Private Brands come in all shapes and sizes and virtually every price point imaginable so it is no surprise to learn that Harrods, the iconic London department store is now betting on its own brand to draw customers.
The retailer plans to create in-store shops for Harrods- branded clothing and accessories by 2012, making it the latest high-end department store to bet its name can spur sales and profit after the luxury industry’s worst-ever year.
According to an article in Bloomberg Businessweek: “Department stores realize that their most valuable asset is their own name,” said Umberto Angeloni, co-owner of Italian suitmaker Raffaele Caruso SpA, which also manufactures private- label tailored clothing for retailers.
The new Harrods Private Brand of men’s clothing and accessories will be competively positioned as an alternative to a brand like Brioni Roman Style SpA, the Italian maker of $5,000 suits, Jason Broderick, general merchandise manager, said in an interview. Harrods joins Saks, Nordstroms and Macys as significant retailer who has chosen to leverage their retail brand as a Private Brand, if the quality matches the perception this should be a easy win.