The new Yves Saint Laurent (YSL) boutique, which is slated to open at Ion Orchard next Tuesday, is for the discerning fashionista.

'The woman of YSL is a fighting customer who must be really happy with a bag or a pair of shoes (before buying it) and our service must respect that,' says the brand's chief executive officer Valerie Hermann.

Meeting Urban at the brand's headquarters in Paris' Avenue Marceau in March, the 45-year-old Frenchwoman appears every bit the YSL femme. Tall and trim with her hair pulled into a loose bun, she looks at once business-like and elegant in a YSL kimono wrap dress and the cage-like booties that were the It shoes last season.

Previously president of the John Galliano brand and head of women's ready-to-wear at Christian Dior till 2004 - she joined YSL the following year - she is also razor sharp and very candid.

While other fashion houses have been forced to get creative during the economic downturn, thinking outside the box has always been part of YSL's cost management strategy, she says.

In 2007, it became one of the first high-fashion brands to introduce a more wallet-friendly capsule collection called Edition 24, which is priced 30 per cent lower than its ready-to-wear line.

'It is no secret that YSL has always been in a sort of crisis,' says Hermann.

'In the last four years, we were losing money and that forces you to be more entrepreneurial. I've always thought of us as pirates always training to get onto that bigger, nicer boat the next day.'

The founder's death last year has not had much impact on business, she notes.

'We are very proud to respect his heritage and we are all here because of him, but I honestly don't think his death has affected the business much.'

The luxury label, currently designed by Milan-born Stefano Pilati, is owned by the Gucci Group, a division of the French lifestyle conglomerate Pinault-Printemps-Redoute (PPR).

The Ion Orchard store is its largest Opium store concept in Asia - it is modelled after the legendary Saint-Suplice outlet in Paris whose lacquer and brass interior is awash in the same sexy crimson shade that adorns the packaging of the brand's classic perfume, Opium.

In Singapore, prices of the Edition 24 line, which comprises basic yet classic designs such as jersey evening dresses and safari jackets, start from $440 for a T-shirt.

While rivals race to produce the next It bag, Hermann believes in taking time to elevate her products to iconic status.

Case in point: The brand's Muse tote, which was spotted on A-listers from Kate Moss to Claudia Schiffer when it was launched in 2006, continues to be a bestseller today.

'I don't believe in the concept of It bags,' she says.

'To me, an It bag means (it's designed for) one season - it's like an engagement - while an iconic bag is more like a marriage that lasts through many... To give quality, you need to spend time working on it and promoting it.'

Even the brand's publicity tactics have a guerilla flavour.

Since fall/winter 2007, it has been distributing the Manifesto, a limited-edition magazine containing the latest campaign pictures along with special items such as a tote bag or USB flash drive.

The fifth edition, which features Christy Turlington, will be launched on Sept 12. Over half a million copies will be distributed in the streets of Paris, New York, Milan, London, Tokyo, Hong Kong and, for the first time, Seoul.

So highly coveted is the magazine that security personnel have had to be called in to control the crowds that queued up for previous editions.

Says Hermann: 'We have a media planning budget that is far less than that of other iconic French labels like Chanel and Dior so we needed a way to jump out of all those pages of competition and reach out directly to the customers.

'It's an example of creativity, of how people can do something different under the constraints of budget and time.'

The innovation and dedication have paid off. In February, parent company PPR announced that the label had broken even for the first time in a decade.

Asked what she has planned for the brand, Hermann says with a laugh: 'Do you have two hours for us to discuss this?' Then she adds: 'Breaking even is just the first step. There are so many other things for us to do.'

To mark the opening of its Ion Orchard store, YSL has produced Easy bags in three exclusive colours - Bordeaux red, rose beige and new violet black. The limited-edition bags cost $1,570 each.

There is also a commemorative keychain which will be given with special purchases from Sept 10.

This article was first published in Urban, The Straits Times.