“
People really
got a crash
course
in economics
during
the crisis.
”
Sitting in the cosy,
minimalist confines of her flagship store in Reykjavik,
with furry cushions jostling for position on angular
Scandinavian furniture, Bergthora Gudnadottir is
talking about the economic crash of 2008, which
virtually crippled her native Iceland. “All three major
banks collapsed,” she adds, “and the Icelandic króna was
heavily devalued in a very short time.”
Three years earlier, the textile designer and
her husband, Joel, had set up Farmers Market
(
farmersandfriends.is
),
a clothing brand specialising in
woollen garments. When the economy tanked, she
feared the worst – but the opposite happened. “Strangely,
our sales went up 100% that year,” she says. “This was
probably mostly due to the fact that Icelanders stopped
going abroad for shopping and focused more on local
designers. Also, our brand was getting better known.”
At a time when Iceland was importing the majority
of its fabric and traditional factories were closing down,
Gudnadottir had spotted a gap in the market for home-
grown wool – something she’s passionate about. Because
of the country’s severe weather – bitterly cold
in winter and wet all year – Icelandic sheep produce a
unique strain of wool that is sturdy yet light, breathable
and water repellent. “I feel privileged to work with this
material, it’s part of our heritage,” Gudnadottir says. “In
the past, our population survived thanks to sheep – they
kept us warm and fed us. That was forgotten in the boom
years, but nowwe’re going back to our roots.”
Other Icelandic businesses are also realising that
their largely inhospitable island, with its serene lunar
landscapes, is actually a gold mine of rawmaterials –
where the very earth, air, water and geothermal power
can be used to their advantage. This may sound odd in a
country that’s virtually as far north as it’s possible for
humans to comfortably survive, and where very little
appears to grow in the volcanic ash, but appearances can
be deceptive.
Take Sif Cosmetics, for example. Founded in 2009, this
bio-cosmetics company is flying high thanks to
its bestselling product: an anti-wrinkle serum called
Bioeffect, which utilises pure volcanic pumice in the
production process. Used by 30% of Icelandic women over
the age of 30 – including the prime minister’s wife, who’s
a vocal fan – the product is distributed across the globe,
but it rarely stays on shelves for more than a few days.
In an industry where all manner of claims are made
about creams and potions, it’s not uncommon to hear
terms such as “revolutionary” being bandied around.
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