Savile Row tailor to stars opens £2m store as boss says menswear 'in a bubble'

01 March 2024 , 09:33

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The third Richard James store has opened on Clifford Street, just off Savile Row (Image: No credit)

Richard James, a Savile Row tailor who has dressed stars from Sir Elton John to Stormzy, has opened a new bespoke £2 million store.

The boss of the company believes that the luxury menswear market is in a "bubble" and is more protected from the wider cost-of-living squeeze. The third Richard James store was launched on Clifford Street, just off Savile Row, last Friday. The company wants to see more protections for London's famous tailoring street.

Sean Dixon, the co-founder and managing director, said that despite UK inflation hitting double digits a year ago, the retailer hasn't seen a big change in spending habits. Their bespoke tailored suits can cost up to £6,000. Mr Dixon said: "We are slightly sheltered from what is going on in the rest of the country."

However, he admitted they're not completely immune. "But we are not completely immune, there is a knock-on effect. Whenever there is a bad news story about the economy, I do see an effect here." He thinks higher interest rates, which have increased mortgage costs, are more likely to impact their customers. But he said he had "not noticed any decreases" in spending.

Big luxury retailers like Burberry and Mulberry have reported weaker demand recently as wealthy shoppers tighten their belts. "The world of tailoring, and the suit, is actually having a bit of a resurgence," Mr Dixon added.

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The businessman said that the "novelty" of loungewear, which became popular during the Covid-19 lockdowns, has faded. Now, more people are choosing to dress formally. He also noticed a trend among younger men who are becoming more adventurous with their style. For example, a pink cord suit was one of the retailer's best sellers last year.

Richard James, a brand loved by Hollywood actors like Jacob Elordi, Robert De Niro and Hugh Grant, is owned by US property billionaire and Curzon Cinemas owner Charles S Cohen. Mr Dixon, like other luxury retailers, criticised the so-called tourist tax in the UK. A few years ago, the Government scrapped VAT-free shopping for tourists.

This decision affected luxury retailers who rely on wealthy tourists. "It puts us at a completely unfair disadvantage compared to those with stores in Paris or Milan ... if you don't have stores all over Europe, you miss out," he said.

Business groups are urging the Chancellor to consider reinstating tax-free shopping for tourists in his spring Budget next week. Mr Dixon also wants Savile Row to have protected status to preserve it as a bespoke shopping destination. "Areas like this incredible street are unique to London and they really should have protected status," he argued.

Lawrence Matheson