Paul Smith Publishes Memoir at 80 as Designer Says Brand Nears Break-Even After £22 Million Loss
Updated
Updated · The Guardian · Sep 7
Paul Smith Publishes Memoir at 80 as Designer Says Brand Nears Break-Even After £22 Million Loss
1 articles · Updated · The Guardian · Sep 7
Summary
Paul Smith has turned 80 and is releasing his memoir, “Threads: My Life in Style,” using it to reflect on a 56-year career building a global British fashion label while staying majority owner.
More than 130 shops and 1,200 employees grew from his tiny 1970 Nottingham store, but Smith says the business is still recovering from the pandemic and Brexit after losing more than £22 million last year.
Smith said the company will lose money again this year, though he believes it is “on the verge of breaking even” as demand for formalwear persists and about 20% of customers are still relatively young.
Control remains central to his story: Smith says he rejected multiple takeover offers to protect the brand’s “DNA,” even as new executives from more commercial backgrounds help steer the company.
His next focus is the Paul Smith Foundation, which he says will eventually receive all his money to fund skills, advice and bursaries for young designers and entrepreneurs.