Marketplace

Search

Thursday, June 11, 2009

Listen to the show

Designers cut back in downturn

Kate Betts

Kate Betts, editor of Time's Style & Design, talks with Kai Ryssdal about how designers are going back to the basics as fashionistas cut back on their shopping sprees.

Kate Betts, Time Style & Design editor (Peter Kramer/Getty Images)

More on Retail, America's Financial Crisis

TEXT OF INTERVIEW

Kai Ryssdal: On the theory that too much talk of stock research and Wall Street regulation is never a good thing, let's detour here for a second into the world of fashion. It is a bit of a turn, I grant you that, but recession-related, I promise. We've got Kate Betts back to help me out with the economics of style. Kate, good to talk to you again.

Kate Betts: Nice to talk to you. Thank you for having me.

Ryssdal: Well, we have you actually because of purses. Apparently there was a discussion -- not one that I was involved in -- but there was a discussion around here about purses the other day. And how they are plainer these days, less fringe, less flash. Is that something that's happening to design right now? Just less?

BETTS: And it's not just purses either, by the way. It's clothing too. I think people are reverting back to what's classical and what is more enduring in terms of style, because they feel nervous about the economy, obviously. And also I think people are tired of these trends, and the idea that fashion changes so quickly, and it's so instantaneous now. So I think they're looking for something that is lasting, and not trendy, and doesn't have a lot of bells and whistles.

Ryssdal: And also something that you don't have to necessarily replace next year when it goes out of style, right? So they're buying these things that are going to last a couple of years.

BETTS: Exactly. When you look at some of the luxury companies, or the only luxury companies that are still doing relatively well, it's companies like Hermes that are very traditional and very classical.

Ryssdal: Is it possible also that these fashion houses are looking to cut their own expenses so they're designing things that are less expensive for them to produce?

BETTS: Yeah, that's possible on some level. I think people are looking for ways to cut costs and that is certainly a way to do it. I think also it cuts the cost for the consumer, and I think a lot of people are producing lesser price points in the market so that they can attract the consumer.

Ryssdal: Think back in history with me for a little while here. Is there another parallel? I'm thinking of '87 and the stock market crash then. I mean, did fashion respond in a similar way?

BETTS: Oh yeah, I mean fashion always responds. And that was a very dramatic response because when you think of '87 that was the year that Christian Lacroix introduced the poof skirt, and things were getting really over the top.

Ryssdal: All right, wait, because when I think of 1987 that's not what I think of. Christian who? And the what?

BETTS: Christian Lacroix, the French couturier, who actually just filed for Chapter 11, introduced the poof skirt. And all this very exaggerated, elaborate design was coming out of Paris. And that was kinda the look. You know, huge shoulders, bright jewel-toned colors, lots of embroidery, very garish almost. And then the stock market crashed, and you saw the paring down once again, and all of sudden we had minimalism, and we had designers like Jill Sander and Calvin Klein and Helmut Lang. And everything was very pure, and black, and white, and gray. And people were wearing very simple kind of pants suits. And that was a very, very exaggerated difference from what came in 1987.

Ryssdal: Well, and arguably, I mean this whole event that we're having now economically is bigger than what happened in '87. Are we going to go back to blacks and grays and plain and very straight lines and all that?

BETTS: It's not going to black and white and gray because actually the consumer has really adopted color and become very comfortable wearing color. So I would say we're going to see things that are classical but maybe special in the way that they are, in their color way, or in the pattern, or the way that it's fabricated. But I think we are going to see an increasing paring back of the silhouette and more tailoring. And probably fewer looks. You know, I think designers will make their collections smaller and make the offerings smaller, so they don't have to produce as many clothes.

Ryssdal: Kate Betts. She's the editor-in-chief of Time Style and Design. Kate, thanks a bunch.

BETTS: Thank You.

Comments

  • Comment | Refresh

  • By Ed Chambliss

    From Los Angeles, CA, 06/11/2009

    Your listeners should know that the designer name "Hermes" is properly pronounced "air-mehy" rather than "her-mess" as Ms. Betts pronounced it on your show today. As editor-in-chief Time Style and Design, Ms. Betts should know this, too.

    http://wiki.answers.com/Q/What_is_the_correct_pronunciation_of_Hermes

    By Harvest Moon

    06/11/2009

    The brief fashion time line given in this piece seems, to me, off by at least two years. In 1988 and 1989, fashion--street and runway--was still big, gilted, and gauche. It was not until late 1988 or early 1989 that a tentative almost imperceptible shift in favor of clean lines, muted colors, and well cut basics began. Recall that it was in 1989 that Karan introduced her Essentials line and Seven Easy pieces. And, compare the Oscar photos from 1989 (the year of shine and bows) and 1990 (when Armani's clothing took center stage) and you will see the change. No, as a sociologist who studies fashion cultures, I must take issue with the time line offered.

  • Post a Comment: Please be civil, brief and relevant.

    Email addresses are never displayed, but they are required to confirm your comments. All comments are moderated. Marketplace reserves the right to edit any comments on this site and to read them on the air if they are extra-interesting. Please read the Comment Guidelines before posting.

    * indicates required field

    *
    *
    *
     




     

    You must be 13 or over to submit information to American Public Media. The information entered into this form will not be used to send unsolicited email and will not be sold to a third party. For more information see Terms and Conditions and Privacy Policy.

Podcast »

Listen to 'After the Bell'

In his weekly podcast, Scott Jagow makes sense of the week in business and the economy. Subscribe now.

The Whiteboard »

Hostile takeovers

Hostile TakeoversWatch the video

We all know what a takeover is. That's when one company agrees to be bought by another. But what happens when companies don't agree and the takeover goes hostile? Senior Editor Paddy Hirsch explains. Watch the video.

More Whiteboard Videos »

Getting Personal »
Chris Farrell

Q: A HELOC?

I recently paid off my mortgage ($55,000) and consulted with my local bank about how to best invest discretionary funds now that mortgage is paid. Bank's financial advisor, no fee, advised me to take out a HELOC, home equity line of credit for the maximum... I am 67... Pamela, Providence, RI Read Chris Farrell's answer »

Special Reports and Series

Built on Belief »

One year after the fall of Lehman Brothers, Americans' have lost faith in the financial system and learned some hard lessons. Get more.

The Big Shift »

The recession has changed our financial lives. A look at wealth and prosperity in the middle class and how we live now. Get more.

The Borrowers »

How living beyond our means helped bring down the economy. The role of personal debt in the financial crisis, and where we go from here. Get more.

The Next American Dream »

How four pillars of the American Dream are changing. What's in your future?

Taking Stock »

Conversations with individuals who can give us the long view of our economic situation. Get their views.

More Stories & Special Reports »

The Specials

GAME: Budget Hero

Budget Hero

Think you could balance the federal budget? Play the game.

Conversations from the Corner OfficeTM

Conversations From the Corner Office

Marketplace goes one-on-one with CEOs, company founders, head honchos...

Sit in

Working

Working

Intimate profiles of workers in the global economy.

Meet them

Marketplace on iTunes U

iTunes U

Marketplace is on Apple's online education platform, iTunesU. Get free downloads in subjects like History, Science, Business and more. Study up

American Public Media © |   Terms and Conditions   |   Privacy Policy