We deviated by a day from the normal Monday and Thursday posts schedule but we will be back to the regular schedule next week. Better late than never.
I want to take a break from the macro finance themes and the politics to talk about something which is still finance oriented, but maybe some people don’t think about as much when it comes to their savings goals and money: workplace fashion.
Working in the finance industry and especially being in New York, fashion is a key to what message you are conveying to other people, especially those that may want to hire you. Women tend to have a bit more leeway when it comes to hair styles and ways they can dress but I really can only comment on men since I have to focus on that more intensely for myself.
One key addition that gets noticed, especially when you have advanced in your career a bit is a custom made suit. I will explain a bit of how I got into buying this pricey item, why I stopped and what would get me to do it again.
How it Started and Why I Initially Bought a Custom Suit
I have to admit, I was a bit of a schlub when I started dressing for work. My pants were too baggy, my shoes were cheap, my shirts were weird colors, my ties were from the department store and I still had a puffy jacket in the winter.
Source: JMIL
I had an excuse: I didn’t have much money. I didn’t have much money to spend on fancy clothes and to be honest I was a bit intimidated walking into expensive shops.
For years I kept trying to upgrade my wardrobe. I moved from department stores suits to better name brand suits as I moved up. I realized the importance of getting them tailored and I took note of other people’s fashion at the office.
What changed was when a new manager started to come around who was impeccably dressed at all times and as is the case on much of Wall St. he constantly harangued me for my clothes. In fairness he would note things I was doing well but would often point out shirts that weren’t white, blue or pink and made fun of my ties.
Rather than grit my teeth as I moved up in rank I decided to step it up. I noticed that this manager always had monogrammed cufflinks, his jackets alway stopped at just the right place to show his cuff and his shoes were always shined. I took note of what he wore and started to look around different shops to get an idea of price.
Eventually I learned that much of his clothes were custom made. The typical last hole unbuttoned on the surgeons cuff usually gives it away. The pants, jacket and shirt were all custom made to fit him while the rest were high end off the rack accessories (think shoes, tie, belt and watch).
I also was getting more client face time by this point and I needed to look the part of representing my company out in the world. Many of the clients were sharp dressers too so it was a sign that I needed to make a change and improve my wardrobe.
So when a friend referred a custom tailor to me I decided to take them up on the offer.
According to this CNBC story a custom suit can go from anywhere from $2800 to $4,800 dollars. When I say custom here I am talking about a bespoke suits that are meticulously crafted with fine fabrics to fit you, not the made to measure suits which are cheaper.
In addition to the suit, I did my research on accessories, like my piece on why you should pay for expensive dress shoes here. I purchased some Charvet ties, Ferragamo shoes and belts as well as a watch from the Swiss company Stuhrling. The watch was one accessory I scaled back on, I didn’t like the idea of more than $1500 on a watch.
The Results
A bespoke suit is very comforting when you wear it, especially if it is a high quality fabric that feels good on your skin. When I put on the final version of the suit, it felt so comfortable that I would lounge around the house and what y TV in it.
It changed the perception of me with some people as well at work. Some clients who were into fashion noticed immediately and asked me where I had it made. The manager who I had mentioned previously almost jumped out of his skin when he saw me wearing it for the first time.
I also realized the importance of shoes and keeping them shined. It can really make the difference in the overall look of your outfit.
Source: The Shoe Snob Blog
As I was content with the results of my first bespoke suit, I decided to get another so as not to me one dimensional. I paid a similar price as I did for the first suit and got a grey one to go with the navy blue one I first bought.
What Changed
Over time however, I felt the pressure of needing to replace these expensive suits. I didn’t wear them everyday. I considered these my “power suits” that I would only wear to important internal meetings and client meetings. As they didn’t get wear everyday, they didn’t develop holes or fade marks which helped prolong their life.
The cost was just too much for me though. Even though I had the money, did I really want to spend $9,000 on 2 suits? The thought of replacing them started to get intimidating.
An Alternative
I have worn suits over the years from just about every men’s retailer and over that time I noticed that some brands fit me better. Usually these are the European based brands because I am a relatively thin build so these clothes tend to be made a bit more for my body type.
I took a break from the industry for a while and about a year later when I was ready to jump back in I had to make a choice: do I get the new expensive suits or just get more off the rack ones and try to stretch out my bespoke suits for as long as I can. If I was going off the rack, where should I go.
I decided upon the latter and to get some suits off the rack but hey them tailored. I decided upon Zara since their clothes fit me well, they seemed to have modern cuts and they were very reasonably priced. I had bought other items from Zara before but never a suit.
When I ended up going to the store and trying the suits on I was surprised to see that they fit me pretty well. The cuffs could be tailored to show the right amount of sleeve, the jackets were snug enough around my midsection and the pants were not too baggy. I was REALLY surprised when a pair of pants off the rack actually fit me without any tailoring needed. That was the first time in my life that had ever happened.
All this was for about $180-$220 a suit.
Source: Zara
The only complaint I would have was about the way the pants fit my calves. I have big calves so the higher pants would often get stuck around them while I was sitting and I would have to physically bend over to pull them back down. This could be a bit annoying for those with bigger calves but it’s a price I’m willing to pay for my suit to look decent the rest of the time and have it at a good price.
Another advantage is that when you haven’t paid as much you can really use these suits as a workhorse for your day to day work. I wouldn’t be bent out of shape if I spilled coffee or ripped my Zara suit. I would be annoyed by the time I would lose having to get another one and tailor it but it wouldn’t be the end of the world.
In contrast if I were to rip the bespoke suit I would be terrified that it could not just be patched up and I would have to replace it. A stain would have me bringing it to the dry cleaners as usual but having to make sure they take precautions due to the sensitive and delicate fabric. In essence I can’t always be at rest in the more expensive suit.
Conclusion
I still have my bespoke suits and where them on those special occasions when I need that “power suit” but for my regular work day I am happy with the choice I made. Most of the time now you will catch me in my Zara suits and I have even received compliments from people who think I am wearing a custom suit. It just goes to show that knowing the designer that fits you and taking your time to do your research can pay off with big savings.
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