LONDON, United Kingdom Its been a tough time for Paul Smith, the namesake fashion label of the 71-year-old godfather of British style, known for its sharp suits and eccentric English touch. Operating profit at the company has declined for five consecutive years.
Smith has been in business since 1970, when he started a store in his hometown of Nottingham with Pauline Denyer, now his wife. He has dressed cultural heavyweights, from David Bowie to REMs Michael Stipe. In 2000, he was awarded a British knighthood for services to fashion and Londons Design Museum staged a retrospective of his work in 2013.
But a slowdown in luxury spending across Europe and Japan, a heavy reliance on wholesale clients that have struggled to compete with f…
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