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- This Morning's Headlines: Invesco voices concern o...
- Test Blog
- Vybz Kartel puts Clarks footprint on Jamaica
- What is a Business Plan? by Tim Berry
- Pensions Regulator gives schemes deficit breathing...
- Signs of maturity
- How Is Your Insurance Premium Calculated?
- BULL CALL SPREAD
- Sharing the wealth Thinking about taking your fir...
- BUSINESSES GOING DOWN-UNDER 2012
- BEAR SPREAD
- EBITDA
- WHY DO BUSINESSES GO BUST?
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October
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INSURANCE TIMES
Monday 22 October 2012
Monday 15 October 2012
Sunday 7 October 2012
Vybz Kartel puts Clarks footprint on Jamaica
Clarks shoes are back in
fashion, thanks to dancehall artist Vybz Kartel. Jesse Serwer charts a 30-year
love affair between Jamaican rudeboys and Britain's premium sensible footwear
Back in the spring, the Jamaican dancehall artist
Vybz Kartel released a single paying tribute to his favourite consumer goods.
He was, he says, recognising a great Jamaican tradition. The song was a huge
hit on the island, and stores across Jamaica reported selling out of the very
thing Vybz Kartel was hymning. The big surprise, though – to English
high-street shoppers at least – was the subject of the song: not Cristal
champagne, or diamonds from De Beers, but a pair of shoes, made by a
185-year-old family-owned company based in the town of Street in Somerset. Vybz
Kartel's single was called Clarks, and its cover carried pictures of his
favourite Clarks shoes – the Wallabees, Desert Boots and Desert Trek shoes of
the Original "heritage" range – of which he claims to have more than
50 pairs.
Clarks Originals have long been a staple of
Jamaican fashion,
but Kartel lifted them to another level. Vendors in Kingston doubled their
prices. Thieves, the Jamaica Star reported, targeted stores that stocked them.
Knock-off copies of the design started appearing and multiplying. "Right now you can't go less than $10,000
Jamaican for Clarks," says Andre "Popcaan" Sutherland, one of
two Kartel proteges, along with Vanessa Bling, who also appears on the single.
"It was six or seven grand before the song. It's been a massive change,
that. People feel dem haffi have 'em."
Kartel, a provocateur whose X-rated content has
seen him banned in the past from several Caribbean nations, appears to have
found a new, more airwave-friendly lyrical direction in the wake of the single.
In a blatant attempt to milk his own fad, he's released follow-up records
called Clarks Again and Clarks 3 (Wear Weh Yuh Have). His latest single, Jeans
'n Fitted, acts as yet another fashion manifesto.
To be sure, the unrest in Kingston that all but
shut down business in the capital last month has tempered the phenomenon
somewhat. But as Clarks has reverberated across the Caribbean and throughout
the diaspora – it's currently receiving daytime spins on BBC's 1Xtra, after
topping the station's dancehall chart – the trend is being echoed from Brooklyn
to Brixton.
"I've gotten a few emails and texts where a
young lady has said to me, 'Robbo, it's because of your show with this song
that we're working overtime at Clarks,'" says BBC 1Xtra DJ Robbo Ranx.
"Online, I went to order a pair of black ankle Deserts . . . sold out. You
go out to find Clarks, you can't find Deserts. In my local in west London,
there's none in there."
Michael Borge, marketing director for Clarks North
America, confirms it has seen increased demand in Jamaica and many US markets
in recent months; however, an "upswing in the Originals business
overall" makes it difficult to quantify the song's effect. Likewise, Gemma
Merchant, senior account manager for Clarks Originals in the UK, says the
company has seen "increased interest and demand in particular areas of the
UK, shortly after the song became big in Jamaica".
But while Clarks – with its chorus, "Everybody
haffi ask weh mi get mi Clarks/ Di leather hard, di suede soft, toothbrush get
out di dust fast" – has boosted enthusiasm for the brand among young
Jamaicans, it is just the latest chapter in the country's lengthy embrace of
the shoe brand. "Clarks is as much a part of the Jamaican culture as ackee
and saltfish and roast breadfruit, I swear to you," says Kartel, whose
real name is Adijah Palmer. "Policemen wear it, gangsters wear it. Big men
wear it to their work. Schoolchildren wear it to school."
If Clarks have long been in Britain the shoes of
schoolchildren and pensioners, in Jamaica they are a long-standing symbol of
upward social mobility, valued for their versatility and – important in a
tropical climate – their breathability.
"The generation who had immigrated to England
to work in that period after the second world war would return to Jamaica
wearing these Clarks, and people developed a fascination," Ranx says.
"You go back to Jamaica on holiday, the first thing they ask you for is:
'Bring back a traditional Marks & Spencer string vest, or a pair of
Clarks.'"
