Jun 25 2009
The New ‘It’ Bag
It seems that the GFC (global financial crisis) has altered priorities, as it would. It changes by affecting the primary financial stream. If people can’t spend or justify frivolous spends, like the Hermes Birkin or Kelly bags in all colors (it is the opinion of this blogger that truly stylish women don’t need bags in every color), then they need to associate a larger meaning. Anyway, only fashion victims buy a bag in every color. And if clients can’t find the meaning, the fashion house will try to conjur a meaning through clever, tried and tested, marketing…like Madonna extending a leg like a French cabaret dancer, for Louis Vuitton.
Actress Meryl Streep was interviewed about Devil Wears Prada numerous times, to confirm her thoughts on expensive It Bags as, “One of the handbags is $12,000. It’s almost inconceivable to me.” Her character (based on Anna Wintour) Miranda Priestley may spend thousands, but Meryl -in her own words- thought the It Bag phenomenon ridiculous.
Going by current trends, the ultimate It Bag isn’t the bag that a woman has to either a) have a tycoon boyfriend b) wait two years c) be a high earning celebrity, to own. In other words, Hermes is a little over the top. Sure, it may use Australian salt water crocodile hide for some of its handbags, but women are more likely to spend money on bags they don’t need a 2 year wait for. Unfortunately, this may mean buying bags that are made in China (e.g. Coach and Burberry). For those not interested in buying overpriced bags, ie bags and small leathergoods that are made in sweatshops, fashion houses like Chanel, Louis Vuitton, Gucci, Ferragamo and Fendi et al, have high appeal.
How do designers add more meaning, or give their consumer the impression thereof? Easy, they have stripped away all the frivolous glitz, recreating classics. Take Gucci’s reinvented Jackie O bag. It’s a neo-classic, one that may not justify the two thousand dollar price tag for some, but it isn’t a fifty thousand dollar Hermes that requires a two year wait. Really, what is the point of waiting that long? The ‘It’ factor does wane after two years. I have friends that turn up their noses at women who flaunt Hermes Kelly or Birkin’s at the gourmet food section of noted department stores. It seems that trashy fashion/clothes and Hermes bags is a no-no. There is no point toting an uber expensive bag if your wardrobe is challenged. By you, I mean all of us. The bag just loses its allure, and it’s a terrible shame.
Designers are also increasing meaning by erring on the side of caution, creating bags with enduring styles. Louis Vuitton is one such example. Put the recent Sprouse collection aside (it’s probably more for collectors, and even so, the pricetag is nowhere near Hermes extravagent or OTT), every other bag within its range has remained constant over the last two years. This is probably the reason behind Louis Vuitton being the highest selling brand around the globe.
Sales for smaller accessories such as bags, are constant. It is estimated that the luxury sales will drop by 10 percent, and not recover until 2012.
The It Bag will be here to say, maybe more understated due to the GFC, but here to say regardless.
