A year since whispers of a global recession first began to surface, we - fashion industry included - are knee-deep in the throes of a credit crisis. So today the age-old adage of quality over quantity rings truer than ever. For years, the industry has thrived on the quick copycat fashions of the high street and the logo-fixated consumer need for flashy shoes and accessories. But under the mainstream radar, a new type of shopper has emerged. And at the forefront, catering to this growing group of high net worth individuals, is Tomas Maier.
Creative director of Italian fashion house Bottega Veneta (literally meaning artisan workshop from the northern region of Italy), Maier's subtle minimalist aesthetics and pursuit of quiet handcrafted quality and function have redefined luxury. One won't find any chunks of emblematic hardware that scream of status here, nor will one find any loud monogram prints that beg to be seen. Ready-to-wear is built upon a palette of classic solid-coloured tones from neutral beiges to forest greens, draped and tailored with effortless femininity. No, in the world of Bottega Veneta, fashion is to remain discreet - just as Maier likes it. Much like too, as it turns out, the rising generation of the stealth wealth.
Stealth luxury is not specifically about shunning logos and popular high-end products. Rather, it is about possessing exclusive knowledge to be able to identify designer goods with, in all facets of lifestyle, based on slight details.
Holli Rogers, head of buying and merchandising at Net-a-Porter.com, has noticed that today's luxury consumers are adopting a more subtle approach to products than seen in recent years. 'While there will always be people who love a logo, a growing number of consumers are buying products that are more artisanal in nature. They want to demonstrate an appreciation of high-end goods without screaming it. Luxury today is about insider status and knowledge of the production process as opposed to just the material.'
In fashion, it is Bottega Veneta's understated signature intrecciato weave which has women in the know clamouring for a piece to call their own. So much so that Bottega Veneta was voted this year's most prestigious women's luxury fashion brand by the independent New York City-based Luxury Institute, beating out Hermes and Valentino, which came second and third respectively.
'There has always been a market for subtlety and personal style,' explains Maier. 'But today, with so much that is commercial and mass-produced, more people are coming to value discretion, quality and individuality. My problem with logos is that they impair our judgment - it's harder to see an object for what it is, good or bad, if it has a famous logo. My feelings come from my years as a designer. I have seen good designs ignored and mediocre ones applauded because of the logos they carried.'
One might argue that the weave's popularity might have turned it into a logo in itself: 'The intrecciato is definitely a signature of the brand, but that's not the same as a logo. It's not just a graphic symbol; it's an actual piece of fine craftsmanship.' An intrecciato shoulder bag can take up to two full days to make by skilled artisans who undergo three years of intensive training.