Archive for the ‘Clothing’ Category

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Americans Open Wallets Wider Than They Have In Three Years

Wednesday, February 2nd, 2011

The financial times they are a’changing. At least, that’s what these new statistics would have us believe…

  • In 2009, the American GDP (gross domestic product – a measurement of economic activity) dropped more than it had in sixty years. But like a phoenix made up of economic statistics, it rose back up in 2010.
  • We can’t know the exact cause, but the numbers say that people earned a little more, saved a little less, and spent a little more than they had in recent years.
  • Since consumer spending makes up almost three-quarters of all economic activity in the U.S., this is good news. But there are still those issues around high unemployment and a trashed housing market…

Facts & Figures

  • Consumer spending represents 70% of all economic activity in the U.S.
  • In 2010, spending rose by 3.5% – 0.7% of that was in December alone
  • The last time spending rose that high was in 2007 (pre-recession)

What do you think?

Have you been spending more lately? Do you think the economy will recover faster depending on where you spend your money (at independent stores versus chains)?

(Check out this week’s Today at TILE for a closer look at signs of life in the economy.)

“Women want to tame him, but he has loved once, and now is lost…” Romance Publisher Harlequin Offering Personal Finance Books

Friday, January 28th, 2011

Our Canadian friends at The Globe and Mail reveal the latest trend in financial education:

Making personal finance books pink. You know, so girls will read them.

Harlequin, publisher of such romance classics as Alaskan Heat and Surrender to an Irish Warrior*, has already put out one book (The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life) and plans to publish more in the future.

Okay, we know men and women spend differently and even think about money differently. But will coloring personal finance books pink and talking about shoes really make finance matter for the ladies?

What do you think?

*Trahern MacEgan—his body is honed for fighting, his soul is black and tortured. Women want to tame him, but he has loved once, and now is lost. – eharlequin.com

The Road from Liberia to Gilt City

Friday, January 14th, 2011

nathan-richardson.png Nathan Richardson is the President of Gilt City, the local child of new (and wildly successful) luxury deals site Gilt Groupe. But he’s more than that. Throughout his career so far, he’s traveled from Senegal to Libera to Yahoo! Finance and Dow Jones. Big-hearted, intelligent and multi-talented (obvs), we’re proud to call him a friend here at TILE.

TILE: What’s it like working for Gilt? Is your wardrobe amazing?
Nathan: It’s a blast – we work really hard, move the ball forward every day, work closely as a team, and get to engage with some of the coolest restaurants, clubs, services and events in the hottest cities in America. Fair to say my wardrobe has been upgraded and the number of hoodies and fashion sneakers that I own multiplied like a gremlin.

TILE: In your career, you’ve worked at a bunch of different companies – from Citibank to Yahoo! Finance to Dow Jones online. How have these different experiences helped you in your current job?
Nathan: Every experience taught me a different set of skills that play into the diverse hats that I wear in a given day [at Gilt]. I learned about financial mechanics at Citi, about moving fast and being only as good as what you did that morning at Yahoo Finance (a healthy paranoia), and about the importance of brand & voice at Dow Jones.

TILE: You’re very accomplished in the business world, but you’ve also taken the time to help others – both in the Peace Corps and as the director of the International Rescue Committee’s Liberia Program. How do you balance these two passions?

Nathan: I joke that I am a humanitarian to fashion people – providing them great value on the luxury items that they have to have! All of my experiences have several things in common: the pace, the energy, and the need to be fully committed in a way that transcends a 9 to 5. I also stay involved with my Peace Corps family and the artisans I worked with at the Artisan Village of Thies. I’m also a big fan of the IRC’s work in Liberia, and I’ve returned several times to check in on projects that I am passionate about.

TILE: What’s the Peace Corps like? Would you recommend it to someone graduating from college?
Nathan: Loved my experience in the Peace Corps – it is one of the toughest jobs you’ll ever love as the tag line says. I gained exposure to projects and accomplished more in those 2.5 years than you can imagine  – as well as gained lifetime best friends.

The Peace Corps’ three goals are to share American culture with the host country; learn about the host country culture and share it with America (Senegal is amazing!); and technical transfer – I was a small business volunteer with several serious projects.

TILE: What’s the best advice you would give to your teenage self?
Nathan: Wow – that’s a tough one. I would probably say broaden your horizons earlier, learn a language, and love the moment a bit more. What do I mean by that? I wish I’d learned Chinese and studied in China at an early age and also remembered to celebrate all the amazing things that were going on around me…

>> TILE brings you exclusive opinions, explanations, and interviews from experts in every industry. To read more, click on Ask the Experts in the TILE Library.

Have a burning question or an expert you’d like to see interviewed? Just Ask TILE!

That Custom-Made Suit Is Going To Cost You

Wednesday, January 12th, 2011


credit: John_Brennan

If you’re not sure what inflation looks like in real life, try asking your tailor. Having suits and dresses made to order in Hong Kong or Singapore used to be the secret to looking good on a budget. But all that is starting to change. Here’s why:

1. Inflation! The apparel industry has been safe from inflation for a long time, but fabric today is more expensive than it was a few years ago. In 2010 alone, the price of cotton in Hong Kong went up by 91%. More expensive materials = a more expensive product.

(And because inflation generally raises prices across the board, tailors are demanding higher wages so they can keep up with the cost of everyday living.)

