Retail, Innovation and Manufacturing reporter for the NZ Herald

Crane Brothers financing to help men suit up

Crane Brothers owner Murray Crane says the service provides flexibility for customers. Photo / Jason Oxenham
Crane Brothers owner Murray Crane says the service provides flexibility for customers. Photo / Jason Oxenham

Tailoring and menswear brand Crane Brothers have launched a financing option for its customers, allowing them to buy now but pay later.

The deferred payment programme, Crane Brothers Finance, launched this month and was available to approved customers on any purchase, interest-free.

Chief executive for the brand Murray Crane said the service provided flexibility for customers and meant some of its younger clientele could budget the cost.

"A lot of people, senior guys from law firms or accounting firms or CEO's for example, look at their work wardrobe as a necessary expense, they need to dress that way for their job so they budget for it," Crane said.

"But then we also get a lot of owner operator guys or entrepreneurs that want a nice suit and they look at this and go that's great - I know I need to do it and this way it doesn't eat into my cash, I can pay it off over time and it's interest free," he said.

"Some of our younger clients were already making instalments to us on garments so this is just a natural extension."

Customers are required to pay a 20 per cent deposit and then make monthly instalments over a six or twelve month period, but can take their purchases home that day.

Crane said the programme wasn't a result of customers not being able to afford the clothing, but rather a way to better manage the cost, especially for events such as weddings.

"It is a significant purchase for a lot of people," Crane said. "The option of being able to finance a suit is quite beneficial and an exciting proposition because it could mean not having to compromise that part of the wedding - which is something that normally gets squeezed if the budget is a bit tight."

Crane founded Crane Brothers in 1999 and said he had worked hard to carve out a niche in the market since.

He said the arrival of larger international retailers hadn't had much of an impact on the business, but there was always competition for people's time and money.

"Most guys that come to us, by the time they've walked in the door, they've already made a conscious decision that they want to buy," Crane said.

"They know roughly what they want and how much they're going to spend, so if we can put a finance package and pre-approval around that before they come in then it takes all the hassle out of it for them," he said.

"The service is just another tool in our toolbox to allow people to make that commitment.

- NZ Herald

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