By the time reggae
exploded internationally in the 1970s, Clarks were the preferred footwear for
Rastafarians and "baldheads" alike. Rummage through LPs from reggae's
golden era, and you're likely to turn up at least a few photos of rude boys
with their trouser legs rolled up to reveal ankle-length desert boots. But it
was in the 1980s, as the social consciousness of the Bob Marley era gave way to
dancehall's rampant materialism, that the shoes gained iconic status. "The
80s was a hyper-materialistic time in Jamaica and Jamaican music," says
Jason Panton, owner of the Kingston fashion boutique Base Kingston, and I&I
Clothing, a Jamaican streetwear brand. "After the whole scare over Jamaica
going socialist, a lot of importance was placed on brand names. People wanted
other people to know him stepped up him life. Part of the way you show that is
you have a Clarks, you have a gold chain around your neck, and you ain't afraid
to wear it on road." The teenage toaster Little John (not to be confused
with rapper/producer Lil' Jon) even scored a 1985 hit with Clarks Booty.
"Hol' up yuh foot and show your Clarks Booty," went the song's
chorus, a riff on Yellowman's Zungguzungguguzungguzeng, "Fling out your
foot because your shoe's brand new."
In fact, Jamaica's love of Clarks spread through
music beyond the Caribbean. In the mid 1990s, the New York hip-hop band the
Wu-Tang Clan famously made Clarks Wallabees their preferred footwear. The cover
of Ghostface Killah's 1995 solo debut, Ironman, depicted the "Wally
Champ" (as Ghostface often calls himself) and Wu members Raekwon and
Cappadonna surrounded by custom-dyed Wallabees. The Clan's own clothing brand,
Wu Wear, was among several American brands that produced Wallabee derivatives
in the following years.
Ghostface and his Wu-Tang associates had borrowed
the style from the Caribbean immigrants who poured into New York City in the
1980s. "People had stopped wearing them, so Ghostface and Raekwon started
rocking them for that reason," says hip-hop journalist Alvin Blanco,
author of an upcoming book on the Wu-Tang Clan. "The idea was, 'Other
rappers are rocking Timberlands and sneakers, we're going to stay ahead of the
curve by going back and rocking Wallabees.' They also weren't that much. You could
probably finagle a pair for $60 or $70 on Canal Street in Chinatown."
Wallys grew less prevalent in the States as the
Wu-Tang's influence over hip-hop waned in the late 90s, but they never became
unfashionable in Jamaica. There was already a bubbling resurgence even before
Kartel released Clarks in March.
"At Sting [the annual Jamaican concert], all
the top dancehall artists – Aidonia, Mavado, Assassin – were wearing
Clarks," Ranx says, chalking the revival up to a broader return to classic
fashion in dancehall. "A lot of the major artists aren't allowed to travel
out of Jamaica now. Kartel's [US] visa has been revoked. So they've just got to
go downtown to buy some footwear. Before, these guys would go out of the
country and come back wearing foreign brands like Gucci."
Kartel offers a more basic explanation: "I
personally have more than 50 pair of Clarks," he says. "I have more
than there are states in America. The concept for the song came when Vanessa
Bling saw my Clarks. She said, 'Every day you in a different Clarks, and a
badder Clarks. Weh you get so much Clarks from?'"
Kartel is famed as a canny commercial operator. He
already endorses rum and condoms. But he didn't receive a penny from Clarks for
boosting sales of their shoes. Maybe he didn't need to, though: as the Jamaica
Observer has reported, he has a new idea after the success of Clarks. It was
inevitable, really: Kartel is to launch his own brand of shoes.
Bling's the
thing
The unlikely brands that seduced the streets
Kangol
How it happened: The Cumbrian hatmaker went from
supplying berets for British troops to outfitting hip-hop's early foot soldiers
in the early 80s. British-born Jamaican Slick Rick and his Kangol Crew helped
popularise the beret-turned-to-the-side look; in his pre-Hollywood days, LL
Cool J rarely appeared without his trademark Kangol bucket hat and its
distinctive kangaroo logo.
Signature shout-out: "Stepped out my house
stopped short, oh no/ I went back in, I forgot my Kangol" – Slick Rick,
La-Di-Da-Di.
In the long term: Although Kangol found itself the
height of street fashion, it didn't help those who worked for the company at
its factory on the Cumbrian coast. Over the last few years, the company has
been passed from one international owner to another, with just seven jobs remaining
at Kangol's old HQ in Cleator Moor after Bollman Headwear's latest round of
cuts.
Timberland
How it happened: Following the lead of drug dealers
who found them ideal for pounding the pavement during cold New York winters,
underground rappers adopted these rugged, waterproof boots as their uniform in
the early 1990s.
Signature shout-out: "Tims all seasons for
ass-kicking reasons" – Smif-N-Wessun, Wrekonize; producer Tim Mosley
adopting the name Timbaland in tribute.
In the long term: Fearing association with this
unexpected new market might scare its established clientele of wealthy outdoor
enthusiasts, Timberland limited availability in urban areas in an effort to
discourage fashion-conscious African-American shoppers from buying the shoe for
the "wrong reason".
Cristal
How it happened: Cristal became a key rap accessory
after Jay-Z made frequent references to the upper crust-approved French
champagne on his 1996 debut, Reasonable Doubt.
