While it’s increasingly rare to spot a tie in the workplace, this once-essential accessory could be making a comeback in less-expected settings.
3 minIN 2019, Christian Conner was pondering buying a membership to Soho House, a social club in Manhattan’s Meatpacking District. The then-28-year-old media consultant showed up for a tour of this playground for the hipster elite in his classic “preppy with a twist” uniform—sport coat, trousers and one of his prized Gucci ties. All was going swimmingly, he recalled, until his guide turned to him and said, “Hey, you should take off your tie. We want to create a more casual atmosphere and discourage people from wearing ties.” Mr. Conner was gobsmacked. “I thought, this is crazy. This tie is cool as hell, so why would you tell me not to wear it?” (When asked for comment, a Soho House representative sent a link to the House Rules page of its website which requests that members and guests “keep it casual.”)
Interest in ties has been waning for some time, but the last two years of schlubby-comfy pandemic dressing have particularly dimmed their future. Business formal has taken on a near-death mien, and for many months, our collective dance card of tie-required events like weddings, bar mitzvahs and blowout birthday fetes was effectively erased. Even as we’ve approached a new normal, fewer and fewer back-to-the-office and party dress codes call for a smartly knotted tie. Can this once-essential accessory be saved?
Certain men feel strongly that it should, yet even some professionals who once wore ties daily now hesitate to sport them to work for fear of being teased. Investor George Birman, 33, of Shelter Island, N.Y., spent years building out his tie repertoire for business dinners, client meetings and the like. His prized collection now sits “neatly folded in its drawer,” lonely and dusty, he said. “And if I show up to the office with a tie these days, someone will make a joke and ask, ‘How was your interview?’”
Even so, the tie market isn’t quite catatonic. According to Macy’s men’s general business manager Sam Archibald, ties are having “healthier…momentum than what we expected” in 2022 so far. The days of widespread office-mandated ties may well be over, but “occasion-based” ties are moving. “You see less of what you would see as a ‘banker’s tie’ and much more business in what I would call ‘casual neckwear,’ said Mr. Archibald. “Brights and prints are definitely working. Floral neckwear is working for us.”
Smaller retailers also have noticed the shift to party-time ties. Larry Mahoney, longtime manager of the Andover Shop, a menswear store in Cambridge, Mass., remembers when ties were a “prominent part of any well-dressed man’s wardrobe,” and you wouldn’t dare head to the office, dinner or a professional engagement without one around your neck. “I would say that maybe 10 years ago, the tie started to begin its decline, although it did hold its ground for a while.” Today, the shop’s tie business, he said, is driven more by men heading to events than businessmen.
The tie can also still be found on the fringes of culture, in communities that historically haven’t worn ties. Leon Elias Wu, founder of Los Angeles gender-inclusive custom suiting brand SharpeHaus, sees the tie as less of a sober, wear-to-work proposition these days and more of a novelty fashion statement, especially when its traditional maleness—and its traditional function as a tool to help one fit in—is undercut. “Just throwing on a tie because it’s an occasion doesn’t work for everybody,” he said. “But look at what Avril Lavigne did with the tie 20 years ago—it can totally be used to make a statement,” whether you’re a formal guy, a female rocker or just a person trying to stand out.
Ties aren’t just formal fashion accessories—they can hold sentimental value. Here, notable neckwear devotees shed light on the ties they’ll forever hold dear.
Interior Designer
“I’m a creature of my upbringing—of my preppy years growing up in Virginia when I had every color Izod shirt, every color Polo shirt, wore them religiously and washed all of them until they were pastels. I remember this beautiful ritual of my father standing behind me and showing me how to tie different tie knots—and I still have this blue and yellow repp stripe tie from Eljo’s in Charlottesville.”
Television Personality and former New York Giants Defensive End
“Most of my ties remind me of special moments. When I went up to space [with Jeff Bezos on Blue Origin in 2021] I got some space ties with spaceships and stars and rockets…That’s the great thing about a tie. It can have its own individual story. It’s something you can share or keep close to yourself…But the one tie I’ll never part with is a black tie. A straight-up black tie.”
