Wool prices are a hot topic!
There’s been a lot of talk this week about the soaring price of wool, and I had the opportunity to be featured with Gemma Acton on Channel 7 News to get my view on the subject.
Of course, there is a fair degree of sensationalism to make an interesting story, so we thought it would be good to put things in perspective a little.
Yes, wool prices hit a record 1681 cents per kilo, which is a sharp increase of 58 cents in the last week.
There is certainly a higher demand for superfine wool fabrics and as an H+Co customer, you’ll understand why these premium quality fabrics are so sought after. Nothing feels quite like a luxury wool suit, and once you’ve worn one, you’ll never want to settle for anything less.
So how will the increasing price of wool impact the cost of your next suit?
The answer is, in fact, not as much as you’d think, given the current hullaballoo.
The effect will ripple slowly through the industry over the next 9 months, and we predict, will result in around a 5% increase in the end product.
Some manufacturers will inevitably begin to de-spec their garments to hold their current prices, but the brands we stock at H+Co will not compromise on quality and craftsmanship to avoid a slight increase in retail pricing.
We strongly believe in our product integrity and we don’t believe you would want that any other way.
Through the chain of production, we’re confident that every contributor will do their very best to minimise the impact of the increased cost of raw materials and absorb what they can to ensure as small an increase as possible is passed on to you guys, the end consumer.
In the industry, it is in everyone’s interest to keep the suit market and subsequently, the wool market thriving, so we’re confident that steep increases at the sharp end will be unlikely.
If you haven’t yet experienced the luxury of a pure superfine wool suit, now might be a great time to try…
With the odd, more casual exception, such as our cotton canvass suit, all of our suits at H+Co are crafted from the finest quality wool fabrics. Check out our ready-to-wear collections from Joe Black, Gibson, Cambridge and the H+Co Classic Collection online, book an appointment to have the showroom to yourself, or just stop by any time.
For a fully customised tailored look, book an appointment to design your own unique suit and browse our wide range of premium wool fabrics.