Every man at least once in your life, but regretted said. But a few careless words could hurt more than Gerald Ratner.
© Mail on sundayWebsite
tells the reader the story of how misconstrued the phrase has ruined a successful business.
In 1984 Gerald Ratner received from his father's jewelry company "Ratners'", which has 150 stores in the UK. The company was quite successful due to low prices of their products designed for the middle class consumers. However, many journalists and jewelers believed products "Ratners '" tasteless and ugly.
But Gerald Ratner managed to do the impossible. In just a few years he was able to increase the number of its stores to two thousand. It managed it due to proper marketing and advertising. He began to attract buyers bright orange signs, visible from a long distance and advertise special offers. Profit soared just before the heaven.
At the height of his popularity Ratner has offered to speak to reporters and business leaders at the Institute of Directors. It was then that Gerald and I made the biggest mistake in my life. His answer to the seemingly simple question of the journalist: "Why you can afford to sell goods so cheap?" nullified all his efforts to expanding their business."You ask how can I sell jewelry at such a low price? Answer: Yes because it is cheap".
Ratner himself said later that it was a joke and he didn't expect his answer will be known to the General public, because he participated in a closed event, but the next day his interview was in all the papers.
Profit "Ratners '" fell instantly in fact, in just one night, the stock price had fallen five hundred million pounds sterling, translated at the current exchange rate is 1.6 billion dollars. Customers stopped coming to his stores, and in the English language a new phrase "act of Ratner", which is firmly entered the lexicon as a synonym for the phrase "really f it up."
Throughout the year, after the unfortunate interview has closed hundreds of stores "Ratners '" and thousands of people lost their jobs. Himself Gerald Ratner is not much affected by his mistake, he on the same day sold their shares and went abroad. As he himself said, "the only good news is I have a billion pounds, and my company."
Today Ratner continues to work in the jewelry business and sometimes speaks at business conferences. "Even if you have failed, whether it be illness, divorce or bankruptcy, do not think that this is the end. When I make people laugh, reach new heights and are beginning to understand that now I have ceased to be the arrogant snob, what was in the past," says Ratner.