Ettinger's factory in Walsall is one of roughly five remaining leather goods workshops in a town that once filled three pages of Yellow Pages listings. About 20 people, mostly women in their 40s to 60s, hand-cut, glue, skive, stitch, and polish the 28 pieces that make up a single wallet. The company, founded in 1934 by Gerry Ettinger after fleeing Nazi Germany, holds royal warrants from King Charles and Queen Camilla and sells everything from £200 wallets to £800 tote bags — positioned deliberately below the £2,000-plus price points of Louis Vuitton. The numbers tell two contradictory stories. Online sales are up 30% year-on-year, UK sales up 20%, and a younger cohort in their early 20s is driving demand for goods that last 15-20 years instead of three months. CEO Robert Ettinger says the "affordable luxury" bet is working: hold production in Britain, accept lower margins, and compete on craft rather than price against Far East imports. The gambit has a structural logic — 50 companies importing the same purse compete only on cost, while a hand-finished British product occupies a defensible niche. But the supply side is breaking. UK leather goods manufacturing employs just 7,000 people today, down from 37,000 three decades ago — an 81% collapse. Walsall, once home to over 100 leather firms by the late 19th century and still 50 by 1970, now sustains a handful of small operations: Launer, J&E Sedgwick, E Hulme, and Ettinger itself. The town's leather museum, housed in an 1880s-era factory, is closed amid disputed relocation plans. Even the street names and the Saddlers Centre mall are now monuments to an industry that has largely left. The workforce bottleneck is the binding constraint. Gary Billingham, who has worked at the factory since the 1980s, says all the skilled workers are between 40 and 60 years old. Graduates of Walsall's Leather Skills Centre gravitate toward car upholstery or saddle-making rather than luxury goods. Tracy, who has been in the leather trade for 40 years, recalls a labour market where you could walk out of one job and into another the same day. That world is extinct. Ettinger would like to hire five to ten people but says flatly "they are not there." Robert Ettinger points to the German and continental European apprenticeship model — the Meister system — as the missing piece. Formal multi-year training paths that confer mastery status exist across trades in mainland Europe, from leatherwork to butchery. Britain has no equivalent pipeline for this kind of skilled manual production. Ettinger himself was sent to the continent by his father to serve an apprenticeship. Without a structural training mechanism, the company is left hoping that people dissatisfied with other careers will drift in. The Covid pandemic forced the company to cut about seven staff, and that loss illustrates the fragility: in a workforce of roughly 20, losing seven people is a third of your production capacity and decades of accumulated skill. Ettinger never considered offshoring, reasoning that domestic production is the competitive moat. But a moat without a garrison is just a ditch. What Ettinger represents is a live test of whether craft manufacturing can survive in Britain on demand alone, or whether it requires institutional scaffolding — apprenticeship systems, skills investment, planning protection for industrial heritage — that the country has systematically dismantled. The demand signal is strong. The supply signal is a countdown.