Risk & Business Magazine Cain Insurance Spring 2016 | Page 13

they would gladly pay the higher price point. Why pay more for
a Detroit-made pen? It has been imbued with a sense of place.
Detroit’s reputation for manufacturing high-quality products
adds intrinsic value to the pen 3.

So, Shinola set up shop in the former General Motors Argonaut
research building, also home to an arts college. In 2013, the first
2500 Shinola watches hit the market, and they sold out in a week
at $550 each. Eighteen months later, Shinola grossed $80 million,
selling watches to clients as American as President Bill Clinton,
a proud owner of twelve watches. In 2015, Shinola plans to sell
250,000 watches, and a whole host of other Detroit-made luxurygoods.
Shinola‘s product-line has already expanded from wristw ]