Restaurateur
“I have about 75 ties, and 90% of them are Hermès. But I have this one Hermès tie that my sister gave me. She is an art dealer with very meticulous taste. It has a red background with little blue-and-white turtles. She gave it to me when I was straight out of college and whenever I wore that tie to an interview, I had a 100% success rate in landing the job.”
Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: May 10, 2022.
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The Apple growth and profit machine is wavering, and the boost from price increases might not be enough to keep it going at historic rates. That dials up the pressure on Apple’s new chief executive, John Ternus.
The company saved the bad news for its earnings call, an hour after it posted its results for the September quarter, projecting that for the current quarter its high-margin services business will continue to slow and that its widely watched gross profit margin will continue to fall.
Apple AAPL -1.83%decrease; down pointing triangle shares had been flat in post-close trading but declined as much as 4% after the company made the projections, which fell short of Wall Street estimates.
The impact of high memory costs are weighing even more heavily on the company, Ternus and Apple Chief Financial Officer Kevan Parekh said on the company’s earnings call. Apple has stockpiled cheaper components purchased earlier, but those inventories are dwindling.
When Ternus took over as Apple’s third chief executive of the past 29 years on Sept. 1, he inherited sky-high expectations. The men he followed were among the most successful company leaders in American business history. Steve Jobs revolutionized consumer devices multiple times. Tim Cook expanded Jobs’s creation to spectacular heights.
The expectations are reflected in Apple’s huge valuation. Oppenheimer analyst Martin Yang noted that Apple stock trades at 36 times next year’s expected earnings, a premium to the overall market, even though its earnings are only expected to grow 1%, which is slower than its tech peers.
“We see insufficient upside to justify the premium,” Yang wrote in an investor note, adding that Apple needs to boost iPhone sales growth and turn around its slowing services business to make him more bullish.
Investors have bid up Apple shares because it has been a port in the AI storm—a reliable and capital-efficient business that stands apart from rivals which are spending hundreds of billions of dollars racing to the AI frontier.
While others invest in data centers, Apple has been pouring its own cash into buybacks and dividends. But that safety may be challenged if Ternus can’t speed up Apple’s innovation engine.
Apple’s lagging performance in AI was evident when its new “Siri AI” chatbot arrived this past quarter. Its long-maligned assistant was already stale the day it arrived, surpassed by agents such as Instinct and Muse that can complete multistep tasks for consumers, while Siri still sets kitchen timers.
Apple needs to give people reasons to buy its devices as they get more expensive. The company raised prices across the board last quarter to help offset higher costs. Without compelling new features, a big question is whether consumers will slow the frequency of iPhone upgrades.
The new iPhone Duo appears to be a bright spot. Consumers are scooping up the $1,999 foldable smartphone despite mixed reviews—so many that Apple can’t keep up with demand. Shipping dates jumped out to January soon after the device went on sale, a disappointment for the normally reliable Apple supply chain.
Apple said its revenue grew 12% in the September quarter, slightly ahead of Wall Street’s expectations. Its widely tracked gross profit margin, at 47.9%, also came in just ahead of analyst estimates.
Apple will need to find new growth avenues because a reliable engine during the Cook era—the services business—is slowing. Courts and regulators worldwide have limited Apple’s ability to charge developers big fees to distribute apps through its App Store, the biggest component of the company’s services segment.
One of its most lucrative App Store fee generators has been the ChatGPT app from OpenAI. Around the time Apple accused OpenAI of trade-secret theft this past summer, OpenAI began redirecting potential subscribers to pay via its website instead of the App Store, skirting Apple’s tollbooth.
Apple’s valuation has bumped up against a ceiling in recent weeks. Six times it traded above a $5 trillion market capitalization intraday before finally closing above the threshold, which it has already fallen back below.
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