The fashion business likes a ‘category’. The more categories the more product and the more money, hopefully. If only it was that easy.
Designers and brands like to enter a category, be it jeans, underwear or sunglasses, usually partnering with a manufacturing expert in that field, and expand their businesses one category at a time. Take Tom Ford for example, he is just about to go into underwear after mastering jeans, sunglasses, beauty and trainers, in no particular order.
Left - N/A Necessary Anywhere socks available at Oki-Ni & Harvey Nichols
Underwear is one of the biggest money spinners for brands. People will pay a premium for somebody else’s name on their waistband - not really sure why - and entire brands like Calvin Klein and Versace are built on their underwear categories. They can charge a premium for something that is cheap to make.
And while the underwear category has matured into a reliable cash cow for many, the sock business seems so much trickier. There aren’t many designers or brands who have owned the category. With the exception of Paul Smith, designers produce the odd sock for collections, but don’t fully enter or develop the category. It wasn't that long ago that Burberry pulled out of the category and they make everything.
It’s interesting how people are willing to spend on underwear, but not on socks. We do have quality sock brands such as the German Falke and the British Panterella and Corgi, but there seems to be a ceiling on the pricing. People think socks should be cheap and when brands like Vetements and Gucci do socks at high prices - think nearing three figures - they seem like one of the most frivolouss purchases you can make and are usually a one-off show piece rather than entering the category.
The branded sock market seems to fall into two categories: sports and colourful office-type socks. There’s definitely a gap for something in between. So, it was at the recent CIFF fashion trade show in Copenhagen that I found N/A from New York.
When I searched ’N/A New York’ I got plenty of Narcotics Anonymous meetings, but it actually stands for ‘Necessary Anywhere’ and is influenced by the ‘everyday grind’. To the British that's walking (thought Americans didn't do that anyway!). They believe it’s vital to get up every day with the aspiration to move ourselves forward.
Founded in 2015 by Nick Lewis with six socks, these premium knit socks marry innovative textures with classic colours and patterns. When people pay for socks they usually go for something colourful and playful, N/A seems to have produced a cool sock which marries sports and fashion. They’re about £15, which, while more than your average three pack, aren’t extortionate. They fit somewhere between your smart socks and your sports socks and could, potentially, signal a new category within this difficult category.