Have you noticed the similarity between national clothing chain H&M, and the Royal version, Harry and Meghan?
Not long ago, the consumers’ high street favourite, providing fashion to those on a tight budget, experienced major reputational damage following a series of unflattering press articles. Some of those stories highlighted serious environmental concerns – a topic unlikely to lose traction over coming years.
It doesn't take a genius to know that UK consumers can change their minds very quickly when bad news attaches to their favourite brands. Often with devastating implications.
Unfortunately, the Royal version of H&M appear to be doing their best to destroy the good name and reputation which Prince Harry, in particular, had previously created for himself, a lot of which also touched on environmental issues.
By disregarding long-established protocol and posting their demands in the media, the Royal version of H&M have already started to change the public’s perception, which once considered them one of the most popular Royal couples. It was completely unavoidable.
In my experience, aggressively publicising your demands, even before discussions begin, rarely improves the negotiating position of any individual or business. I dare say the same will prove to be the case for their Royal Highnesses. And anyway, the best deals are generally those done confidentially, behind closed doors.
We still see flashbacks on our tv screens of Gerald Ratner, who, in 1991 at the IoD’s National Conference, terminally damaged his eponymous jewellery chain, by describing one of his products as ‘total crap’. That was also a totally avoidable error; in that case, probably borne out of arrogance and contempt for the consumer.
Harry and Meghan shouldn’t forget that however popular the Royal family are overall; their members are kept in a lifestyle unimaginable to the vast majority of the British public. Partly through our hard-earned taxes. Royal H&M would be well-advised not to allow any taxpayer to think they are being treated with arrogance. Or contempt. It can be hard for us all (a business, a consumer, or a member of the Royal Household) to keep doing the right thing every day. But that’s how life is.
Reputation is everything. Warren Buffett, the world’s most successful investor, repeatedly advises that it takes a lifetime to create a reputation, and only minutes to destroy it. I can't help thinking the Royal H&M, as well as every business owner, remembers that.
Also, it's also probably not a very good idea to disrespect your grand-mother. Especially when she the Queen, and also the nation’s most-admired living Britain!
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