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He Refused To Join The 2008 Recession

MThe Clifton Review 


The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.

While the 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story, his incredible business success over these past fifty years and an inside look at how he did it, The Clifton Review will also continue to address current affairs as they relate to the good of The Bahamas.



He Refused To Join The 2008 Recession

By P.J. Malone

When the recession hit in 2008, do you know who decided that they weren’t going to be a part of it? Fashion mogul Peter Nygard. In fact, he took out a billboard ad near his New York headquarters in Time Square that read, “We decided not to join the recession. Our increase is over 25%”.

Looking back at Nygard’s fifty-year business history is quite revealing as to the secrets to his success.

His perspective on the 2008 recession is featured in an article by an award-winning Finnish reporter, Rita Tainola, writing on the Economy—“Business tycoon Peter Nygard has increased his net sales in the midst of the recession. He is, however, pessimistic about the worldwide recovery.” 

She begins by describing his surroundings that is indicative of anything but a recession: “Finnish-born multimillionaire Peter Nygard sits comfortably at the second floor of his new office building. Impressive looking building is located at the heart of Manhattan, on Times Square.”

Reflecting Nygard’s comments during the interview, she writes, “Who would have believed that a kid from Kallio district in Helsinki would some day sit in his office building on Times Square surrounded by New York fashion industry, Nygard muses.

“This businessman is doing fine while the rest of the world is coughing.”

So how did Peter Nygard survive the recession and not fall prey to the interminable recession vines that choked a lot of other businesses?

Two things—actually, three if you count his ability to see ahead:

1. His uncanny intuitive ability

2. His decision not to join in

3. His taking action to make sure he didn’t participate

Tainola’s article presented this as it relates to his intuitive ability:

“Nygard has visions: the proof is his success during the recession. He predicted more than a year ago that the world economy will take a deep fall.”

If you recall, in previous articles we have talked about Nygard’s uncanny intuitive ability being one of the secrets to his success. He perceives things that others don’t see and makes business decisions based on that. His executives are continually amazed that nine times out of ten, he is right.

There are countless stories of him being a visionary and seeing ahead of the curve on a number of issues that could have derailed his company. This story is another example of that.

It is likely that Peter Nygard’s belief that nothing is impossible made him decide that he wasn’t going to participate in the recession. Imagine that? Just like his paternal grandfather, who had no legs and one arm due to diabetes, Nygard believes that you don’t have to accept conditions as they are and simply give up.

It is extremely important to have the right mindset in everything that you do. If Nygard’s grandfather had decided, ‘well, I can’t do anything’, he wouldn’t have done the farm work that needed to get done daily, and he wouldn’t have hopped on his horse and buggy every week to take his wife’s wares to town to sell.

Nygard’s grandfather was never intimidated by any tasks and neither is Peter Nygard. 

The thing we have observed about Nygard is that he always takes action on the information that he gets from his uncanny intuitive ability.

Tainola reports: “Nygard adapted to the circumstances and cut expenses by $30 million within a month. Costs have been cut on a monthly basis since that.

“As a result Nygard sales have increased by more than 25 percent. Early part of 2009 has been the best in the history of the company.”

So what can this combination of the ability to forecast, the right mindset, and taking action on your sense of what’s coming do to help you experience continued growth and success in the midst of a recession?

It appears, pure million-dollar magic.

Written by Jones Bahamas

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