Fashion labels tap into the growing appetite for affordable luxury bags
Savvy labels are offering well-made, desirable handbags that won't break the bank
Blind buying of the latest It bag may seem a bit passé, but there is no doubt that our love of handbags continues to grow. We covet them, fuss over them, compare them, and then we look at the price tag. Ahem, and then most of us put them back on the shelf.
Rising property prices have been hitting the headlines, but a quick analysis of the steadily increasing cost of luxury bags offers another sobering perspective. There comes a point where you wonder if a trophy handbag from an elite brand is actually worth it. Although Chanel and Hermès will always be a staple for some of the uber rich, nowadays smart shoppers are less inclined to fork out five-figure sums for a handbag. They still want quality, looks and functionality, but at a more accessible price. This is giving luxury labels pause for thought.
Look at what happened to Mulberry, the British luxury leather goods brand, which reached for the upper echelon occupied by Prada, Chanel, Céline and Balenciaga and came a cropper when the British public refused to pay its surging prices. So while the brand is still producing its big hitters, it is now also designing smaller bags and going back more wallet-friendly prices.
This area is where savvy labels such as Coach, Furla and Michael Kors are now reaping the rewards - not quite mass market but touted as affordable luxury. They, along with Tory Burch, Kate Spade, Diane von Fürstenberg and Longchamp, have come up with well-made, desirable handbags that don't consume a chunk of your annual salary.
Industry insiders and the bona fide fashion week crowd might occasionally sniff at these handbags, but they're popular with the public and flying off the shelves. Michael Kors' Selma bag, launched in 2014 , for example, has become a status symbol among mid-market customers who consider it an entry into the world of fashion luxury. Snapping at Selma's heels is the Cynthia, which launched last autumn and became an instant hit when Gao Yuanyuan toted hers around New York Fashion Week.