2. Consumer demand! More people have the money to order custom clothing these days, and tailors and materials are in short supply. That means more work for tailors, and a higher price tag for customers. In other words, the supply of materials and producers has stayed the same, but the demand for finished products has increased. When demand exceeds supply, you’ve got a price increase on your hands.

New Prices:

  • A custom suit made in Singapore with expensive luxury fabric runs about $5,400. A similar suit by an Italian producer might cost $10,000.
  • In 2009, a custom shirt from Singapore cost $177; today it would cost about $330.

“We’re so busy that we’re having to turn some people away.” – Mark Cho, Co-Founder of The Armoury in Hong Kong

What You Should Know Before You Budget

Monday, January 3rd, 2011

evil-marketing-rays.jpg
Credit: apium

Sticking to a budget is more or less like sticking to a diet: It sucks, and you’re almost guaranteed to fail.

BUT! There’s another way. With a few simple tricks, you can take control of your spending and avoid feeling guilty all the time. Here’s what Tara Siegel Bernard from the New York Times has to say:

  • Let the robots take control. Set up automatic transfers to your savings and investment accounts. It only takes a few minutes. If your savings is being automatically transferred out of your spending account every month, you don’t have to worry about spending it!
  • Start at the finish line. What are you saving for? Saving is easier when you have a goal in mind (a vacation, a new car, an obscenely expensive pair of shoes). Figure out how much money you need and you’ll know how much money to have automatically transferred each month.
  • Separate the fun money from the serious money. If you have a phone bill or rent to pay, keep that money separate from the money you plan to squander irresponsibly at the mall. Obviously.
  • Brace yourself for big surprises. One of the easiest ways to muck up your budget is to suddenly spend a lot of money you hadn’t planned for. This one’s easy, though. Put a little extra away somewhere each month. You can use that to cover your surprise expenses without feeling like a total budgeting loser.

Best Quote:
“Ultimately, what we want our money to be is an energy source. It should help us get somewhere or do something.”  – Amanda Clayman, Financial Therapist (only in New York!)

Sale of the century! Own a little piece of Bernie Madoff…

Thursday, December 23rd, 2010

The AP reports that hundreds of Bernard Madoff’s personal items are going up for auction at the Sheraton New York Hotel, courtesy of the U.S. Marshals Service. Madoff is just beginning his 150-year prison sentence for ripping off investors in the biggest Ponzi scheme ever.

velveteen-slippers.jpeg

Snatch up those limited-edition monogrammed velveteen slippers before they’re gone! Also available: a 10.5 carat diamond ring owned by Bernie’s wife, Ruth, and a “like-new” Steinway piano. (Thanks, msnbc.com)

Black Friday’s Supertroopers

Friday, November 26th, 2010

It’s Black Friday, the biggest and most aggressive shopping day of the year. Stores slash prices and determined shoppers wait up all night, push each other, bribe each other, and occasionally trample one another to get their hands on the goods.

This year has seen an increase in the number of shoppers from the broke years after 2008, and the L.A. Times was kind enough to interview some of the consumer warriors swarming the local malls.

Best Quotes

  • “It’s cold, cold, cold, frustrating and stressful standing for five hours but you just do it. My mother-in-law put me in this spot.” – Monica Ferreira, 27, hoping for a $600 washer-dryer from Sears
  • “We are in it to win it. Go hard or go home.” – Ilene Agan, 27, veteran Black Friday Shopper at Toys R Us
  • “This is professional shopping for a lot of these customers, and they know exactly what they want. They plan these things, they have their routes and they make a beeline.” – Mike Boylson, Chief Marketing Officer, JCPenney
  • “Maybe I’m sacrificing too much for this TV.” – Vanessa Barrera, 20, Sears

Christmas In November for Tiffany

Wednesday, November 24th, 2010

Thinking about wrapping your gifts in a certain blue box this season? Whatever, Tiffany doesn’t really need your money.

  • The company has already seen profits way higher than projected, and the upcoming shopping nightmare known as Black Friday will probably boost sales even more.
  • Other luxury goods brands are looking up as well – both Coach and Hermes are reporting strong sales this quarter.
  • The National Retail Federation says this holiday season is probably going to be the best in four years. (If you’re a retailer, that is.)

Facts & Figures

  • Sales have increased by 14% over last year
  • The biggest increase in purchases is coming from big-ticket items – those that cost $500 or more
  • Sales of items under $500 have continued to decrease

Best Quote

“We continue to see bifurcated performance, with declines in sales and transactions below $500, but double-digit percentage increases in most every other higher priced category. This indicates to us diverging effects to one degree or another that the economy is having on consumer spending.” – Mark Aaron, Tiffany’s Investor Relations Chief

One Essential Fashion Tip from a Professional Stylist

Monday, November 22nd, 2010

Lani Rosenstock makes a living telling people in New York and D.C. what to wear. But this one little tip might eliminate the need for most of her fashion advice. (Sorry, Lani.)

DailyCandy Editor Lauren Lumsden On Discovering New And Cool

Monday, October 4th, 2010

It’s not every day you get to interview an editor from your favorite daily mailing list, but we somehow convinced Lauren to chat in front of our camera last week. Check out her interview to learn about the dude-ranch-to-web-editor career track and, of course, Bacon Salt.

>>TILE brings you exclusive interviews from people doing great things in SPEND, GROW, and GIVE. To view more, click on TILEcasts in the TILE Library.

Have a burning question or someone you’d like to see interviewed? Let us know – just Ask TILE!

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