Karen Millen prices to increase by five per cent as currency fluctuations push up costs

 
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KAREN MILLEN - Runway - Front Row at Shoppes at Parisian
The brand is positioning itself as a premium alternative for luxury buyers (Source: Getty)

Premium womenswear chain Karen Millen will raise prices by 5 per cent this year in response to the weakened pound.

But chief executive Beth Butterwick told the Press Association that shoppers will not notice the change as it will only affect the middle of the range rather than the top and bottom ends.

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"Our prices are going up about 5 per cent in the autumn overall, but that's from an internal point of view. From an external point of view, entry and exit, I don't think the consumer will feel any different.

"It's about the prices at the mid-market where you can put some up, and there's still an option there for consumers to have different price points."

The brand has faced similar challenges to those of its peers, including the increase in the minimum wage and higher importing costs due to currency fluctuations.

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Other mid-high end off-the-peg clothing retailers like Jaeger have struggled to retain ground in the current climate, but Butterwick said she hopes to attract designer shoppers to the high street stores.

"Consumers might scale down from luxury to premium, which is what we are," she said.

"So I think there is an opportunity for us certainly to capture consumers that perhaps once shopped in luxury and now want the quality but maybe the average disposable income has come down slightly."

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Butterwick later said in a statement: "We will be looking very carefully at our pricing architecture in order to minimise the impact to the customer while continuing to deliver the design, quality and fit that our clients know and love us for.”

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