A TAILORED APPROACH TO REACHING YOUR GOALS
From forging financial independence (and buying a one-way ticket to Sydney) to growing his namesake menswear store, and opening a new retail space in the midst of a pandemic, designer Murray Crane talks to Liam Dann, host of Money Talks podcast, about the principles behind his label Crane Brothers and his relationship with money. What was your first job as a young adult?
Graphic designer at [Christchurch newspaper] The Star.
The pay was pretty bad from memory. I remember two weeks in, ringing my mother and asking her if she could help me with my rent, and she said, “No, you’re on your own now”. Which at the time seemed incredibly hard, but was probably one of the best lessons I ever got.
What’s the least financially secure you’ve ever been?
When I went to Sydney. I left very young. I had this burning desire to get out of Geraldine and then get out of New Zealand... I had to save for a ticket first and that took about six months, then I left with the few savings that I had and managed to blow those in about two days. I thought, ‘ What am I going to do?’ [ I understood] how important money can be. But I managed to get through that. I worked off my wits and I have done ever since.
How did you get into fashion with so little money?
There wasn’t the choice that we had now in terms of clothing stores. So if you wanted something that looked like it was cool in London, you had to do it yourself. That’s really what led me in that direction, that love affair with buying vintage clothes and remodelling them. We’d look at what was happening in Britain with the whole punk and New Romantic revolution, influences from things like magazines and record covers. Most of the suits that ended up in the op shops were made for men that had probably bought them in the 40s and 50s or 60s and held onto them and then they passed away.
How much of a motivation was money when starting the business?
I think if money had been the focus, I probably would’ve picked a different career to working in fashion. I’m definitely doing it for the right reasons. I’m passionate about something I enjoy, something that I feel proud of… I was lucky enough to work for myself and then go and work for other people for about 10 years, which was incredibly educational for me. I worked for Neville and Liz [ Findlay] at Zambesi for about six years. I learned a lot about how to run a business. They gave me a lot of autonomy which was great. I realised how hard it can be… When we started Crane Brothers [in 1999], the industry was still very small in this country and very introverted.
How has your relationship with money changed over the years?
When I first started, I was fearless when it came to debt, not concerned about having it… And then there’s been times in the business where I’ve absolutely wanted to go the other way and try and get rid of all debt. One of the challenges is that when you start, you don’t have anything to lose, so you get to take greater risks. If you do have a modicum of success or you get to a point where the business is viable, the more you’ve got to lose… There have definitely been times where it has been incredibly difficult, but it does change your view of how you deal with money, how much you respect debt and want to control and manage that. I’m probably back where I started. I realise that the business needs to have some debt; at the same time, if I look at my balance sheet and my long-term goals, being in a position where I don’t have any business debt would be great.
What’s next for Crane Brothers in these tough times?
We’ve just signed a lease on a new store which may sound absurd in the current climate, but we believe that there is still opportunity out there. It’s in Ponsonby so it’s a suburban store, something that we had said for a long time that we’d never do. We’ve seen this dramatic shift in the way people are dressing now that they’re working from home. A lot of our clients live in that catchment on that side of the city. It’s incredibly difficult for them to get into the city with everything that’s going on. So we believe it’s a great time for us to pursue that.
This interview has been edited from NZME’s Money Talks podcast. This week’s Money Talks is brought to you by Milford. Discover how Milford can help you reach your financial goals at Milfordasset.com/tools-guides
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