MELBOURNE: Luxury menswear powerhouse Harrolds has implemented a branding overhaul in a bid to broaden its market share.
Labels such as Coming Soon by Yohji Yamamoto, Gene Par Yukio Mishiba and Bishubou - hailing from Japan - were just three of the new goodies on offer amid a raft of strategic changes, confirmed Harrolds co-founder Mary Poulakis.
Their introduction was designed to broaden the retailer's offer to a younger, more fashion forward market, she said.
"We did some brand analysis at the end of last year and came face to face with some harsh realities. We thought we'd been talking to a younger age group. However the young people we spoke to said they knew the Harrolds brand but didn't associate themselves with it."
The result was that Harrolds had re-structured its offer into two segments comprising its core of classic luxury brands and a new sub-segment dubbed "Harrolds modern luxury".
The former comprised "what we're already known for," Poulakis said. "In other words artisanal tailoring with premium fabrics and attention to detail embodied by brands such as Brioni, Kitson and Pal Zileri."
The latter would comprise "relaxed tailoring and some current fashion, with a look to the future. This is where Japanese brands come in, as they have a strong reputation for cutting edge design."
The aim was to capture the 28 to 35-year-old market, she said.
"There's also that man who's aged around 42 but thinks like a 35-year-old. He'll wear a good suit during the week but on the weekend he likes a leather jacket and black jeans."
Harrolds, co-founded by Mary's husband Theo, had implemented a refit of its flagship Collins Street Melbourne store to reflect the change in direction.
"We're taken out the business shirt display on the ground floor and put it upstairs with the suits, and we've replaced it with a much more fashion oriented offer."
It was "business as usual" at Harrolds despite the downturn, she said.
"There's still money out there, but we're having to work harder to get it. The trick is to not deviate from what we're doing, but to value add. We're sticking to our proposition but making sure we do it 100 times better, and making everything we do count."