As with previous Symposia, here is a preview of next week's coverage of the Retailers Symposium, with portraits of our six speakers.
I have to say, they were the best six people yet in terms of eloquence and erudition. It was a pleasure to chair.
Quote of the evening: "You won't make much money, but you will have some very nice clothes."
Photography: Jamie Ferguson @jkf_man
“You won’t make much money, but you will have some very nice clothes.”
I am really curious for more context to that quote, Simon. Following some of the speakers online (and their employees, for that matter) I have more than once wondered if they do not spend all their retailer’s (staff) income on premium bespoke, plus some extra given the depth of some of their wardrobes. Or if take their salaries in bespoke three-pieces, which would still be fairly lucrative but less nutritious.. any insights from your conversations?
Many of the staff certainly spend a lot of their money on clothes, but this comment was more at the level of the shop as a business. And they certainly make a profit too, but the point was more that it’s not going to make anyone rich
It also helps if one inherits a business.
Niche retail is not about making big bucks, just like Simon points out. There’s money to be made, no doubt but it’s not the get rich and buy a yacht kind of money. A lot of business owners in this type of retail has actually turned from more lucrative businesses to do what they actually love instead of making a pile of money. I think it’s a trend we see all across the world, not only in niche retail. The staff in these stores does spend a lot of their income on clothes, as it’s their passion.
Funny quote considering Ada Rowland (‘s family) owns A&S, George Wang seems to come from an rather affluent family and Mark Cho’s Armoury enterprise was sponsored and he later had enough money to buy Drakes.
The retailers I know may not make millions but when I talk to them they’re certainly earning enough to afford themselsves a comfortable life. A nice house and a new Jag every two years certainly don’t come out of nowwhere.
Yes, though those are not examples of money being made in menswear
I would guess that Anda’s father’s estate was so huge that buying A&S would hardly have registered.
If one is wealthy and running such an operation, making money will be the least of one’s concerns.
The quote does seem quite unusual given the financial circumstances of some of these retailers. As Parker quite rightly points out, inheritance or favourable financing through personal or family connections does afford these retailers a less stressful life.
Hi Simon,
This is an excellent initiative! This is an issue absolutely worth tackling indeed!
I hope they are all aware of being in the same boat, and thus having to play their part in turning a huge tide under way. For the stakes have become too high despite a few gleams of hope.
John
Dear Simon,
I have been a loyal and avid reader of your blog for some years now. Needless to say that this loyalty comes from your excellent and inspirational work.
I would like to ask your opinion in two issues, both probably a bit out of place given the topic of your post.
Anyway, and still talking about money I would like to ask about your thoughts with regard to prices of some RTW brands such as Ring Jacket, Man 1924 or Suit Supply? Do you think the relation between price and quality is fair? Or some brands or retailers are just taking advantage of this new interest in classic menswear?
The second issues relates to Hong Kong tailors. I have been living in Macau for quite some years now and here the choice of tailors is quite limited. Therefore, in recent years I’ve become client of The Armoury, where I mainly acquired some Ring Jacket RTW items. The Armoury is in fact is an excellent shop, being their service highly professional. In my first visit to The Armoury I had the chance of meeting Alan See and every time I go there again and have the opportunity to meet him is always a pleasure because Alan is a really nice and simple person.
In terms of bespoke I’ve recently tried Brown’s Tailor and I am happy with result.
Anyway, what I would like to know is whether you still keep your recommendation of E. Italian or would you be able to recommend any other tailors who would be able to interpret in acceptable terms the Neapolitan style, which is my favourite.
Many thanks for your time.
Kind regards,
Hugo
Hi Hugo. On HK tailors, I’m afraid I haven’t used anyone for a very long time. But if I was to recommend anyone there, it would be WW Chan.
On the suit companies, no one is really ripping you off. No companies vary that much in terms of their net profits on product – it’s just a question of what they spend their money on. Hence whey a Prada suit etc is worse value for money in some ways, in that you are paying for marketing, advertising etc.
I’m afraid I can’t compare these brands in any more specific way, having not tried them myself. But do look up the post ‘How to buy a suit’. That has some good tips on assessing quality.
Thanks
Simon, I see my friend, Anda Rowland, spoke- excellent choice. Greetings from sunny and warm (24C) Charleston, South Carolina.