Bespoke or Broke

The dust is now beginning to settle following a period of uncertainty for the luxury industry. Many high-end names have now released financial results for 2008 and the first months of 2009, providing a sense of perspective on the brands managing to succeed in the face of adverse conditions – and also those struggling to make the returns enjoyed in more buoyant economic times.

One of the strongest messages emerging is that it is brands that have consistently provided the most personalised forms of luxury that are continuing to thrive, while those relying on entry-level items and “mass-tige” have seen sales plummet. At the top end of the market the appetite for bespoke appears undiminished, with tailors reporting strong sales as those still spending money increasingly seek a high-quality, personalised product. Another notable recession-bucking trend is demand for limited edition and unique pieces, with an increasing number of labels now creating small runs of items tailored to the needs of the individual.

One explanation for the continuing popularity of bespoke – despite city lay-offs and ongoing employment fears for many – is that in difficult times shoppers steer towards safe options. While pricey, bespoke suiting is seen as an investment due to the long-lasting, high-quality value of the pieces. An additional bonus is that a bespoke suit can be tailored and modified throughout the life of the piece, standing the buyer in good stead through rises and falls in both waistline sizes and stock indices. Former Dunhill and Kilgour Design Director Peter Johnston now run’s his own successful bespoke tailoring company. He explained: “Savvy people are trading excess for excellence. Buying something that fits you and is quality-made then makes you feel better, hold yourself better and ultimately look better.”

Sean Dixon, Managing Director of contemporary Savile Row tailor Richard James, confirmed, “For us, bespoke is faring very well, with sales actually up on last year. We’ve been looking at why, and the old cliché that wealthy individuals always have money does not hold up in these times as everyone is being cautious. I think that although a bespoke suit is expensive, people also recognise that it is value for money, and more often than not when collecting one suit a client will order another. It has also helped that our client base is broad and eclectic and because of our approach we are often the tailor of choice for people who don’t have to wear suits." Reflecting Johnston and Dixon’s optimism, Italian tailor Kiton has predicted a rise in its made-to-measure suit sales in 2009 – on the back of 10% growth in 2008 – and Harrods, Barney’s and Lanvin have all expanded their ranges of bespoke services.

Another approach is to provide the shopper with a unique item that still has the brand recognition factor many consumers crave. Well known for injecting a sense of fun into retail, Roger Vivier has produced the Cut Up Bag, a simple design that is customised to the owner’s specifications using cut-out letters, shapes and numbers. The bag provides a unique reflection of the owner’s taste and personality, while giving kudos in fashionista circles. Fellow French brand Hermès has taken a different tack, creating the unique through the recent launch of a product line that utilises recycled and unusual materials. Exclusively available through the brand’s Paris Faubourg Saint-Honoré flagship, the nature of the materials used to create the line means that no two items will ever be the exactly the same.

Even in the watch market – known to be going through a particularly difficult time –brands are focusing on small runs of premium-price models. The Gerald Genta Arena Metasonic has just launched at Baselworld 2009 having been in development since 2004. Limited to 10 editions and priced at $900,000, the model is said to have attracted considerable attention already.

Analysing the areas of the luxury industry currently thriving, the overriding message is there are still consumers who have money and want to spend. What has changed is that today they wish to invest in pieces that are unique or tailored to their specific requirements, with rarity and quality being more highly prized than ever.