Vivienne Westwood says quality will underpin luxury sales in downturn
At the 2008 Walpole Awards for Excellence in British Luxury last night, fashion icon Dame Vivienne Westwood urged UK companies to strive for "quality not quantity" in today's difficult climate.
Westwood, who spoke after receiving this year's Medal of Excellence for her contribution to British design, said in order for companies to survive the financial downturn, they must look to sustain the caliber of their product, rather than aim for growth.
The outspoken former school teacher spoke at length about the French Revolution and the importance of the fashion of the time, "the peak of culture" as an influence on her work.
The annual Walpole Awards, sponsored by Barclays Wealth, took place last night at the Banqueting House, Whitehall in London.
Award winners included sporting events company Goodwood, luxury retailer Chanel, watch maker Bremont, car designer Ian Callum for Jaguar, the BBC Proms, men's retailer Alfred Dunhill, and online luxury brand Net-a-Porter.
A source at the event said despite the apparent insulation of luxury brands against recession, many are feeling the pinch. "Those brands that in the boom time were too greedy, and set up outlets on almost every street corner or every department store, are realising their mistake. The brands that will do well out of the recession are those that have maintained exclusivity."
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