Podcast Summary: The Entrepreneurs – "Soft power: N.Peal cashmere and Hello Kitty"
Host: Tom Edwards, Monocle
Guests: Adam Holdsworth (CEO/Owner, N.Peal), Tomokuni Tsuji (President/CEO, Sanrio)
Date: October 22, 2025
Episode Overview
This episode of Monocle Radio’s "The Entrepreneurs" explores the strategic use of collaboration and heritage in building enduring, globally significant brands. The first half features Adam Holdsworth of N.Peal, a British cashmere house celebrated for its craft and slow, thoughtful growth. The second half centers on Tomokuni Tsuji of Sanrio, the company behind Hello Kitty, as he outlines the brand’s expansion, fresh character strategies, and global soft power.
Section 1: N.Peal Cashmere – Adam Holdsworth Interview (00:59–20:33)
Brand Heritage and Philosophy
- N.Peal's Legacy
- Founded in 1936 in Mayfair’s Burlington Arcade, N.Peal holds a storied place in British fashion history, with customers like Marilyn Monroe, Sophia Loren, Elizabeth Taylor, Diana, James Bond, and Stanley Tucci.
- “We've been in the Burlington Arcade since 1936 and there's lots of history there... it's a lovely heritage brand quality. We're more on the timeless design and modern detailing, but timeless.”
— Adam Holdsworth (01:45)
- “We've been in the Burlington Arcade since 1936 and there's lots of history there... it's a lovely heritage brand quality. We're more on the timeless design and modern detailing, but timeless.”
- Founded in 1936 in Mayfair’s Burlington Arcade, N.Peal holds a storied place in British fashion history, with customers like Marilyn Monroe, Sophia Loren, Elizabeth Taylor, Diana, James Bond, and Stanley Tucci.
Slow Growth & Sustainability
- Product Over Everything
- The core philosophy is putting product quality first, maintaining that all is forgiven but not a bad product.
- “I was always told, you’ll be forgiven everything by your customers, but not your product. So it’s the product that’s the key.”
— Adam Holdsworth (00:35 & 02:37)
- “I was always told, you’ll be forgiven everything by your customers, but not your product. So it’s the product that’s the key.”
- The core philosophy is putting product quality first, maintaining that all is forgiven but not a bad product.
- Steady, Self-Funded Growth
- Adam and his wife self-financed the business, focusing on sustainable, manageable growth (10–15% yearly), rejecting the ‘grow fast at all costs’ mindset.
- “We don’t have any backers. It's just myself and my wife... We've been able to grow the business organically.”
— Adam Holdsworth (04:41)
- “We don’t have any backers. It's just myself and my wife... We've been able to grow the business organically.”
- Adam and his wife self-financed the business, focusing on sustainable, manageable growth (10–15% yearly), rejecting the ‘grow fast at all costs’ mindset.
Leadership & Adaptability
- Evolution vs. Revolution
- The brand’s renewal was achieved by careful evolution, respecting its roots but modernizing step by step.
- “Always in an evolutionary way and not a revolutionary way. I think that’s always been the key.”
— Adam Holdsworth (03:30)
- “Always in an evolutionary way and not a revolutionary way. I think that’s always been the key.”
- The brand’s renewal was achieved by careful evolution, respecting its roots but modernizing step by step.
- Drive for Considered Change
- Ongoing adaptability and a “drive for change” are essential, though it’s a double-edged sword for entrepreneurs’ peace of mind.
- “Unless you're moving forwards, you're going backwards.”
— Adam Holdsworth (05:42)
- “Unless you're moving forwards, you're going backwards.”
- Ongoing adaptability and a “drive for change” are essential, though it’s a double-edged sword for entrepreneurs’ peace of mind.
Product Innovation
- Expanding Offerings Within DNA
- While cashmere remains the heart, the brand has evolved to include outerwear, more tailored pieces, and even linen for warmer climates, without losing its signature softness and comfort.
- “We are about softness and comfort and that runs through everything that we produce.”
