A grand exit: why four-figure coats have become a high street fixture

If you were given £1,000 to splurge on the high street, what would you buy? Perhaps a head-to-toe new season wardrobe from Zara? Enough knitwear to see you through several winters, or maybe a lifetime supply of socks from Marks & Spencer?

Whatever you decide, you’d need to factor in the cost of a taxi to lug all those bags back from the shops. Or at least, once upon a time you would. These days, a grand is easy to spend on a single item – and it’s all thanks to the rise of the four-figure coat.

A model wears a white and brown funnel-neck shearling coat

Outerwear with outsized prices have emerged as a firm fixture on the high street in recent years. Arket is selling a biscuit-coloured shearling coat for £1,299, while its sister brand Cos, which is also owned by the H&M Group, has a funnel-neck shearling coat for £1,190 and a leather and wool coat for £1,000. At Whistles, a mid-length shearling coat costs £1,499.

Now John Lewis, the British department store that prides itself on competitive pricing, and its “never knowingly undersold” pledge, has joined the trend. The forthcoming spring collection includes a gabardine cotton trenchcoat by S S Daley which retails at a steep £1,475.

S S Daley is one of 49 new brands John Lewis is adding to its fashion roster for spring. Steven Stokey Daley, who launched his eponymous brand in 2020 is now backed by the pop star Harry Styles. His price points are more typical for a catwalk brand – about £500 for a jumper, or indeed a trench sneaking in at just under £1,500.

If Daley is an exception at John Lewis, prices in general are rising on the high street. This correlates to price hikes in the luxury sector, too. A classic Chanel 2.55 flap bag cost £2,500 in 2019. It now retails for £8,850.

Some high street brands are attempting to recast themselves as mid-tier luxury labels. In 2022, Cos launched its diffusion line, Cos Atelier, during New York fashion week with prices typically double that of the main line, while last year Zara collaborated with Kate Moss on a capsule collection that included a leather jacket costing £699.

Graeme Moran, the associate editor of the retail industry magazine Drapers, says four-figure coats are the next step in these brands changing how they are perceived. “Many of these retailers are, or at least would like to be, seen as more ‘luxe’ brands at the premium end of the UK high street and are keen to create an air of luxury online or in store. Sprinkling four-figure statement coats among their somewhat more affordable assortments certainly works to elevate the offering.”

John Lewis has credited a bounceback in footfall and consumer confidence as the factor driving its mid- to premium-pricing strategy. While Daley, the designer behind John Lewis’s four-figure trench, prides himself on a commitment to craft and upcycling, with many of his pieces made in the UK, the same cannot be said for other high street brands. While shearling and leather typically demand higher prices, there is often a lack of transparency around sourcing and production.

Jane Shepherdson, the former brand director of Topshop and the ex-CEO of Whistles, says high prices don’t always equate to higher quality. “Increased margins play a huge part but the sad thing is that none of it is actually going to the producers. It’s mainly lining the pockets of the people that own the companies.”

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