Firms are urged to grab the chance to go global

Sir Stuart, the former chairman and chief executive of Marks & Spencer, which was founded in Leeds in 1884, was speaking in an interview with the Yorkshire Post ahead of a conference in the city yesterday. The event, hosted by UK Trade & Investment (UKTI), aimed to showcase global opportunities for Yorkshire’s fashion, retail and design companies.

Sir Stuart said: “We’ve got a very difficult economic situation at the moment globally, we’ve got a pretty difficult economic situation in the UK. We do have one or two benefits though. We have got strong intellectual property here in terms of people’s design skills and ability and entrepreneurial skills.

“We have got a low value of the pound, which makes our exports pretty attractive overseas, and it’s very, very important that people really see the opportunities to develop, whether they are small businesses, whether they are start-ups, whether they are medium sized businesses or they are larger businesses, [they need to] see the export opportunities.

“If they have got products that people want, if they have got the right sort of values, the right sort of styling, the right sort of fashion, there will be customers out there and they have got to go and find that business.”

He said Yorkshire has “a huge history of retail and manufacturing”, adding that that tradition “will continue and does continue”. Although times are tough he urged entrepreneurs not to panic, to keep their heads down and keep moving.

Sir Stuart said: “We all have an obligation now to say, look this is tough times, what can I do today to make a difference, not only for me, but for the company I work for, and if you do that, we will start moving forwards.”

Sir Stuart added: “It’s tough. But I say to people at the moment, when it’s tough, the tough get going, number one. Number two, we should view this recession as to look at what opportunities it brings.

“If we recognise that there are some things we can’t change but there are some things we can change and what we can change is that which we are in control of.”

He added: “Customers still want to buy something to go out with at the weekend, customers still want clothing for their kids, customers still want a suit to go to work in. If you’ve got it right, you’ll sell it.”

British fashion overseas has got “a very, very strong image”, said Sir Stuart. He added: “We have very, very good design schools in the UK; we have very, very good talent in the UK; we have very, very good entrepreneurial skills in the UK; and we have got young people who are coming through. And a combination of getting that right is what people overseas want. They look to Britain to be a leader in fashion.”

In an address to the audience at the conference, Sir Stuart said to be successful in the business world, what is needed is self-belief adding: “If you don’t take risk, you won’t get reward. If you do have passion and you do have belief, you have to invest not only your time but your intellectual energy and cash.”

Sir Stuart said entrepreneurs should also surround themselves with good people, adding: “It’s that creative cauldron which develops the best ideas in business.”

He added: “You must be prepared to make mistakes. The trick is not to make the same mistake twice. Equally, don’t be afraid of admitting where you’ve got something wrong.”

Sir Stuart was joined by speakers entrepreneur Sir Eric Peacock and Simon Ward, chief operating officer at the British Fashion Council. Fashion retailer Anya Hindmarch gave an address via a pre-recorded video. She said exporting was a “quick way to increase the size of our business”, adding that she had always planned to become an international brand.

She said: “I think you have to dream big in life.” She spoke of the importance of embracing social media, describing it as “an incredibly powerful tool”.

A guru of industry

Former chairman and chief executive of Marks & Spencer Sir Stuart Rose spent his childhood in Yorkshire. He attended Bootham School in York, and instead of going to university, he wrote to companies asking for work.

He was offered an interview at Marks & Spencer, joined as a management trainee and spent the next 17 years there.

He then left M&S and worked for high street names such as Debenhams, Evans, Dorothy Perkins and then Arcadia. In 2004, he returned to M&S as chief executive.

He fought off takeover bids from Arcadia’s owner Sir Philip Green and started a turnaround plan for the retailer, improving its image, the quality of its products and increasing its market share.