Memo Paris Fragrances was launched in 2007 by John Molloy and his wife, Clara.
Are you a saver or a spender?
I’d like to say I’m a spender, but life has made me a saver. We often associate spenders with open, generous, sunny personalities. In truth, being a saver allows you to truly rely on yourself and for others to be able to rely on you, too. In the end, that’s where real generosity lies.
What was the first job you received money for, and how much were you paid?
At the age of 10 I emptied my Post Office savings account to buy lambs from my father. By the age of 12 I had invested in mixed livestock, which was a great learning. During my student years I worked at Brown Thomas, a fabulous experience. That’s where my love for fashion began, along with my taste for human contact and retail.
Do you shop around for better value?
I have a weakness for belts. Whenever I travel, I bring one back. It’s a distinctive piece of craftsmanship that fascinates me. I must have a bit of a cowboy side to me.
READ MORE
What has been your most extravagant purchase, and how much did it cost?
When we met, we got engaged very quickly, within four months, in Venice. It was love at first sight, and that love took the form of an ornate engagement ring from a famous Italian jeweller. It’s priceless now because it has become a memory. Every time I see it on my wife’s hand, it never fails to make me smile.
What purchase have you made that you consider the best value for money?
It’s always family or couple trips that bring the best value. They give us the chance to share time together in a little bubble, away from the everyday. We travelled to Myanmar when our daughter wasn’t yet two, and later to India and Tanzania. I also invested in an excellent Swiss Jura coffee machine that makes cappuccinos and a thousand other variations, and that’s made everyone in the house happy.
Is there anything you regret spending money on?
Parking fines! And I no longer buy fast-fashion items; my taste now leans toward quality. In general I don’t really have regrets about spending or anything else. I prefer to move forward, which probably means I don’t even remember them.
Do you haggle over prices?
I’m afraid I can’t resist haggling. I am a farmer/horse breeder’s son and, at the age of four, my dad taught me the importance of a “luck penny” and a handshake, which I know can be annoying sometimes. It used to be a kind of sport for me, when I really needed a discount because I couldn’t afford something I wanted. I’m not saying I can afford everything now, but my needs and means are better aligned. Still ... I haggle.
Do you have a retirement or pension plan?
Yes, of course, but I don’t see myself retiring. I’ll simply keep working at the pace that life allows: peacefully.
What was the last thing you bought, and was it good value for money?
I just bought the Hypoxico Summit 2 generator, and when I train with it, it brings back memories of my climbing days around the world. After a training session, you feel incredible. I also bought flowers for my wife; it always puts her in the best mood, as if I’d never done it before, and it completely surprises her every time. All in all, two excellent purchases, and both great value for money.
Have you ever successfully saved up for a relatively big purchase?
Yes, my first motorbike. A symbol of youth, risk and the rush of adrenaline I craved at that time in my life.
Have you ever lost money?
In a vending machine, trying to buy fizzy water.
Are you a gambler and, if so, have you ever had a big win?
I’m definitely not a gambler. I have a family and responsibilities. That might sound overly sensible to some, but that’s usually because they’ve never seen the damage caused by real gambling addiction. It’s a genuine illness.
What is your best habit when it comes to money? And your worst?
The best is knowing exactly where I stand. The worst? Nothing comes to mind. Money is only what you make of it. There shouldn’t be any drama about it.
How much money do you have on you now?
Enough not to have to think about it and enough to jump on a plane, if needed.
In conversation with Tony Clayton-Lea
