PAUL SMITH IS STILL HAVING FUN

After more than 50 years in business, the British designer's greatest joy isn't mingling with celebrities or royalty—but dressing customers just like you.

- Max Berlinger

If you ever find yourself in one of Paul Smith's colorful, art-stuffed stores, don't be surprised if the rangy, bespectacled clerk grabbing a suit jacket off a nearby hanger and slipping it onto your slightly befuddled shoulders is the brand's namesake himself.

"Oh, I work every Saturday," the London-based Smith told me one scorching October morning as he bounded around his shop in Los Angeles. "I just love it. You get the joy of people appreciating your work." But don't let Smith's breezy temperament fool you―the designer has the acumen of a shrewd businessman. After all, he has endured-thrived, even!--for over 50 years in the notoriously fickle fashion business. Smith's company operates 130 stores across more than 60 countries, grossing about $254 million in sales this year, down 6 percent from $270 million last year. He's dressed rock stars and celebrities, become a household name across the globe-heck, he has even been knighted by the queen. All while proudly running an independently owned and operated enterprise.

Smith's enduring appeal can be attributed to a tension at the heart of the menswear market: Beneath their serious façades, a lot of guys like to have fun. A Paul Smith suit is, in many ways, an embodiment of that playful spirit. Smith studied tailoring on Savile Row and he credits his wife, who is trained as a couture designer, for showing him how to construct garments. The brand's signature look is beautifully crafted tailoring with pops of personality: a festive jacket lining, striped French cuffs, or colorful stitching around a buttonhole.

From his perch in London, Smith's seen the explosion of European fashion brands in the late 20th century, and its 21st-century corporatization as luxury holding companies vacuum small brands into their conglomerates-a fate he avoided. "Independence is very important," says CEO Ashley Long in an email.