The Self-Portrait USP
Self-Portrait, founded in October 2013 by Malaysian-born Han Chong, started out with only 17 dresses and offered customers affordable access to luxury fashion. The brand’s Spring 2014 collection encapsulated its fundamental USP – quintessential lace, re-contextualising the delicate thread with a sexy, flattering twist. Customers were very surprised that the dresses retailed for only £150 to £250. Selfridges stocked the collection, stating that it ‘provided something unique but at a fantastic price point’. The dresses sold out within days.
Why the Low Price Point?
Chong’s aim for the brand was to provide high-quality designs that were accessible to a wider market. He believes:
“Beauty shouldn’t only be an option for the privileged few”.
To reduce manufacturing costs, the brand mixes expensive fabrics, sparingly, with cheaper ones. The brand also makes its collections in China to keep prices low.
Celebrity Success
Self-Portrait is stocked at 13 leading retailers, including Selfridges, Harrods, and Net-a-Porter. The brand has 375 stockists in 70 countries. The label’s dresses have been sported by numerous A-list celebrities including Michelle Obama, Khloe Kardashian, Chrissy Teigen, Jennifer Lopez, Kate Middleton, and Meghan Markle.
Financial Success
For the financial year ending 30 September 2019, Self-Portrait had an impressive £30.4 million turnover. The brand’s prorated gross profit for 2019 was £12.5 million with an operating profit of £3.5 million, indicative of the fact that the brand has its manufacturing costs under control and has improved its gross margin from 29% to 41% in 2019.
Self-Portrait Impact on Competitors
Each having a net worth of over £300 million, megastars Beyoncé and Jennifer Lopez can clearly afford high-end luxury fashion. The irony is that they have chosen to wear Self-Portrait on many occasions rather than the other top fashion labels out there. Considering the influence that these celebs and many others are able to leverage through social media and consumer awareness, are high-end luxury brands such as Armani, Dolce & Gabbana under threat from Han Chong’s moderately priced clothing? Maybe. But to lead the fashion pack, Self-Portrait will need to demonstrate its staying power in a marketplace that is increasingly more competitive and price-conscious.
Read Inside the Brand: Self-Portrait to find out more
Post written by Holly Marshall
