rag & Bone founder and CEO.
Other brands such as Madewell, Levi’s, Frame and Gap have also offered steep sales in response to the crisis, which has forced retailers throughout the world to close their doors for the foreseeable future. Ace Rivington has launched flash sales benefiting local charities. Last month, Raleigh Denim temporarily marked down items on its website by 20 percent, in an effort help “keep some machines moving and some jeansmiths employed.”
While discounting provides temporary relief, some have warned against steep promotions, as they could deplete inventory in a challenging time. In a Fashion Frameworks webinar earlier this month, Marc Weiss, CEO of inventory planning service Management One, noted that smaller brands especially will need goods to get through, and it’s uncertain when stores will open again.
In addition to lowering prices, Rag & Bone is also increasing sanitization and pausing its repair process to ensure employee and customer safety during the pandemic. The company is also extending its return policy to provide more flexibility and customer satisfaction.