« Perhaps 600,000 New Government Employees? | Main | Maximus »

January 05, 2009

Wedgwood Breaks

Heavily in debt firm shocked to discover that people aren't buying expensive pottery

In 1987 it merged with the similarly well-known Waterford Crystal to create Waterford Wedgwood, an Irish-based luxury brands group.

But BBC business editor Robert Peston has said it was "no surprise" that the heavily indebted firm had floundered.

"Waterford Wedgwood's collapse is a resonant event, that speaks of a noxious global squeeze on consumer spending," he said.

"Almost everything that it manufactures is a nice-to-have rather than a must-have.

"And most of us are thinking twice about shelling out on nice-to-haves."

A lot of us are thinking twice about shelling out on must-haves, as well.

Posted by Mr. Bingley at January 5, 2009 07:44 AM

Comments

This is too bad. Wedgewood has been in business forever. I toured their factory back in the late 70s and bought a small piece of their china as a souvenir. And my mother was nice enough to give me a set of four pilsner glasses from Waterford last year. I'll have to use one tonight to drink a toast to them.

Posted by: Retread at January 5, 2009 10:25 AM

Discretionary spending requires discretionary income. It's not totally extinct yet but it's pretty rare these days.

If I ever get my hands on
A dollar again
I'm going to hold on to it
As my only friend

Tracktor Beam, High Dice Blues

Posted by: Rob at January 5, 2009 11:09 AM

The great irony is that Josiah Wedgwood started the company in the 18th century to make cheaper alternatives to Chinese porcelain. It was the height of "chinoiserie" and he made bank on it. And now who makes things cheaper than Wedgwood? Well, China of course, for one.

Posted by: Dave J at January 5, 2009 08:08 PM

Indonesia as well, Dave. As I found to my chagrin...

I ordered a “new" 4 place-setting set o’ ‘Lady Carlyle’ from a pretty reputable eBayer. ¿Que? What is this? I noticed no “English bone china” on the plates even tho it DID say ‘Royal Albert’ and THEN find out it was made in INDONESIA!?!?!?!?!? I started researching and I guess they sold that pattern out to cheapo imitators after they’d made it for like 150 yrs.

Blech.

Posted by: tree hugging sister at January 6, 2009 06:13 PM

I also think it's sort of sad. And Dave J.'s comment about the irony is spot-on. (How long before the Chinese china turns up as being lead-tainted?)

Though I have to admit the phrase "Waterford Wedgewood's collapse is a resonant event" made me imagine a giant pile of crystal and china tumbling and breaking noisily.

Posted by: ricki at January 9, 2009 11:28 AM