In this episode, Jeannette talks to Gerald Ratner who is now a highly sought-after speaker, an author and entrepreneur. In the eighties, he transformed the UK jewellery industry and took the US by storm. In 1991, the Ratner´s Group netted profits of £125 million, which would equate to almost a £billion, today.
They talk about that journey, including how he lost it all when he made a joke when speaking to the Institute of Directors at the Royal Albert Hall, in 1991. Gerald also explains how he went about building multiple brands under one umbrella, including top-end shops and why he prefers to use the acquisition model to grow a business. As well as speaking about the mental health issues he suffered from and what he did to solve them.
KEY TAKEAWAYS
- For two years, Ratner Group shares were the fastest-growing on the FTSE100.
- What you say in a speech needs to be carefully tailored to fit your audience, the type of event and the venue.
- When things go wrong there is always a silver lining.
- Pre-selling membership is a great acid test for a business idea.
- Acquiring businesses rather than starting from scratch brings many benefits.
- It is much easier to face the problems rather than hide from them.
- Exercise every day it helps you to balance your life out.
- Look after your staff, it’s the right thing to do, it is good business and creates great loyalty.
- You are not going to achieve anything by being a wallflower.
- The key to success is making smart decisions.
BEST MOMENTS
‘In 7 years, we went from losing £34,000 to being the world´s largest jewellery business. ´
‘One the advantages of being sacked is that I´ve now become a much better husband and father.’
‘Happiness actually is about giving things to people not just taking things.’
EPISODE RESOURCES
Gerald Ratner: The Rise and Fall and Rise Again - https://www.amazon.co.uk/Gerald-Ratner-Rise-Fall-Again/dp/B07732GQTG
Reinvent Yourself - https://www.amazon.co.uk/Reinvent-Yourself-Reinventing-Your-Successful-Opportunity/dp/1909846570/
Gerald Ratner´s full 1991 speech - https://www.youtube.com/watch?v=Nj9BZz71yQE
This is the perfect time to get focused on what YOU want to really achieve in your business, career, and life. It’s never too late to be BRAVE and BOLD and unlock your inner BRILLIANCE. If you’d like to join Jeannette’s FREE Business Impact Seminar just DM Jeannette at [email protected] or sign up via Jeannette’s linktree https://linktr.ee/JLinfoot
VALUABLE RESOURCES
Brave, Bold, Brilliant podcast series - https://podcasts.apple.com/gb/podcast/brave-bold-brilliant-podcast/id1524278970
ABOUT THE GUEST
Gerald Ratner was born in London and based his philosophy of business on his experiences as a boy in Petticoat Lane Market. He observed that “the people who shouted the loudest and appeared to give the best offers sold the most”.
Ratner joined the family business in 1966 and built up an extremely successful chain of jewellers during the '80s, of which he was chief executive. The shops shocked the formerly staid jewellery industry by displaying fluorescent orange posters advertising cut-price bargains, and by offering low price ranges. The Ratners Group consisted of Ratners, H. Samuel, Ernest Jones, Leslie Davis, Watches of Switzerland and over 1,000 shops in the US including Kays. Ratners was one of the few British retailers to succeed in the US.
Gerald Ratner was, until 1991, one of the UK's most successful and well-known businessmen. Unfortunately, he went down in history when, at a corporate speaking engagement for the Institute of Directors, he jokingly described one of his non-jewellery products as “total crap” and compared another to an M&S prawn sandwich; suggesting the sandwich would last longer.
Gerald Ratner was, until 1991, one of the UK's most successful and well-known businessmen. Unfortunately, he went down in history when, at a corporate speaking engagement for the Institute of Directors, he jokingly described one of his products as “total crap” and compared another to an M&S prawn sandwich; suggesting the sandwich would last longer.
This, now infamous speech, spelt disaster for both Gerald and his company, Ratner Group, the world's largest jewellery retail company which included H Samuel and Ernest Jones, of which he was the Chairman and Chief Executive,
However, Gerald's story of how he dealt with the aftermath and returned over a decade later to become, once again, a major player in the online retail sector is a remarkable journey of perseverance, passion, resilience, entrepreneurial skill and a remarkable lesson in overcoming crisis and adversity.
ABOUT THE HOST
Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor, and business mentor with over 25 years of global professional business experience across the travel, leisure, hospitality, and property sectors. Having bought, ran, and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development.
Jeannette is a down-to-earth leader, a passionate champion for diversity & inclusion, and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams.
CONTACT THE HOST
Jeannette’s linktree - https://linktr.ee/JLinfoot
https://www.jeannettelinfootassociates.com/
YOUTUBE - https://www.youtube.com/channel/UCtsU57ZGoPhm55_X0qF16_Q
LinkedIn - https://uk.linkedin.com/in/jeannettelinfoot
Facebook - https://uk.linkedin.com/in/jeannettelinfoot
Instagram - https://www.instagram.com/jeannette.linfoot/
Email - [email protected]
Podcast Description
Jeannette Linfoot talks to incredible people about their experiences of being Brave, Bold & Brilliant, which have allowed them to unleash their full potential in business, their careers, and life in general. From the boardroom tables of ‘big’ international businesses to the dining room tables of entrepreneurial start-ups, how to overcome challenges, embrace opportunities and take risks, whilst staying ‘true’ to yourself is the order of the day.
Travel, Bold, Brilliant, business, growth, scale, marketing, investment, investing, entrepreneurship, coach, consultant, mindset, six figures, seven figures, travel, industry, ROI, B2B, inspirational: https://linktr.ee/JLinfoot
