THE HIGH-END suit market is as hard-hit by the recession as its car and housing counterparts, according to exclusive menswear retailer Martin O’Byrne.
The Frewen Aylward owner says that, at the elite level, all three are “taking a hiding”. The family business, based in Dún Laoghaire, is run by brothers Martin and Gavin O’Byrne and was set up by their father more than 45 years ago.
He says the company, which targets the mid- to high-end market, has seen a 30 per cent decline in sales compared to last year. “Most areas of the business are down on last year but the €1,000-plus suit market is the worst-affected and is down 40 per cent. The €299-€599 suit market is not as badly hit, as men are trading down,” he said.
“The dress-down Friday look, chinos and polo shirts, is down, as men are wearing suits five days a week now as they are watching their jobs.”
To fight the challenges facing his business, which employs four staff, he introduced pay cuts of 10 and 5 per cent in November and February respectively.
In addition, the store started opening on Sundays, all staff work extra hours for no pay and all suits are half-price. O’Byrne says they were also cutting back on stock over €1,000 and focusing on selling suits in the €299-€799 price range.
It’s not all gloom, however – O’Byrne says some areas are holding up. “We still have a very healthy made-to-measure business. We are still Armani and Ermenegildo Zegna’s number one independent account in Ireland.”
He adds that a handful of customers from the property and developing sector had ordered high-end garments but were now unable to pay for them.
“It is not about making money in this climate – it is about paying the bills, giving the service and giving the customers what they want. There will always be a market for quality, however big or small.”
Renee Jones
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