financetom
Economy
financetom
/
Economy
/
As royal wedding nears, brands benefit from 'Meghan effect'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
As royal wedding nears, brands benefit from 'Meghan effect'
Apr 12, 2018 9:04 PM

Canadian fashion designer Bojana Sentaler stared at her computer screen on Christmas Day to see if Meghan Markle had a gift for her.

Share Market Live

NSE

She did. As Prince Harry’s future bride left a church service on the grounds of Queen Elizabeth II’s private country estate, Sentaler spotted a cuff detail on Markle’s camel alpaca coat that told her customers would soon be flocking to her website.

“I was looking for the ribbed sleeves, hoping it was a Sentaler coat,” said the designer, who met Markle when she was a mere TV star. “And as soon as I saw that, I was so happy and so excited! And it was the best Christmas present I could ever wish for.”

The Meghan magic was almost instantaneous; Markle’s coat sold out, as Sentaler expected, and the publicity fuelled sales of other designs. Now part of an elite circle of entrepreneurs tapped with the monarchy’s golden touch, the designer plans to expand her presence in London.

Markle’s marriage to Harry isn’t just a trans-Atlantic love story linking the House of Windsor to Hollywood. The couple’s May 19 wedding is likely to have dividends for the designers, florists, bakers and tiara makers who are directly part of it, as well as for businesses much farther down the line of affection.

The glamorous bride-to-be alone is forecast to pump 150 million pounds ($210 million) into the British economy as consumers try to mimic her style, according to economists at Brand Finance, which produces an annual report on the monarchy’s economic contributions.

In all, the wedding is expected to generate more than 1 billion pounds of economic activity, including 300 million pounds in tourism, particularly from Americans eager to be part of the occasion.

Marketers see Markle as a bonus from the royal family, since her engagement to Harry followed so closely on the sensible but very stylish heel of the former Kate Middleton, who married Prince William seven years ago.

But Markle, whose pencil skirts and stiletto heels graced the hit U.S. television show “Suits” for seven years, brings fresh sparkle to the picture. Having her showcase a coat, handbag or service is like being associated with a fairy tale, just like when Grace Kelly married Prince Rainier III of Monaco in 1956.

Perhaps more importantly, she’s a biracial American who links the royal family to new countries and new cultures.

“The U.S. loves a princess,” said Pauline MacLaran, co-author of “Royal Fever: The British Monarch in Consumer Culture.”

“It’s something that the US does not have. It’s the rags-to-riches story. It’s the whole Cinderella story yet again.”

The back story makes Markle of huge interest not just to Americans — who sometimes seem more fascinated by the royals than their own subjects — but also other royalty-loving countries like Japan, which marvels at the Windsors moving into the 21st century.

“The last time there was something like this was when Grace married Rainier, and he was just a petty potentate,” said David Haigh of Brand Finance.

The royals don’t advertise, but they do set trends and showcase whatever they might be wearing, seeing or doing. Whether it was Queen Victoria popularizing trees for Victorian Christmases or Princess Diana and her ruffle collars, people have long tried to emulate their style.

But these days, the royal effect is supercharged by social media. The internet offers a running commentary on everything the royals do, and their fashion choices are photographed, scrutinised and instantly identified. Websites such as whatkatewore.com and its sister site, whatmeghanwore.net quickly pinpoint the designer and sometimes tell a bit of a garment’s story.

When Meghan wore The Dina style jean from the Hiut Denim Company, there was worldwide publicity about a firm in Wales which started to re-employ workers displaced when the local factory closed. Handbag designer Charlotte Elizabeth, a small firm supported by The Prince’s Trust charity, warns of long waits and unprecedented demand now that Markle is part of the equation.

American Susan Kelley, founder of whatkatewore.com, said Markle has proved to be more cognisant of the impact of her choices than the Duchess of Cambridge. That may be because as a former actress, she brings to her new public role a greater sensitivity to the messages sartorial selections contain.

“I think Meghan understands sartorial diplomacy and understands it to the level that she wants to expose smaller artisanal brands to the general public,” Kelley said. “It’s a tremendous economic driver, a tourism driver and a platform to draw attention to the charitable endeavors they think are important.”

Anyone who has been sucked into this vortex can vouch for the impact of even an unplanned product sighting. Just ask Raegan Moya-Jones, co-founder of aden + anais, a baby products company based in New York.

After the world got a 45-second look at newborn Prince George in one of the company’s signature muslin swaddles five years ago, aden + anais’ website crashed within four hours. The next day, the site crashed again, Moya-Jones recalled. The company had 7,000 orders — a 600 percent increase in sales — in nine days for the “royal swaddle” that popped up in search engines.

Moya-Jones, who is originally from Australia, said that while it is a wonderful thing “to be able to drop into conversation that you dressed the royal baby,” the tsunami of attention ended almost as quickly as it began.

“The royal effect doesn’t guarantee you success,” she said. “But it’s a lovely notch in the belt.”

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
Copyright 2023-2026 - www.financetom.com All Rights Reserved