UNITED KINGDOM: Ahead of London Fashion Week, veteran desigers Paul Smith and Betty Jackson talk about surviving recessions

Record ID: 198201

  • Title: UNITED KINGDOM: Ahead of London Fashion Week, veteran desigers Paul Smith and Betty Jackson talk about surviving recessions
  • Date: 21st February 2009
  • Summary: (SOUNDBITE) (English) SIR PAUL SMITH, FASHION DESIGNER, SAYING: "In terms of the fashion show which is part of British fashion week, in fact we are going even more special, we are doing even more beautiful things, even more handmade things, even more couture-related things and that's because we wanted to make the main collection very aspirational."
  • Embargoed: 8th March 2009 12:00
  • Keywords:
  • Location: United Kingdom
  • Country: United Kingdom
  • Topics: Fashion
  • Reuters ID: LVA5KBAR3WIBB7NH0Q4T7K2FVTLI
  • Story Text: As the world falls deeper into a recession, two British fashion powerhouses -- Sir Paul Smith and Betty Jackson -- talked about how they survived the falls of previous economic cycles and the lessons they learned from those times to prepare them for what lies ahead.
    With a small amount of savings, Paul Smith opened his first shop in Nottingham in 1970. Six years later, he showed his first menswear show in Paris under the Paul Smith label.
    Smith's love of classic styles mixed with just a hint of English eccentricism, whether it be bright colours on the inside of a suit jacket or his signature rainbow swirl print on handbags and wallets, has found a global audience who want to tap into the brand.
    Today, he has become the United Kingdom's most successful designer with his company's annual turnover of 330 million (GB) pounds (470 million USD).
    His personal fortune is worth an estimated 180 million GBP (258 million USD).
    He has 95 stores all around the world, launching 12 different collections including Paul Smith (for men), Paul Smith Women which he launched in the winter of 1998, Paul Smith Furniture, numerous accessory lines, fragrances and watches.
    The designer said he has built his business on continuity and reliability and when economic times are hard, these core values are the ones that he always reverts back to.

    "Right now we're in the middle of this nasty recession and we probably haven't even seen the real start of it yet. I've experienced a couple recessions in my career so far and the key thing from my point of view has always been: Don't really compromise, don't really react too much in terms of creativity or price to the recession. Stick by your guns, stick by what you know, understand your look and point of view and don't move left or right of it," he told Reuters Television.
    During the recession of the early 1990s when rumours abound at Haute Couture fashion week in Paris that the number of Couture buyers dwindled to 200, the fashion world was in an uproar.
    Jackie Modinger was a reporter for the Daily Express at the time and her words then could have been said in the past year.

    "In the current economic climate, you know you just can't be seen to be, that conspicuous consumerism just isn't on anymore. Even with people who've got it. It's Nouvelle couture, that's what I see happening," she said.
    It's a mantra Smith has always stood by. Despite his younger counterparts getting much media attention for their outrageous and eye-catching designs, Smith warned of the dangers in this: "I think unfortunately, so many of the catwalk designers they get, when they put on a fashion show it becomes quite self-indulgent and the danger is the clothes become very attention seeking, great for press but not so good for actually selling. It's very important to get the balance right between the commerciality of a collection of clothes and the clothes that are going to look good in magazines and newspapers."
    As New York designers downsize their shows from catwalk extravaganzas to smaller "presentations", a few London designers are doing something similar -- but not Smith.

    "In terms of the fashion show which is part of British fashion week, in fact we are going even more special, we are doing even more beautiful things, even more handmade things, even more couture-related things and that because we wanted to make the main collection very aspirational," he said.
    Another fashion stalwart, Betty Jackson, began her label during a recession in 1981. Back then she refused to heed the advice of her accountant and went headfirst into the business.

    "The thing was, was that the only way was up. You always climb out of a recession and so that's what we did. I think also, we had no notion that we would fail. I mean whether that was you know, our lack of knowledge or just the arrogance of youth, of course when you start something you are so excited about what you're doing," she said.
    She was given a CBE (Commander of the British Empire) by the Queen in 2007 for her nearly 30 years of contribution to British fashion design. Dame Jackson is known for her grown-up and sophisticated designs as well as designing for hit television comedy "Absolutely Fabulous".
    Like Smith, her advice to designers was to concentrate on strengths and downplay weaknesses.

    "You know, in times like this you have to sort of focus on what you do well and do it better and really try and not be too much affected by it. Of course you have to respond to it but you have to also concentrate on what you do and actually deliver what you do better," she said.

    "The creative industries always respond to this sort of situation and we're in a credit crunch not a creative crunch, so in fact i think what everybody is going to do is work harder and that'll be quite exciting,"
    she added.
    Jackson said her younger, less expensive diffusion line was doing remarkably well in the current economic climate and planned to launch an accessories range this season to help boost company profits. Her show will take place on Sunday (February 22).
    London Fashion Week lasts from Friday, February 20 to Tuesday, February
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register