While investors are seeing their stocks plummet in value, fashion continues to be a multimillion dollar business, and designers continually hawk their pricey wares as “investments.” Could a $300 purse end up paying for itself, in time? Maybe. Could jewelry? Definitely. Among fashion investments, jewelry has always been one to keep its value, and often appreciate. One local designer, Steven Lagos, has proved that the luxury item business can be successful even when our economy is shifting, if not slowly collapsing. Lagos has been designing and manufacturing his jewelry here for the last 25 years, so he knows the investment that people make in jewelry. One of his aims is to help customers develop a collection, so his designs are created to be built upon, adding pieces over time. And since the prices start at $100 and top out at $2,500, you won’t break the bank doing so.

Lagos began his career in high school, as a jeweler's apprentice at North Wayne Jewelers. He loved being holed up in the back room, learning the art of tiny metal sculpture, and

how to make repairs. He started his own business, at first just doing repairs and custom work.

In 1983, he was approached by Neiman Marcus, who asked that he create a “bridge line” of jewelry -- until then, the store only featured fine jewelry, of the 18-carat variety (usually given as gifts), or the far less expensive costume-and-paste stuff like Kenneth Jay Lane (which many women bought for themselves). The retail giant saw that an in-between market existed, but the product didn’t. (Around the same time, Ford Motor Company realized that 37 percent of their cars were being bought by women, in spite of the fact that none of their advertising addressed women as consumers.)

But women are consumers. The trick is finding out what they want and how to deliver the goods. Lagos recalls an early Neiman’s experience: He watched as an obviously well-to-do woman shopped by herself, already laden with packages. Steven approached her and asked if she’d like to take a look at his gold jewelry designs. She peered down her nose at him and said, “My husband buys my gold jewelry for me.” The direction of the bridge line became clear, and would primarily consist of silver and semi-precious stones.

Lagos is driven, highly energized (probably in part from the vast amounts of coffee he drinks), but above all, he’s down-to-earth. When asked what inspires him, he pauses and says, “There’s cliches. A lot of people say they design from the streets. But I can relate to that.” The caveat is that Lagos’ “streets” are not about urban grit. He’s inspired by his environment and the city, by the shape of the skyline or a curve in a building; his “streets” are architecturally based. “It’s about being out there, connecting with people, a more ergonomic approach,” he says. “I’m driven by the whole scene -- traveling, meeting people.”

Lagos regularly pops into his store on Walnut Street (he helps customers quietly, without ever announcing that he’s the designer), and makes special appearances at retailers to meet his customers and road-test new items. His fans aren’t quite as rabid as the typical rock ’n’ roll groupie, but they’re close.

In 1999, Lagos picked up and moved out of its smaller Sansom Street digs into a massive space on North Fifth Street. The new space is able to accommodate the full workshop, including the 75 artisans who make the jewelry, and a design space along with the sleek sales and marketing department. The racks of magazines in the front offices, all featuring write-ups on Lagos, stretch 6 feet high. Thick Neiman Marcus catalogs casually lie out on tables, announcing their prestige without shouting.

The new Lagos space is in the round, providing an almost 360-degree view of the city -- and best of all, Lagos isn’t the only one who gets to enjoy a window office. On the third floor, several artisans look out on the same skyline that inspires the pieces they’re working on. And it’s clean. Really, really clean. A special ventilation system was installed in the building; each artisan’s desk is outfitted with a pipe that sucks the silver shavings right up and away from his or her nose and mouth. Hanging on the walls around the workshop are framed Lagos print ads from the last 25 years.

Lagos’ (the man and the store) top priorities are quality and service, not attitude and frippery. But primarily, it’s a wholesale business, with stores only on Walnut Street and The Bellagio in Las Vegas.

Patrick Champalou, manager of Lagos’ Walnut Street store, says he exceeds his projected sales numbers each month, and wants Lagos to grow into a stronger retail presence. “We’re strong wholesalers right now, but our strengths go beyond product. We care so much about our customers, and make sure every point of contact with them is one they enjoy. We’d love to branch out and have stores all over the country.” And when they do, you can say you’ve been going into the Walnut Street store for years.