— Adam Holdsworth (07:24)
- “We are about softness and comfort and that runs through everything that we produce.”
- While cashmere remains the heart, the brand has evolved to include outerwear, more tailored pieces, and even linen for warmer climates, without losing its signature softness and comfort.
Supply Chain Ethics & Challenges
- Hands-On Material Sourcing
- Adam stays deeply involved, visiting suppliers (often in Mongolia) to ensure consistent, ethical cashmere quality amidst climate and commercial pressures.
- “Getting on your bike, doing the hard yards, that's what it’s all about.”
— Adam Holdsworth (08:35)
- “Getting on your bike, doing the hard yards, that's what it’s all about.”
- Adam stays deeply involved, visiting suppliers (often in Mongolia) to ensure consistent, ethical cashmere quality amidst climate and commercial pressures.
- Climate Change Impacts
- The quality of cashmere is under threat from environmental change and commercial pressures; staying close to raw material sources is both necessary and strategic.
- “The whole cashmere supply is deteriorating... That’s why it’s essential to stay super close to the original supply chain, drive your quality standards in at an early stage and pay people a premium for delivering that.”
— Adam Holdsworth (09:37)
- “The whole cashmere supply is deteriorating... That’s why it’s essential to stay super close to the original supply chain, drive your quality standards in at an early stage and pay people a premium for delivering that.”
- The quality of cashmere is under threat from environmental change and commercial pressures; staying close to raw material sources is both necessary and strategic.
Navigating Global Shifts
- Resilience Amid Global Disruption
- Quick adaptation to tariffs and international issues is highlighted—switching distribution channels in response to new regulations, for example.
- “Modern world is being about remaining nimble, being flexible and being able to pivot really quickly when something happens.”
— Adam Holdsworth (10:46)
- “Modern world is being about remaining nimble, being flexible and being able to pivot really quickly when something happens.”
- Quick adaptation to tariffs and international issues is highlighted—switching distribution channels in response to new regulations, for example.
Collaboration and Brand Partnerships
- Choosing Brand Ambassadors
- Relationships with people like Stanley Tucci (a thoughtful collaboration) and James Bond (via a now-famous blue sweater spontaneously requested) are managed by gut-feel and brand alignment.
- “Stanley’s... a stylish guy, he’s elegant, he’s known for his good taste, he’s charming, he’s funny... it was super enjoyable working with him.”
— Adam Holdsworth (11:54) - James Bond partnership: “That was just pure fortune. That was one of the stylists walking into the building's arcade. Oh, I really like that blue. It's the right blue for Daniel Craig’s eyes. Could we have 25? Yes, we’ll make you 25.”
— Adam Holdsworth (11:54)
- “Stanley’s... a stylish guy, he’s elegant, he’s known for his good taste, he’s charming, he’s funny... it was super enjoyable working with him.”
- Relationships with people like Stanley Tucci (a thoughtful collaboration) and James Bond (via a now-famous blue sweater spontaneously requested) are managed by gut-feel and brand alignment.
Retail Expansion & Customer Connection
- Collegial Rivalry at Burlington
- Healthy competition with other Burlington Arcade cashmere brands; a collegial approach to customer service and footfall.
- “If they've got that? Yeah, absolutely would. That's customer service, isn't it?”
— Adam Holdsworth (14:14)
- “If they've got that? Yeah, absolutely would. That's customer service, isn't it?”
- Healthy competition with other Burlington Arcade cashmere brands; a collegial approach to customer service and footfall.
- Measured Retail Growth
- Expansion is careful, with seven London stores, two in New York, one in Munich, and future targets including Paris and US cities—but only deal-by-deal and at the right pace.
- “Being an owner managed business, you can wait for the right deal and the good deals. So we’re not driven by investors...”
— Adam Holdsworth (14:43)
- “Being an owner managed business, you can wait for the right deal and the good deals. So we’re not driven by investors...”
- Expansion is careful, with seven London stores, two in New York, one in Munich, and future targets including Paris and US cities—but only deal-by-deal and at the right pace.
