Buy and Hold: Heritage brands, Part One

Mr. Buffett returns. In early '21, he warned us of inflation, and advised us to buy futures, to stock up on durable "blue chip" brands, the ones we wear often, with pleasure. 

Through the past year, inflation indeed plumped up price tags—since when did a nothing-special tee shirt hit nearly three figures? So we bought Mr B. a sandwich (his usual lunch) and asked, "What else can we do?" He advises, "Buy gold and silver". 

In clothing terms, buy pieces that do not "erode", and it is heritage brands who bank their reputations on that quality. They were established when finished seams, buttons with shanks, darts, and natural fibres (or just a touch of synthetic added for strength) were the norm. 

Not all have maintained their standards; new ownership by private equity results in the apparel equivalent of asset-stripping: capitalizing on a logo but cutting quality. (You, Pendleton.) Others remain faithful to their original promise, making clothes that last for a generation or more.

Heritage firms sort into two categories.

1. Heritage Gold: These long-established luxury brands are fashion and trend-conscious (Prada, Gucci, Hermès, Bottega Veneta). Quality is high, but the clothes do eventually date. Sites like The RealReal and Vestiaire feature such brands.

Vintage Gucci wool jacket, Vestiaire

Mr. B. says, "Be careful, Gucci loses value faster than you think." But he nods approvingly at this example.

2.  Heritage Silver: Still pricey, but because they do not aim for trends or identifiable seasons, they stay in your portfolio (aka closet) longer. The cut may not be le dernier cri, but need not be stuffy; for example, Johnston's of Elgin, Burberry, Peregrine, MaxMara.

Photo retrieved from PetiteinParis.com

Broadening the hunt for heritage

You can find secondhand Pendleton, Woolrich and (only once, but I did it) original Halston in thrifts and consignment stores if you hunt, or on eBay, where prices are higher.

For luxury heritage, The RealReal, Vestaire, First Dibs and vintage sites like LePrix offer many, and you have, for your considerable investment, the assurance that they are authentic.

Burberry Brit jacket, LePrix.com

Vintage Heritage: The young 'uns are on to heritage; just try to snag a Vivienne Westwood jacket now that a generation of Tik-Tok influencers caught on that tailoring, like, matters. 

But so far, they haven't hit makers from before their birth, such as Evan Picone. I found this pure wool brown Prince of Wales Evan Picone blazer listed on Etsy for $40.

Evan Picone blazer

Here's an Anne Klein '80s deadstock wool jacket, size 8; price, $CDN 155—Anne Klein from the days was a coveted brand. Current designers rip off these designs all the time, but the fabric is often much lower-quality.

Anne Klein jacket

Proto-Heritage: A handful of new brands emulate heritage, for example, the Canadian company Anián, passionate about melton cloth. They are forthright about their mission, to provide clothes that last, and are usually made locally. At least one reader is an Anián fan, as is my family.

Occupying a special, quirky niche is the Rhode Island company Gamine Workwear, who make workwear for women, in the good old fabrics. Founded by a gardener and nurserywoman, Taylor Johnston, most pieces are designed for outdoor use, but I would wear the thermal 3/4 sleeve tee, made from Tennessee cotton and sewn in Tiverton, RI, any day.

The price is $US 62, and Mr Buffet says, "This is what I'm talking about, just don't tear it on a rosebush." Mr Buffet has another piece of advice: investing is about attitude as much as cash. (And cash it is, Mr. B. hates debt.) 

Heritage instils pride in "that again", and the so, on to Part Two next week, when Passage's windows consider how to wear these pieces.