The global financial crisis has affected the fashion industry, prompting one of the British high-end fashion retailers Harvey Nichols to set modest targets for its newly opened store in Jakarta.

The British luxury fashion retailer opened late October its 12th store in Jakarta amidst a weakening economy due to the global financial crisis.

Harvey Nichols Group CEO Joseph Wan said Thursday that he was very happy with the opening of the store but would not expect the store to immediately reach its maximum potential due to the recent economic slowdown.

"Because of this recession - which is just starting - no question, I would not expect the store to achieve its maximum potential immediately or very quickly. First of all, we have to sail through this storm. So it's a question of realistic expectations," he said here in Jakarta.

"This time around I also believe that even the wealthy are equally affected (by the financial crisis) or maybe even worse so."

The opening of Harvey Nichols Jakarta, located in a 9,500 square meter site in the posh Grand Indonesia shopping mall, in Central Jakarta, was planned three years ago.

"At that time nobody knew that it (financial crisis) was going to happen. Yes, now, we can see the financial crisis and how events unfolded."

"But the point is however big, however painful, this is just an economic cycle. Businesses with the relevant systems, with a good balance sheet, they of course can ride the storm by putting measures on cost controls, inventory management and that kind of things. Then obviously they can sail through, and become stronger when the economy recovers," he said.

Wan said that Jakarta was chosen over Kuala Lumpur and Singapore due to having the most potential buyers."In terms of the number of wealthy households already here, our information says that Indonesia has the highest. Because, even three years ago, we were told official statistics indicated there were at least 3,500 wealthy households in this country, each one worth at least US$100 million. And also we were told, 70 percent of those 3,500 households, actually live in Jakarta," he said.

Meanwhile, Indonesian government data released last month revealed there are 63,000 bank accounts across the country containing more than $200,000 and a further 90,000 with more than $100,000.

The Jakarta Harvey Nichols store was designed by Dough Shaw and Andy Thaemert from Callison. For the store they combined modern brit op-art with subtle touches of local culture, with references to designs based on the parang batik pattern.

Shaw said that they designed each of the three floors with a unique environment taking up an idea or art format for each of them. The lower ground was designed like an art studio, the ground level is based more on an art gallery, and the upper ground floor resembles more a collector's residence.

The store holds hundreds of international brands, consisting of men's and women's wear, cosmetics, footwear and accessories. Among the fashion brands are Michael Kors, Stella McCartney, Armani and Givenchy.

Wan said that the advantage of Harvey Nichols was that the collections on the racks were heavily edited by their team of experienced fashion buyers.

"We have a team of very experienced professional fashion buyers. They go around the world cherry picking every season for the best of the best, for this climate as well," he said.

Harvey Nichols also has a personal shopping department - where a customer can wait at a designated lounge while shop assistants search for the stuff the customer needs to buy.

"...other department stores might not have (that kind of service)," he said.

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