Bespoke Clothiers in a Recession?

[Artisan Fan]

I was thinking about the various bespoke makers yesterday and wondered how they might fare in a recession...on one hand it seems that many have been a bit backlogged in work so maybe the the sales pipeline buys them some time...on the other hand, we have to be realistic and admit that $5K shoes and $6K suits are quite a luxury item and several indicators suggest even the wealthy are scaling back.

What do you think will happen?

Will the global recessions hurt a niche industry? Will we see some shops close?

Or will the bigger names muddle through and live to fight another day?

 

[voxsartoria]

I'm pretty sure that between Phat Guido in the East and aportnoy in the West, compensating consumption of significant levels is at play.

I know that I'm buying more because of the drop in the pound and Euro.

That being said, I'm sure they are all seeing a dropoff...particularly the New York guys.


- B

 

[mmkn]

Originally Posted by voxsartoria

New York guys.
- B

I agree with this speculation from the London Lounge . . .

Originally Posted by ottovbvs

To be honest I can't conceive of spending $10,000 to have a suit made. I suspect a lot of this stratospheric pricing has been created by demand from wealthy clients in the financial industry who just got their bonus. Well there are not going to be so many of those around in the future, in fact it's probable there's going to a collapse in demand for bespoke clothing so I'm not sure these high prices are going to stick.

I think the short-term-high-orders-bonus-based folks will wither, while those on the steady "turtle-track" will continue as before.

- M

 

[voxsartoria]

Originally Posted by mmkn

I agree with this speculation from the London Lounge . . .


That was a charming photo of your wife and you at that wedding.

- B

 

[the.chikor]

I often wonder the same thing.

 

[dbtbandit67]

some will close, some won't. people act as if wealth dissapears in recessions. it does not. wealth never dissapears. when money and resources are burned for no reason, then wealth dissapears. but mostly, recessions are incomes being re-allocated. so the potential for expensive luxury brands are still there. if a business goes under it's not because of a recession, it's because they weren't able to adapt to the marketplace.

"the fault lies not in our stars, but in ourselves."

 

[Despos]

The middle of the road priced goods will be hurt the most. Low end will attract new buyers. High end will be OK but buyers will be more discerning and selective. Since June my business is up over last year. Still getting new clients as well. Buying custom goods is a lifestyle few give up once acquired. I've been surprised by how many new clients this year said the same thing. "I want to dress better and not buy from a national/international brand. I will pay for craftsmanship over marketing." I have heard this from a handful of new clients this year.

Next year, who can know for sure?

 

[mmkn]

Originally Posted by voxsartoria

That was a charming photo of your wife and you at that wedding.
- B

Thanks, and kudos to the bandoline player for his excellent photography . . .

- M

 

[Tarmac]

the recession is impossible to avoid because it depends so much on the behavior of others.

I am fully willing to continue buying as I did before, however, a large portion of my buying budget was funded by selling of items I no longer use, and these items are not selling well. And so on and so forth.

 

[rnoldh]

Originally Posted by voxsartoria

I'm pretty sure that between Phat Guido in the East and aportnoy in the West, compensating consumption of significant levels is at play.

I know that I'm buying more because of the drop in the pound and Euro.

That being said, I'm sure they are all seeing a dropoff...particularly the New York guys.


- B

Merry Xmas Bill!

Quote from LL:

"For those whose currency is Dollars or Euros & are buying SR it's definitely Christmas come early. Smile

Edwin DeBoise

www.steed.co.uk"

.See post from "the Doctor"

 

[voxsartoria]

Originally Posted by rnoldh

Merry Xmas Bill!


Merry Christmas to you, R.

- B

 

[itsstillmatt]

I have nothing to buy, so I am holding off. Normally, I would try to scare up an idea, but am trying less hard to do so nowadays.

 

[Despos]

Originally Posted by iammatt

I have nothing to buy, so I am holding off. Normally, I would try to scare up an idea, but am trying less hard to do so nowadays.
How about a mid weight outercoat/topcoat? Good idea huh? just trying to help.

 

[aportnoy]

I'm still in the game though I find myself opting for wardrobe staples over flights of fancy.

 

[savvyibd]

Originally Posted by Artisan Fan

I was thinking about the various bespoke makers yesterday and wondered how they might fare in a recession...on one hand it seems that many have been a bit backlogged in work so maybe the the sales pipeline buys them some time...on the other hand, we have to be realistic and admit that $5K shoes and $6K suits are quite a luxury item and several indicators suggest even the wealthy are scaling back.

What do you think will happen?

Will the global recessions hurt a niche industry? Will we see some shops close?

Or will the bigger names muddle through and live to fight another day?

Not according to this private jet magasine I've read! ;p

Seriously, wouldn't you consider most members on this form wealthy? I am.. I don't see myself scaling back except I am NOT purchasing much clothing but only because I am losing a bunch of weight and the waste isn't worth it. My portfolio gained through this recession so maybe I'm an exception..

I think they'll lower prices a bit, lay off a few people, and do more work themselves, and they'll have lower order numbers from certain parts of the world, but I'd say they'd still have 75% of their business. Some will get bought out/sell out to RL and the ilk.