How Pippa's Royal Shoes Help Portugal's Economy

“It seems that every time Pippa Middleton, the sister of Catherine, Duchess of Cambridge, (Kate, of Will & Kate, fyi) changes shoes, it makes the news. I discovered this by coincidence as I was researching Portugal’s economy for an article. The Huffington Post, News of the World, InStyle Magazine, US Magazine, to mention just a few, have published articles about Pippa’s shoes and there’s a website dedicated exclusively to the subject.

Even more impressive is the fact that Pippa’s shoes have played a role in the pace of growth of Portugal’s exports over the past year, and in the glimmer of hope that country’s shoe industry is experiencing these days, despite an uncertain future and the country’s strict austerity plans.

As it happens, not only the famous royal sister but the duchess herself and their mother have worn Portuguese-made shoes. Since it became public that both Pippa and her mother, Carol, had commissioned shoes for the royal wedding from Helsar, a family-run shoe company near Porto, the company has raised its exports from 9% of sales to 75%. Helsar shoes have become a symbol of prestige and an example of the spirit helping Portuguese industry to improve its manufacturing technology and to contribute to cutting the country’s trade deficit.

Although it would be a gross exaggeration to say that Pippa’s decision to wear Portuguese shoes for her sister’s wedding with Prince William have turbo-charged that well-established industry’s growth, the importance of “name brand power” can’t be ignored. The “Made in Portugal” stamp has gained new prestige and stylish fashion designers and shoe stores from around the world are placing orders.  The industry had a 20% record growth last year and Portugal is one of the 10 top shoemakers in the world.

 

 

Not all the country’s economic projections, however, are positive. Last Spring, Portugal needed a €78 billion bailout. The economy is projected to contract 3% this year, official unemployment stands near 15%, double that figure for youth. Nonetheless, according to the New York Times, the Portuguese have been more accepting of severe government budget cuts than their neighboring continental countries , and they’re not contesting the urgency of efforts to improve the economy’s competitiveness.

 

 

“It could be worse,” seems to be the unwritten motto these days. For their part, shoemakers are optimistic. In promotional materials, they call themselves “the sexiest industry in Europe” and believe that the “Made in Portugal” brand now carries the same weight as “Made in Italy.”"

Cecilia Rodriguez. www.Forbes.com

29th June 2012