A bombshell in the world of men’s shoes hit Friday, via an email from shoe retailer Herring: We have just been informed that Church Shoes Ltd have decided to increase their prices to reposition their brand at a higher price point. As a simple example, in the UK the price of Consul, a black calf, toe-cap Oxford will increase from the current price of £495 to £720. Yes, you read that right — north of £700 for a pair of shoes from a luxury brand that some customers have complained has seen quality wane since Prada Group’s takeover in 1999. The price hike might not be as mad as it sounds. It looks to us as though Church’s might be trying to take advantage of a concept economists refer to as Veblen Goods. While demand for most goods falls as the price rises, the opposite is
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A bombshell in the world of men’s shoes hit Friday, via an email from shoe...