Why the Meghan effect is just what M&S needs
As Ms Markle wears a £45 jumper on a royal visit, fashion editor Emily Cronin asks how the brideto-be can boost the British high street
She is the woman who can wear anything, from the £56,000 couture gown she chose for her official engagement photos to the £1,055 designer handbag she carried to church in Sandringham on Christmas Day. But when it came to dressing for her first official engagement of 2018 – a visit to Brixton’s Reprezent 107.3FM radio station on Tuesday afternoon – Meghan Markle looked no further than the humble British high street.
The Suits actress, accompanied by fiancé Prince Harry, wore a £45 black, bell-sleeved jumper from Marks & Spencer.
It was Ms Markle’s first time wearing anything from M&S and the retailer registered an immediate impact from the endorsement: the jumper, available in all sizes on Tuesday morning, had sold out online within two hours.
An M&S spokesman said the retailer wasn’t involved in placing the garment with Ms Markle and had no idea that she intended to wear one of their new-season items, adding that there was still good availability in stores. Online stocks should, they said, be replenished by this morning.
Markle-watchers who can’t wait that long will find ample specimens listed on ebay, where re-sellers offered the jumper for prices as high as £150 – a 333per cent mark-up (perhaps, we should say, Markle-up?).
Of course, she didn’t wear just the jumper. The rest of Ms Markle’s outfit consisted of black, wide-legged Burberry trousers, a narrow black belt and simple black pumps; she added a Jigsaw scarf and Smythe Brando coat to keep her warm against the still unfamiliar British winter chill.
Although the trousers were a noteworthy choice (barring the Duchess of Cambridge’s famous J Brand skinny jeans, Royal women rarely wear them), it was the jumper that made the strongest impression. Here was the first hard evidence that the rumoured Meghan effect is real.
Many fashion brands issue press releases heralding sold-out styles after Ms Markle appears in their wares. But, until now, it has been relatively unclear how many buyers have been moved to purchase as a direct result of her example. It is one thing when a public figure’s support boosts the relatively microscopic sales of a niche fashion brand – another thing entirely when that same public figure’s endorsement makes a craze out of a simple black knit.
The Duchess of Cambridge has a record of clearing retailers’ stocks of anything she wears in public. But Ms Markle is a different character, with a sleeker sense of personal style – could she prove even more valuable to the fashion industry?
Brand valuation consultancy Brand Finance forecasts that Ms Markle may boost the British economy by £150 million annually.
“Although we are observing only the beginnings of a ‘Meghan effect’, Ms Markle will quickly match or even surpass the Duchess of Cambridge in her incredible influence on the fashion industry,” says David Haigh, its CEO. The wedding alone could be worth as much as £500 million, he adds, once merchandise and clothing, travel, accommodation and other factors are taken into account.
Then there are the optics: the choice of a high-street jumper may signal a course-correction for Ms Markle, in the wake of a backlash against that Ralph & Russo engagement dress. Rather, a Marks’s jumper is accessible to most British women. It is easy to buy into, both in terms of price and style – the crew-neck and elegant sleeves will suit a range of figures.
Luckily for Ms Markle, there is more to love at M&S than just a jumper. She might also enjoy the A-line midi skirt, Per Una’s red textured coat or the double-breasted blue blazer.
The retailer would not disclose specific sales figures for the jumper, but the victory would have been a welcome one, ahead of its Q3 trading update today. Analysts predict better-than-projected festive results – now with added royal sparkle.