The Business of Fashion

It seems despite there being a recession, job cuts, higher rate of living and unemployment, designer luxury goods are still in high demand. And quite ironically, budget brands selling cheaper goods such as Peacocks and Barratts Priceless have recently gone into administration, whilst luxury houses flourish in the current economy.

Burberry’s turnover in the last quarter was up by 22 per cent and Mulberry has recorded that their Christmas sales were up 35 per cent on the previous year. So what is it about our love for all things expensive? Well, I think it’s that those who have money are just splashing it!

Companies are also expecting big profits during the Olympics with it set to bring London a massive boost to the revenue. Tourists will be looking to snap up souvenir designer gear like the newest Mulberry bag or Links of London bracelet rather than a postcard of the London Eye or the tacky I heart London tee. Ironically spectators cannot escape the opportunity to shop, having to walk through Westfield’s Shopping centre to get to the Olympic stadium.

 

Image courtesy of london2012.com

There’s also something about a truly British design that just screams ‘buy me’. We do love to stick to our own brands and pride ourselves with houses that contain our heritage- Alexander McQueen, Vivienne Westwood. And with the Olympics fast approaching this summer; fashion houses will be sure to reach the gold.


This blog was orignally written in January but for a recent university hand-in I had to change and adapt it into this (I have adjusted a few points to make it more relevant to today- the Olympics).