"This crisis has 2 key aspects: it's international and social. The first thing people say these days when they walk into a store is 'Nice... but how much?' In this moment of uncertainty, people spend more willingly on travel or spas rather than on a new dress. We want to work for the final consumer."
Evidence of the lower prices is seen in the following items:
- A pair of five-pocket jeans for spring will sell for $450 (for spring 2009 they cost $695)
- A dress will cost $1,469, down from $2,295
- A leather bomber jacket will be priced at $1,499, compared with $2,296.
“The idea is to peel off the superfluous because there are too many clothes, too many seasons, too much advertising — too much of everything that is tacked onto the final price. We want to go back to how things were 20 years ago. It’s about drawing the line.”