ME and MY MONEY:Paula Roan, glove designer
Are you a saver or a spender?I'm a spender at the moment as I am investing quite heavily in my business. I have recently opened a shop in London, and that is a big investment for an Irish designer. The shop is getting a good reaction, though, and I'm sure it will pay off. If I wasn't developing my business, I probably would be a spender. I love fashion, design and good-quality fabrics and cuts, so I am constantly tempted.
Do you shop around for better value?Yes, I do. I think more people are conscious now of getting a better deal that is not necessarily the cheapest option.
What has been your most extravagant purchase ever? And how much did it cost?My most extravagant purchase has been my home. It's a cocoon and I love it, so it's been really worth it. I live by the sea and a lively village, so I feel very fortunate. It cost me more than it should have, but I believe my home is where I live, so it's not an investment.
What purchase have you made that you consider the best value for money?I collect antique glove stretchers. It's a beautiful collection that, although not worth a fortune, gives me immense pleasure. Each one has a story, and I can imagine ladies of bygone years using them to shape their stylish gloves, although it was more likely their staff or ladies in waiting. Today, gloves are much more egalitarian and available to everyone.
Have you ever crossed the Border to shop?No, I haven't, as I am a firm believer in shopping locally. I also think that when you cost in your time as well as petrol, it's not worth it.
Do you haggle over prices?No, I don't, I'm afraid. However, I have a good idea how much I am willing to pay for something, so I either invest or do without.
Has the recession changed your spending habits?Yes, it has. I am more careful with money now and I have cut out impulse buys of cheaper items, such as clothes and treats. They are bad value in the long run. However, the recession gave time to pursue my dream of becoming a glove designer. As sales slowed in my Westbury Mall store, I was able to focus on my gloves. I have been working on my glove business since 2007, so every spare penny has been ploughed back into my business.
Do you invest in shares?Yes, I have in the past. At the moment, I don't have time to research the market properly and make informed decisions. If I did have time, there are some great opportunities out there right now.
Cash or card?A bit of both. I am strict with my card, though, and make sure I don't overspend as is so easy to do. Fashion is my weakness. I now buy fewer clothes, but buy very well.
What was the last thing you bought, and was it good value for money?I bought a window seat from Michael Conlon's antique store on Francis Street. It's wonderfully inspiring to sit that in seat and work on my new collections. I regard it as good value for money when I think of the pleasure I get out of it.
Have you ever successfully saved up for a relatively big purchase?Yes, my shop in London was a big deal for me. It took me years of graft and learning the business to take the leap into another market. Thankfully, it has paid off and brought my gloves to the attention of UK stylists and shoppers. Helen Mirren wore my gloves at the London Comedy Awards, in December, and Little Mix wore them on the cover of Grazia, which I was delighted with. This season Vogue, Vanity Fairand Harper's Bazaarare using them in their glossy shoots.
Have you ever lost money?Yes, any true entrepreneur has, but I have learnt from these experiences and try not to repeat them. If you don't take a risk, you are not in line for the rewards either.
Are you a gambler and, if so, have you ever had a big win?Yes, I am a gambler. I am burdened with boundless optimism, which helps me move forward. Sometimes, though, I need to step back and take a reality check.
Is money important to you?"It has to matter in business but, for me, the buzz is the challenge of growing my business, particularly in the current climate.
How much money do you have on you now?Around €50 walking-around money. I don't carry a lot of cash with me. Does that make me sound like the queen?
In conversation with Tony Clayton-Lea. See
