A HAIRDRESSING company is defying the recession by opening a new salon in Oxford.

Philosophy, which already has branches in Abingdon and Witney, has spent £50,000 refitting premises vacated by a previous salon, Revolution, which closed down last year.

Philosophy director Mark Creed said: “Our market research has shown us that the ‘lipstick effect’ really plays its part in financial downturns — clients will spend affordable amounts on ‘feel-good luxury’.

“Business history has shown over past decades that if you are able to create the perfect blend of affordable quality, style and dedication, it will always win through in any economic climate.”

Philosophy, set up in 2004 by former stylists at Oxford- hairdressers Mahogany, leapt into the news three years ago, when Prince Harry’s then girlfriend Chelsy Davy, had her hair done in its Abingdon branch. Since then, another salon has opened in Witney.

Before Revolution, the premises were the home of another hairdresser, Paolo of Florence.

Mr Creed, who runs the business with Sam Harding and Andrew Hall, said he was not at all anxious about the recession. “During economic downturns we all want to inject the feel-good factor into our life.”