The tie may be optional in many corporate industries, and a more relaxed dress code may be seen as a retention incentive, but this high-margin, high-impact piece of fabric isn't facing extinction just yet.
Workplaces such as KPMG, PwC and JP Morgan may have introduced a casual dress code, and a recent survey of 1200 men by fashion marketplace Manrags showed 55 per cent of their members don't wear ties to work, but Australia's captains of the fashion industry say clear out the tie drawer at your peril.
Australian menswear designer Patrick Johnson, who retails in Sydney, Melbourne, New York and London, says a casual workplace has made the tie an even stronger statement.
"The etiquette has definitely changed in recent years as a result of a relaxing of the corporate dress code, but in a way, this has made the tie even more useful and powerful in its effect," he says. "If you are going to an important meeting and you want to be respectful to someone you wish to impress, then a tie is a good start.
"Nine times out of 10, wearing a hoodie and jeans to an important meeting doesn't look cool or ironic, it just looks lazy."
Matt Jensen, founder and CEO of menswear label M.J.Bale, says the more casual silhouettes are filtering from European runways into the everyday. "Look at what's shown on catwalks these days – it's never tailoring, it's all broken up into alternative silhouettes and shapes," Jensen says. "It makes it interesting and it's having an impact. Menswear is changing."
But not completely, says Marco Zappatore, assistant buyer at luxury menswear retailer Harrolds. "We still sell big numbers of ties every day, especially luxury ties from Tom Ford and Stefano Ricci," he says. "For us, the tailoring business will never phase out, and if you're wearing a suit in a corporate environment, that suit should always be complemented with a tie and pocket square."
Zappatore says even the younger generation working in finance and banking are keen on the corporate look. "They want to look like their bosses, they want to impress."
'Decide what your brand is'
Philip Corne, former chief executive of Louis Vuitton Australia and now the executive chair of LVMH's private equity business L Catterton, says despite his workplace being a no tie organisation, he wears one to work every single day.
"When I put on my suit and tie, I become Philip Corne the business professional," he says. "It's how I prepare myself for what I need to do that day. I'm a big believer in personal brand. You need to decide what your brand is and how you want to present.
"Mind you, the minute I walk through the door at home, I take the suit and tie off and that's my switch that turns me into the next phase."
Corne remembers working in New York between 1998 and 2003, during the dot-com boom, and subsequent crash.
"The dot-com uniform was casual, no tie, and I was told that if you want to do well, you need to go and join a dot-com and dress like that," he says. "Then of course the crash came, and you should've seen those same guys scrambling for the ties! No-one wanted to be associated with the dot-com crash."
Far from crashing, Jensen says ties at M.J.Bale are booming. "Year on year, we're actually up 117 per cent. We've more than doubled our tie sales, but I personally invest a lot of time and effort into the category because I'm passionate about it."
He admits his success is not indicative of tie sales globally, and part of the reason for the tie-less look could be behavioural. "Men are lazy dressers," Jensen says. "So if it's one less thing that they have to consider, a tie is an easy option to drop."
But Corne says despite the bravado of the casual business dressers, those work desk drawers might provide a secret little safety net should a last-minute meeting pop onto the agenda. Jensen agrees. "Everyone's got a back-up tie," he laughs. "I've got them stashed all over the place, I've even got one in the car. It's navy blue, so it goes with everything."
