I RECENTLY chanced upon a handbag on the arm of a nanny caring for my
son's friend. It had the precious encircled MK logo that I spot on half
the mums at school. My snob's eye can spot a fake from afar but this was
the real McCoy. I'm not sure I was impressed or disturbed.
Michael Kors is a label whose sun is setting just as quickly as it rose. The American designer who turned himself into a mogul with a rash of stores across the USA and several in rising economies, like India, has hit a rough spot. In his home country, where only a few seasons ago he, along with other US-owned and -run affordable luxury labels Tory Burch and Coach, he was the toast of the fashion circuit. This summer I was happy to pick up a pair of leather flats on a discount — they cost US $50, the price I would pay for a pair from Zara or H&M.
When it's this cheap, is it still luxury? Labels that come at this price tag are less appealing to rich buyers looking for exclusivity. Michael Kors became the Louis Vuitton of ten years ago. LV had become the first purchase a new and aspirational consumer would go for, a 'starter-bag' label. In China, it had come to be called "the brand for secretaries". LV then realised its ubiquity was turning away the super-rich and, more importantly, affecting the premium brand's reputation. It quickly sliced off its small starter line, made all prices higher, removed its look-at-me logos and introduced a series of collections that harked back to its history of old-fashioned snooty travel. And before you could say "Champs Elysees", Louis Vuitton was back in the black again.
Hermes on the other hand has maintained its snob value by creating an air of exclusivity about it, that owning something from here is a very big deal indeed. Michael Tonello's fabulous book 'Bringing Home the Birkin' lifted the lid on Hermes' very special marketing mechanisms. He picked up Hermes products from smaller boutiques in Europe and sold them on ebay, throwing light on how the premium luxury label fooled customers with its fabled waiting list for the Birkin, when it really didn't exist.
Designer brands are all about an image. In India, their appeal is still in its nascent stages. So many Indians believe a designer product is a designer product, and any label will do. But each label has its reputation. And whether the wearer likes it or not, you are what you wear. Prada, for instance, stands for a snobbery in fashion, for being over and beyond trends. Moschino's playful girly vibe makes it a great choice for young girls. Valentino stands for old-fashion romance and feminine ideals of beauty. Roberto Cavalli and Versace for hooker-chic. Dolce & Gabbana for overt sexiness, Zadig & Voltaire for rocker-style badass, and Dior seems to have found its groove with Sindhi aunties dressed in white. Chanel, meanwhile, maintained its reputation as the penultimate snob —the Parisian insouciance.
Kors has slipped in the luxury stakes. So in effect, you are paying a pretty penny for something that's at the bottom of the luxury pyramid - an absolute starter label. Fendi has risen from its slumber with its new CEO Pietro Beccari, who spun the forgotten Italian label (once loved for inventing the It-bag itself) into being chic again with a swanky new store at London's New Bond Street and its restoration of Rome's Trevi Fountain. As did Christopher Bailey for Burberry who repositioned the fusty British label as a digital superhero, after its many fakes had seriously threatened its image.
Gucci needed a reputation rejig too as it was being overlooked for smaller but more bespoke Italian labels like Bottega Veneta. But one collection from Alessandro Michele made this summer such a strong political case for blurring gender boundaries and roles, Gucci hasn't had so much fun since it met Tom Ford.
But real connoisseurs of luxury have decided that smaller, almost unknown labels that offer inventive and unusual products services are the ultimate in 'limited edition'. They don't want to own something that everyone else recognises or knows about. Specialty companies and bespoke services are far more exciting. And no labels. No obvious signs of where it comes from. The big deal is in keeping a big secret.
Michael Kors is a label whose sun is setting just as quickly as it rose. The American designer who turned himself into a mogul with a rash of stores across the USA and several in rising economies, like India, has hit a rough spot. In his home country, where only a few seasons ago he, along with other US-owned and -run affordable luxury labels Tory Burch and Coach, he was the toast of the fashion circuit. This summer I was happy to pick up a pair of leather flats on a discount — they cost US $50, the price I would pay for a pair from Zara or H&M.
When it's this cheap, is it still luxury? Labels that come at this price tag are less appealing to rich buyers looking for exclusivity. Michael Kors became the Louis Vuitton of ten years ago. LV had become the first purchase a new and aspirational consumer would go for, a 'starter-bag' label. In China, it had come to be called "the brand for secretaries". LV then realised its ubiquity was turning away the super-rich and, more importantly, affecting the premium brand's reputation. It quickly sliced off its small starter line, made all prices higher, removed its look-at-me logos and introduced a series of collections that harked back to its history of old-fashioned snooty travel. And before you could say "Champs Elysees", Louis Vuitton was back in the black again.
Hermes on the other hand has maintained its snob value by creating an air of exclusivity about it, that owning something from here is a very big deal indeed. Michael Tonello's fabulous book 'Bringing Home the Birkin' lifted the lid on Hermes' very special marketing mechanisms. He picked up Hermes products from smaller boutiques in Europe and sold them on ebay, throwing light on how the premium luxury label fooled customers with its fabled waiting list for the Birkin, when it really didn't exist.
Designer brands are all about an image. In India, their appeal is still in its nascent stages. So many Indians believe a designer product is a designer product, and any label will do. But each label has its reputation. And whether the wearer likes it or not, you are what you wear. Prada, for instance, stands for a snobbery in fashion, for being over and beyond trends. Moschino's playful girly vibe makes it a great choice for young girls. Valentino stands for old-fashion romance and feminine ideals of beauty. Roberto Cavalli and Versace for hooker-chic. Dolce & Gabbana for overt sexiness, Zadig & Voltaire for rocker-style badass, and Dior seems to have found its groove with Sindhi aunties dressed in white. Chanel, meanwhile, maintained its reputation as the penultimate snob —the Parisian insouciance.
Kors has slipped in the luxury stakes. So in effect, you are paying a pretty penny for something that's at the bottom of the luxury pyramid - an absolute starter label. Fendi has risen from its slumber with its new CEO Pietro Beccari, who spun the forgotten Italian label (once loved for inventing the It-bag itself) into being chic again with a swanky new store at London's New Bond Street and its restoration of Rome's Trevi Fountain. As did Christopher Bailey for Burberry who repositioned the fusty British label as a digital superhero, after its many fakes had seriously threatened its image.
Gucci needed a reputation rejig too as it was being overlooked for smaller but more bespoke Italian labels like Bottega Veneta. But one collection from Alessandro Michele made this summer such a strong political case for blurring gender boundaries and roles, Gucci hasn't had so much fun since it met Tom Ford.
But real connoisseurs of luxury have decided that smaller, almost unknown labels that offer inventive and unusual products services are the ultimate in 'limited edition'. They don't want to own something that everyone else recognises or knows about. Specialty companies and bespoke services are far more exciting. And no labels. No obvious signs of where it comes from. The big deal is in keeping a big secret.
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