Feedback and Design Philosophy
- Direct, Face-to-Face Feedback
- Adam prefers in-store, in-person customer feedback for honest product insights, taking a broad and open-minded approach to customer personas.
- “Face to face. Feedback’s always a, it’s usually more honest and it's direct.”
— Adam Holdsworth (17:46)
- “Face to face. Feedback’s always a, it’s usually more honest and it's direct.”
- Adam prefers in-store, in-person customer feedback for honest product insights, taking a broad and open-minded approach to customer personas.
- Vision of Customer Use
- Broad demographic, but as the brand expands, tailoring products with a clear customer vision becomes more crucial.
- “The minute you start to create a look, then you’ve got to really have a customer in mind and where they’re wearing it and how they’re wearing it.”
— Adam Holdsworth (18:20)
- “The minute you start to create a look, then you’ve got to really have a customer in mind and where they’re wearing it and how they’re wearing it.”
- Broad demographic, but as the brand expands, tailoring products with a clear customer vision becomes more crucial.
Looking Ahead and Brand Milestones
-
Upcoming Projects
- Second Stanley Tucci collection releasing in May, coinciding with a film; a major 90th anniversary celebration planned for the brand with a focus on archives and icons.
- “We are 90 years old in the next year as well as a brand... going to be focused around an iconic product and looking, you know, back into the archives.”
— Adam Holdsworth (19:07)
- “We are 90 years old in the next year as well as a brand... going to be focused around an iconic product and looking, you know, back into the archives.”
- Second Stanley Tucci collection releasing in May, coinciding with a film; a major 90th anniversary celebration planned for the brand with a focus on archives and icons.
-
Entrepreneurial Restlessness
- Adam reflects on seldom allowing himself to pause and enjoy the success, always driven to improve—an “affliction” of entrepreneurs:
- “The minute you've arrived, you're already looking ahead and things could be better and things could be bigger...”
— Adam Holdsworth (20:10)
- “The minute you've arrived, you're already looking ahead and things could be better and things could be bigger...”
- Adam reflects on seldom allowing himself to pause and enjoy the success, always driven to improve—an “affliction” of entrepreneurs:
Section 2: Hello Kitty and Sanrio – Tomokuni Tsuji Interview (21:47–24:19)
Soft Power and Global Brand Strategy
- Sumo & Hello Kitty Collaboration
- Sanrio aims to bring joy across cultures, blending traditional Japanese events, like Sumo in London, with Hello Kitty’s soft power, especially meaningful since Hello Kitty’s official “hometown” is London.
- “Sanrio’s aim has always been to bring smiles to as many people as possible around the world. And we think that through this combination of sport and Hello Kitty, we're going to bring smiles to a lot of people.”
— Tomokuni Tsuji (00:49 & 21:47) - “In particular, Hello Kitty hails from London and of course last year King Charles mentioned Hello Kitty, which was a huge honour for us.”
— Tomokuni Tsuji (21:47)
- “Sanrio’s aim has always been to bring smiles to as many people as possible around the world. And we think that through this combination of sport and Hello Kitty, we're going to bring smiles to a lot of people.”
- Sanrio aims to bring joy across cultures, blending traditional Japanese events, like Sumo in London, with Hello Kitty’s soft power, especially meaningful since Hello Kitty’s official “hometown” is London.
Company Reform and Character Strategy
- Organizational Change
- Recent company reforms and diversification of character focus (beyond Hello Kitty) have led to strong growth and more resilient branding.
- “We've had a number of reforms within the company... strengthen us. Also, in terms of our character strategy, we've started to focus more on some of our other characters, not just on Hello Kitty...”
— Tomokuni Tsuji (21:47)
- “We've had a number of reforms within the company... strengthen us. Also, in terms of our character strategy, we've started to focus more on some of our other characters, not just on Hello Kitty...”
- Recent company reforms and diversification of character focus (beyond Hello Kitty) have led to strong growth and more resilient branding.
