CITY FASHION TIMELINE
Stephen Doig charts the banker’s wardrobe, from Twenties traditional to the adaptable, modern-day man
The timing of Goldman Sachs’s new decree couldn’t be more in step with the current mood of men’s style. In January, the City of London Corporation declared that its formal City banquets need no longer be black tie, and there has been a tectonic shift over the last decade in what constitutes the idea of “formal dress”, with suiting taken apart at the seams and reinvigorated in a more dynamic way.
“Suits are still very much needed,” says tailor Oliver Benjamin, who has had a suiting emporium opposite Goldman Sachs since 1999. “But we’re seeing less of a demand for ties, and City customers are now focused on separates – proper blazers and suit trousers – instead of matching.”
No surprise, then, that sales of men’s suits fell by $700million between 2012 and 2017. Your average Palo Alto billionaire would rather be seen with an Amstrad than a shirt and tie, opting instead for sweaters (cashmere), jeans (selvedge, artisanal, Japanese) and trainers. It’s also telling that the original shirtmaker of the City boy, Thomas Pink, has made tweaks to shirts that involve a new collar shape designed to look good without a tie, as well as a range of beautifully striped shirts to add colour and personality in a sea of white and blue.
“I think the Sachs dress code is heartbreakingly bad news,” says John Ray, the menswear veteran reinventing the Pink brand.
“There’s a real joy to dressing up. But with that said, men are undoubtedly more relaxed, and they looked at our shirts in response.”