I thought this because a friend told me that if someone had a budget of more than 10,000 RMB to buy a pair of shoes, he would normally choose John Lobb over Maftei. I think that’s exactly right. What I remark right is not only referring to this phenomenon, but also to this consumption choice.
Never forget that I’m also an enthusiast, and I’ve probably gone through most of the stages you’ve been through.
But in terms of product quality, Maftei at price point 13,800 RMB is still value, because the craftmanship is rare in the market and requires a lot of labour. But value does not mean that this thing is more worth buying. Because everyone’s shopping needs are different.
My first pair of dress shoes was Berluti, and it was clear that it wasn’t because I understood shoes but because of vanity. However, I was especially happy! Those shoes made me feel different, superior, made me feel like I understood shoes! When you all buy Ferragamo, I buy Berluti! That double ring of yours is my little brother in front of my unbranded shoe!
So, is the brand standing on the opposite side of quality?
The answer is absolutely no.
Let’s take Berluti, yes, Blake construction, comparing to Goodyear, the cost is a little lower. But Berluti’s leather is of a good standard, the last is a masterpiece (although not my thing), and if you look at the details of the product, it is by no means a shoddy product. Therefore, although buying Berluti is still largely because of buying brands, but the goods you buy are still of quality.
It’s funny that John Lobb’s price is also extremely high, but it seems that in everyone’s eyes, it is more quality than brand. However, if you know enough about the shoe industry, you will know that John Lobb’s manufacturing cost is higher than Berluti, but it is limited, especially comparing with the gap between cost and retail price.
I think the difference is mainly due to the fact that John Lobb is much less well-known than Berluti, and Berluti embarked on the high street fashion route early, so that most of the people who buy Berluti want to show their financial strength, and John Lobb’s customer base is that I can afford expensive high-quality goods.
Opposite to these two super high price brands, such as Meermin, their brand value in the price is much lower, so who else will buy them except the cash-strapped people? It is a person who knows the product and knows what he wants.
For example, if I want a pair of black cap toe oxford to pair a bespoke worsted suit, I may not choose Meermin, but Edward Green or even a more sophisticated brand from Japan. This is because I want to pursue a sense of sophistication.
But if it’s outdoor recreation, a pair of Meermin with shell cordovan makes me very happy.
There are not many Chinese shoe brands that can be called famous, it can be said that they are basically running wildly in product quality (cost performance), and if you want to say how many can call the brand premium, I am afraid that you can’t find one. But there are too many custom tailoring stores in China, and those with top turnover and high popularity are basically not good at product. Some stores that rely on product power feel powerless and even angry. But I think that, firstly, the establishment of the brand is based on time or seizing opportunities, and also for people with different needs, and second, the product power can only be recognized by more knowledgeable consumers, just like when Maftei and John Lobb are in front of them, they will choose Maftei, it is a question about different stages. Good products are experienced, and there is no need for more words.
而随着产品力的提高，自然也会有品牌溢价，一个很好的例子就是日本定制鞋品牌片冈的价格，就从曾经的性价比无敌到现在的正常价位，会不会有一天它的价格更高呢？我觉得是会的。所以这永远都是一个动态的过程。