What a garment actually costs

Cloth: £96. Four and a half metres of double-faced wool-cashmere at £21.30 a metre, plus 6% wastage on the lay.

Labour: £104. Roughly eleven hours across cutting, making and hand-finishing, at a rate our maker sets rather than one we negotiate down.

Trims, packaging and freight: £36. Duty and clearance: £14. That is £250 landed.

We sell it for £690. The difference funds a physical studio, eleven salaries, a repairs programme that runs at a loss, photography that is not stock, and the roughly 8% of stock that never sells at full price. Our net margin last year was 11.4%.

We publish this because the alternative - implying that a £690 coat costs £600 to make - is a lie that the whole industry has agreed to tell.