For minimalist clothing company Everlane, "Radical Transparency" isn't just a slogan.
It proved that today when the company announced to their customers via email that its popular cashmere sweaters would be getting cheaper. Why? Because they're getting cheaper to make.
"We all know that cashmere is expensive," the email begins. "It's one of the most premium fibers on the market. But here's a secret: The cost of raw cashmere fluctuates wildly."
If you're wondering why Everlane is explaining this in an email, it's because being up front with customers about materials and cost of production is kind of their thing. Every item sold on the site comes with a detailed breakdown of what it cost to source, manufacture, and ship — followed by what Everlane is charging in order to make a profit.
The email goes on to explain that when the price of cashmere rises, retailers understandably raise the price of the product. However, when it falls, the price often stays the same so retailers make more money.
Everlane believes in honesty. When the price of cashmere recently fell sixteen percent, their prices dropped similarly in order to stick to their values. "Last year our cashmere crew sold for $125," they wrote. "Today it's $100."
If you were looking for a sign to buy a new fall sweater, this is it.
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