- Rising Cast of Characters
- Kuromi, My Melody, and Cinnamoroll are positioned to get more attention and drive growth alongside Hello Kitty.
- “Of course Hello Kitty is still at the heart of what we do, but you're also... going to see more and more of characters like Kuromi, My Melody and Cinnamoroll.”
— Tomokuni Tsuji (21:47)
- “Of course Hello Kitty is still at the heart of what we do, but you're also... going to see more and more of characters like Kuromi, My Melody and Cinnamoroll.”
- Kuromi, My Melody, and Cinnamoroll are positioned to get more attention and drive growth alongside Hello Kitty.
Retail & Experiential Expansion
- Global Retail Ambitions
- Sanrio operates 150 stores in Japan and continues measured growth into Asia (especially China), with sights set on Europe and North America.
- “The places that we’re already growing our stores little by little are mainly in Asia, especially China. But in future we'd like to branch out into North America and Europe.”
— Tomokuni Tsuji (21:47)
- “The places that we’re already growing our stores little by little are mainly in Asia, especially China. But in future we'd like to branch out into North America and Europe.”
- Sanrio operates 150 stores in Japan and continues measured growth into Asia (especially China), with sights set on Europe and North America.
- Beyond Retail: Location-Based Entertainment
- The company is investing in location-based entertainment opportunities and multiple touchpoints, not just shops, to deepen customer engagement.
- “We also hope to create other opportunities... not just shops... focusing on location based entertainment, different types of touchboards for customers.”
— Tomokuni Tsuji (21:47)
- “We also hope to create other opportunities... not just shops... focusing on location based entertainment, different types of touchboards for customers.”
- The company is investing in location-based entertainment opportunities and multiple touchpoints, not just shops, to deepen customer engagement.
Sustaining Growth and Collaborative Strategy
- Balanced Character Portfolio
- Hello Kitty remains dominant (35% of sales) but Sanrio wants all characters’ impact to grow simultaneously:
- “Hello Kitty currently makes up about 35% of our sales and we don't want that to go down as other characters get more popular but we want to get all increasing at the same time.”
— Tomokuni Tsuji (21:47)
- “Hello Kitty currently makes up about 35% of our sales and we don't want that to go down as other characters get more popular but we want to get all increasing at the same time.”
- Hello Kitty remains dominant (35% of sales) but Sanrio wants all characters’ impact to grow simultaneously:
Memorable Quotes
- “You'll be forgiven everything by your customers, but not your product. So it's the product that’s the key.”
— Adam Holdsworth (00:35 & 02:37) - “Always in an evolutionary way and not a revolutionary way. I think that’s always been the key.”
— Adam Holdsworth (03:30) - “Unless you're moving forwards, you're going backwards.”
— Adam Holdsworth (05:42) - “Sanrio’s aim has always been to bring smiles to as many people as possible around the world.”
— Tomokuni Tsuji (00:49 & 21:47) - “Hello Kitty currently makes up about 35% of our sales and we don't want that to go down as other characters get more popular but we want to get all increasing at the same time.”
— Tomokuni Tsuji (21:47)
Timestamps At a Glance
- 00:00 – Introduction
- 00:59–20:33 – N.Peal & Adam Holdsworth interview (heritage, leadership, product, supply chain, growth, expansion, milestones)
- 21:47–24:19 – Sanrio & Tomokuni Tsuji interview (soft power, sumo/Hello Kitty collaboration, character strategy, retail/experiential expansion)
- 24:19–end – Wrap-up
Summary Takeaways
-
N.Peal’s Adam Holdsworth demonstrates the value of heritage, authenticity, and sustainable growth in luxury retail, balancing tradition with thoughtful evolution and staying close to both the product’s origins and customers.
-
Sanrio’s Tomokuni Tsuji reveals the power of combining playful brand icons with strategic international partnerships, organizational agility, and a nuanced, diversified approach to character-driven growth.
Both stories exemplify “soft power” deployed through thoughtful stewardship, collaboration, and a deliberate, human scale approach to global business and enduring brand success.