Once a familiar sight, Tie Rack offered a colourful splash in train stations. These once ubiquitous shops are now a memory. But let’s step back in time to when Tie Rack was a booming British brand.
Tie Rack Ltd was founded in 1981 by Roy Bishko. His first store was at 91 Oxford Street in London. It was converted from his heel bar. He had trialed selling ties there.
The small size of ties meant Tie Rack stores could fit anywhere. You could find them in airports, railway stations, and shopping centers. In 1984, the first airport store opened at Glasgow Airport. Tie Rack even had a flagship store at 295 Oxford Street. It was opposite John Lewis. At its peak, Tie Rack boasted over 330 stores. They were spread across 24 countries.
Tie Rack wasn’t just about ties. It also sold scarves and cufflinks. The brand became known for its cheerful colours. Princess Diana even commented on them.
In 1987, Princess Diana opened a Tie Rack store. She said she liked the shops’ “smashing, cheerful colours.” She also eyed a pair of silk blue boxer shorts.
Even Prince Charles complimented Tie Rack’s ties. He visited a store opening at the Louvre in Paris. He told Mr. Bishko he liked the large selection. He also said he would buy his ties himself if he could.
Tie Rack played a part on the world stage. President George Bush Sr. wore a Glasnost tie. It was at the Malta Summit in 1989. This summit marked the end of the Cold War. The tie featured the US and Soviet flags. It also had a white dove.
The Glasnost tie was sent to prominent figures. These included Ronald Reagan and Mikhail Gorbachev. Celebrities sent their ties back. Tie Rack auctioned them for charity. They raised over 100,000 pounds.
Tie Rack reached its peak in the 1990s. It had over 400 stores worldwide. But fashions changed. Competition increased. Tie Rack began to decline.
In 1999, Frangi SpA Group bought the chain store. This allowed Tie Rack to sell Frangi brand products. In the early 2000s, Tie Rack trialed new store designs. One was branded Le Collezioni – Tie Rack. Another was Frangi – Tie Rack.
In 2009, Tie Rack had about 260 shops in 26 countries. It also had about 190 shops in the EU. These shops employed over 1,500 people.
Tie Rack made an unexpected decision in 2013. The company decided to stop operating in Britain. More than 44 stores closed. Over 200 jobs were lost. Tie Rack lost 6.9 million pounds in one year.
Tie Rack failed to adapt to changing men’s fashion. Ties became less essential. Men started buying ties where they bought shirts. Tie Rack couldn’t beat the competition.
Tie Rack’s story teaches a valuable lesson. Businesses must adapt to change. They must also take competition seriously. The Tie Rack brand may be gone from the high street but its story lives on.