On the Pivot podcast today, Scott Galloway mentioned that he has “no attachment” to stuff. He said he was getting rid of extra clothes and noticed that his teenage son started showing up in “Brunello Cucinelli”. Scott said he enjoyed seeing his son wear his (Scott’s) old clothes.
I am not familiar with Brunello Cucinelli. When I checked out the website, it listed $8000 jackets, $4000 sweaters, $6000 pants, $500 T shirts, $3000 jeans and other exorbitantly priced clothing.
Scott has disclosed that his net worth is over $100 million, so clearly he can afford clothing like this.
The question for me is – why would you spend that much?
I’ll assume the clothing is well made of the finest materials. I’d presume the shopping experience is exquisite, and the customer service is exemplary.
I know when I purchased expensive (to me) clothing, it fit better, felt more comfortable and generally lasted longer than cheaply made knock-offs and store brands.
Still, $3000 for a pair of jeans and $8000 for a jacket?
I wonder if there’s any discernible difference between those and something that cost 1/10th the price. That would still be $300 for jeans and $800 for a jacket which I find outrageously expensive.
I think it is signaling, posturing and peacocking. By dropping the name Bruno Cucinelli in causal conversation, Scott signals that he can afford to spend more on a single outfit than many people can afford to spend on clothes in an entire year.
What a waste.
It got me thinking what good I could do with $11K that he casually spent on a few items of clothing which he then casually discarded. I could
- Pay for 10-20 rescue dogs to be neutered/spayed, vaccinated and vetted so they could be adopted.
- Donate it a charity like Give Water or The Gates Foundation and make a difference in hundreds of poverty stricken people’s lives.
- Give it to a friend who needs a hand-up during a rough financial time.
One thing I admire about Scott is that he says that wealth is meant to be spent. He spends his money for enjoyment, engagement and for charity. He talks frequently about treating others to vacations, donating to his college and setting up programs to help others. He also talks about owning a jet, staying in $5000/night hotels, and living a luxurious, pampered life.
I’d love to have more money. It would make my life less complicated because I could outsource certain tasks and obligations to professionals to do for me. I could grocery shop without worrying about inflated prices. I could pay for professional repairs vs. DIYing them as best I can. I could donate more frequently and in higher amounts to charities I support.
I just cannot imagine I’d ever buy a $500 T shirt or an $8000 jacket. Even if I had millions to burn.
Then again, I have something Scott doesn’t have. I don’t care what most people think about me.
In fact, I’m quite certain that most people don’t think about me at all.
As for Scott and other wealthy people who spend like him, I’m sure they don’t care at all what I think about them either.