Signature shout-out: "My motto, stack rocks
like Colorado/ Auto off the champagne, Cristals by the bottle" – Jay-Z,
Can't Knock the Hustle.
In the long term: Jay-Z himself called for a
Cristal boycott after the managing director of parent company Louis Roederer
referred to the champagne's hip-hop fanbase as "unwanted attention"
in an interview with the Economist in 2006.
Prada
How it happened: The Italian fashion house, along
with Louis Vuitton, Gucci and Dolce & Gabbana, was part of a wave of
European luxury brands celebrated by rappers and dancehall artists in the
noughties.
Signature shout-out: "Getting paid not played,
pushing Escalade and rocking Prada" – Buju Banton, Paid Not Played.
In the long term: With dancehall's international
visibility at an all-time high in 2005, Prada returned the favour with a
Caribbean-inspired spring collection complete with Rasta-striped knitwear.
What is a Business Plan? by Tim Berry
Business Plan Basics
Business planning is about results. You need to make the contents of your plan match your purpose. Don’t accept a standard outline just because it’s there.What is a business plan?
A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Unfortunately, many people think of business plans only for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimise growth and development according to priorities.
What’s a start-up plan?
A simple start-up plan includes a summary, mission statement, keys to success, market analysis, and break-even analysis. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing, but it is not enough to run a business with.
Is there a standard business plan?
A normal business plan (one that follows the advice of business experts) includes a standard set of elements. Business plan layouts and outlines vary, but generally a plan will include components such as descriptions of the company, product or service, market, forecasts, management team, and financial analysis.
Your plan will depend on your specific situation. For example, description of the management team is very important for investors while financial history is most important for banks. However, if you’re developing a plan for internal use only, you may not need to include all the background details that you already know. Make your plan match its purpose.
What is most important in a plan?
- Cash flow is both vital to a company and hard to follow. Cash is usually misunderstood as profits, and they are different. Profits don’t guarantee cash in the bank. Lots of profitable companies go under because of cash flow problems. It just isn’t intuitive.
- Implementation details are what make things happen. Your brilliant strategies and beautifully formatted planning documents are just theory unless you assign responsibilities, with dates and budgets, follow up with those responsible, and track results. Business plans are really about getting results and improving your company.
If you have the main components, the order doesn’t matter that much, but here’s the outline order we suggest in Business Plan Pro software:
- Executive Summary: Write this last. It’s just a page or two of highlights.
- Company Description: Legal establishment, history, start-up plans, etc.
- Product or Service: Describe what you’re selling. Focus on customer benefits.
- Market Analysis: You need to know your market, customer needs, where they are, how to reach them, etc.
- Strategy and Implementation: Be specific. Include management responsibilities with dates and budget.
- Management Team: Include backgrounds of key members of the team, personnel strategy, and details.
- Financial Plan: Include profit and loss, cash flow, balance sheet, break-even analysis, assumptions, business ratios, etc.
Pensions Regulator gives schemes deficit breathing space
The Pensions Regulator has revealed it will give the ‘significant minority’ of struggling pension schemes more time to fill their deficits.
04 OCT 2012 | THE ACTUARY NEWSDESK: NICK MANN
‘We fully expect recovery plans to lengthen for a number of schemes that need the extra breathing space,’ he said. ‘We sometimes hear the view that “the regulator expects deficits to be filled within 10 years”. This is not the case.
O’Higgins explained that the regulator had previously employed an operational ‘trigger’ to scrutinise deficit recovery plans lasting more than 10 years. ‘Today I would like to make it clear that our approach to reviewing recovery plans does not hinge on a 10-year trigger,’ he said.
‘There is no upper limit to recovery plan lengths and what is appropriate will depend upon the individual circumstances of the scheme.’
O’Higgins stressed, however, that he did not expect recovery plan lengths to increase ‘across the board’. ‘We still expect the pension scheme to be treated fairly in the context of other demands upon the employer for cash, and for trustees to assess risks in the round,’ he said.
As of the end of August, the combined deficit of the 6,432 UK defined benefit pension schemes covered by the Pension Protection Fund totalled £280.3bn, more than double the £117.5bn a year earlier.
O’Higgins said that there were a ‘significant minority’ of schemes under particular strain when it came to meeting their pension promise and where members’ benefits were being put at ‘greater risk’.
‘These schemes may need to make the maximum use of the flexibility in the system to help them through, for example allowing for an improvement in market conditions in their recovery plans.’
Schemes should not, however, take ‘disproportionate’ risks with meeting their commitments to scheme members, and might, in some cases, have to increase their contributions.
O’Higgins noted that more than three quarters of FTSE 350 companies with a DB scheme had pension deficits totalling less than 10% of their market value, and, as an average, payments to close pension deficits amounted to less than 20% of the money firms paid out to shareholders.
He also reiterated the call made in the Regulator’s first annual funding statement in April for schemes to, as a starting point, at least maintain their current deficit reduction contributions in real terms.
‘It’s our view that the majority of schemes are in a position to make either little or no adjustments to their current plans,’ he said.
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