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Ray A. Smith

A group of high-end menswear retailers that typically sells suits that cost $2,500 or more is dipping a toe into the $700-to-$1,400 range in an effort to woo millennials as well as men of all ages with Champagne tastes but beer budgets.

In recent years, upstarts like Suitsupply and established retailers such as J.Crew have dominated this affordable-suit market, the latter with its popular Ludlow line, where a decent wool suit could be had for $650 or less.

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