Harvard University announced this week that it is licensing its name to create a fashion line based on the schools’ renowned preppy style. Wearwolf Group, a New York based clothing company, will design and manufacture the products with the University having final say on everything wearing the new Harvard Yard trademark.
The partnership, facilitated by IMG Worldwide Inc., appears to have been in the works for a while as Harvard protected their new brand name as early as last December.
It’s hard to imagine a prestigious Ivy league institution like Harvard (also pronounced Haaaaaaavad while wearing pressed slim-fit khakis and a pastel sweater thrown over the shoulders ever so loosely) would be facing the same revenue pressure that car manufacturers and caviar producers have been battling.
Nevertheless, this licensing agreement appears to be a shrewd venture for the University as it brings in the yet unannounced associated earnings, increases the equity and awareness of its prestigious brand, and turns elusive brand value into actual dollars, all while maintaining the final go / no-go decision on any product wearing the Harvard name.
It’s difficult to predict what impact the Harvard Yard line will have in the fashion market with shirts starting at US$ 160 and sport coats at US$ 495, but what is certain is that buyers do exist. It may not be as prevalent as it was a year ago, but consumers are still schilling out major amounts of money to be associated with a brand that represents their image, or more importantly, the image they want to present.
Other brands have done it (see Ralph Lauren or The Gap) but none has attempted to cash in on the vast pedigree of an institution that bleeds preppy. Whether it is successful or not is yet to be proven but the coverage already garnered by the University in the typically slow summer season is already a testament to their marketing efforts.
Your move, Yale.
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