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Why We Need To Raise Our Prices In 2024

January 27, 2024

Why We Need To Raise Our Prices In 2024

It’s important for us to be transparent with our practices here at SpiritHoods. We find ourselves in a difficult situation lately and find no way around it, but to increase our prices. This is something that we try to avoid at all costs, but after many meetings and crunching numbers, we are finding it difficult to keep our small family run business afloat without raising our prices. This is something that we never want to do. Because, just like you, we are also consumers and know how frustrating it is when prices go up. But we simply can’t survive without doing so. We have tried various measures to avoid doing this and no matter what we’ve tried, it all comes down to raising prices or having to let our company go. We value our relationship with you all and always want to be open and honest about what’s going on and that’s why we decided it was important enough to let you know. There are many factors that have gone into making this decision.

MATERIAL COSTS ARE INCREASING

We work closely with several manufacturing companies and have maintained our great relationships with them throughout the years. And together, we have all done our best to avoid excessive costs. But, unfortunately, there are circumstances that are out of our control on both sides. Our manufacturers are feeling the pressure to increase their costs, forcing us to increase ours on the back end. Ever since the pandemic struck, it’s been hard for businesses to 100% get back on their feet. We have tried our best, but it seems that every time we get ahead, something beyond our control happens. In fact, many vendors have gone out of business. There are less suppliers available to us and the inability to do bulk ordering, which is making it difficult for our production team. The people that we have worked with for years, simply are unable to process certain orders anymore. 

We pride ourselves on bringing you the highest grade faux fur at reasonable costs to you. Our faux fur is some of the highest quality out there on the market. And we believe in offering you the best value, without ever compromising our standards.  If you’ve ever ordered from one of the SpiritHoods knockoff sites out there, you’ll know what I’m talking about. While imitation may be the highest form of flattery, other manufacturers are simply unable to match our level of product. They offer a lower quality at a much lower price. And we have worked too hard for too long to sacrifice the sheen and luxury you get with our garments. Faux furs with the realistic look of ours, will soon become a rarity due to supply chain issues globally. Manufacturers are encouraging designers to use polyester which comes at a much cheaper cost. We have been able to use high grade acrylics and Tissavel fur to ensure that our pieces are some of the softest and most realistic looking faux furs on the market. 

Labor and Ethical Manufacturing

We are seeing a demand for ethical fashion, which is exciting for everyone. This means that fair wages and safe working conditions are a must for workers. And even though this ethical shift is necessary and it goes without saying, awesome, it adds to the overall production costs. At SpiritHoods, we make sure to bring you high quality products and that means that the people we work with are some of the most skilled in their field. We will always bring you thoughtful garments that meet high standards from the materials we choose, to the people that add the finishing touches. We are not and never will be “fast fashion.” We only work in OTEK Certified factories and work with sustainable materials, bringing you a higher value product. We promise that our pieces, if taken care of properly, will last you a lifetime. As brands join our thinking and make their own shifts towards more sustainable practices, the investment in green technology drives up the costs of production for everyone. 

The Logistics Loop

Even things like transportation costs profoundly affect us. The cost of shipping items from our factories has significantly increased. Rising fuel prices, shipping delays, and even political tensions play a role. Crossing borders has also become increasingly more expensive and with the increase on tariffs and custom duties on imported goods, we are exploring all avenues we can take in the future. 

Market Dynamics

General inflation affects us all. And the fashion industry is no exception. With the increased cost of living and operating a business, there is a trickle down effect on consumer prices. 

LEGAL FEES TO DEFEND OUR NAME

With so many companies trying to replicate us and using variations of our name, the cost to defend ourselves in courts has become astronomical. We know we can’t always protect you from imposters, but we do our best to keep them at bay, and that ends up costing us money. These imposters that trick some of our existing customers, as well as new ones, deliver a product that is sub par and we work hard to make sure that when you see the “SpiritHoods” name, you can trust that it is really us that you’re buying from. 

What does all this mean for our future?

We will continue to find ways to keep our costs down so that we can continue doing what we love so much. We also vow to continue to donate 10% of our net profits to endangered animals. That is something that we will not waver on. Our love for animals and their habitats is the foundation of our business. We are inspired by them and the people that work effortlessly to help them. We have enjoyed bringing you beautiful animal inspired products that tap into your wild side and we look forward to being able to do so for years to come. Thank you for your continued support and patronage. We love our community and are so grateful to have you.



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