Happy Sunday! I hope everyone had an enjoyable weekend! I did; it was very relaxed. Friday night I watched "Confessions of a Shopaholic" with my flatmate, which I found to be inspiring despite being a bit corny and predictable in the plot. It was good for me to see a film where the fashionista's only financial knowledge is about how economics pertains to the fashion industry (story of my life). I did, however, have a few problems with the numbers in the movie. After years and years of living in NYC and shopping at places like Yves Saint Laurent, Jimmy Choo, and Gucci, she had incurred a debt (including interest) of only $16,000 some odd dollars. Let's be realistic. A single shopping trip at Yves could set you back a few grand. It's not like she had a few select pieces, either- girlfriend had enough designer clothes to open a second Harrods (and her closet was about as organized as their annual sale). If you look closely, you can see a Louboutin red sole on the back of the yellow heels she's wearing. Considering a pair of Louboutin heels can set you back anywhere from £395 to over £2,000, her debt is extremely underestimated. Aside from that, it was a great chick flick with lots of designer clothes.
Saturday was uneventful; I went grocery shopping with my boyfriend and ordered a book off of Amazon- I just turned 20, not 30, I swear!
Today I had lunch at an Indian restaurant with my boyfriend. I decided to be adventurous and try lamb. It looked harmless, and considering I've had goat and shark, I figured it couldn't be too bad. I abstain from eating beef and pork for ethical reasons (and it's horrible for your body), but am open to eating other meats. I put a small bite of lamb on my fork and unassumingly put it in my mouth (it has to taste like chicken, right?). I was mortified. The taste and texture is exactly what I remember beef to be like. What was I going to do? Spit it out at this nice Indian restaurant with white table cloths and flowers on the table? The panic began to set in as I was chewing. Did I actually care what the people in the restaurant thought more than I wanted to spit out this imitation beef? Surely not. "Maybe I can pretend to choke, and then it will be inconspicuous when I spit it out" I thought to myself.
No. I can't do this. I willingly put this horrible, beefy, repulsive piece of lamb in my mouth, so now I have to eat it. I had committed to it. By this point, my boyfriend was entirely aware of the panic- it was visible in my wide eyes and slow chewing. I did it. I quickly swallowed the beefy lamb before I could talk myself out of it. So far I haven't developed any signs of mad lamb disease, but I will keep you updated.
I spent the rest of the afternoon writing a paper, doing some reading, writing emails; all of those sorts of things. Because I've had so much free time, I've been catching up with my friends back in the States! While talking with one of my good friends, Kim Kardashian's most recent Birkin became the topic of conversation. Last year I read Micheal Tonello's memoir Bringing Home the Birkin: My Life in Hot Pursuit of the World's Most Coveted Handbag. It was an easy, fast read and gave an interesting perspective on the world of Hermes and more generally the luxury handbag market. For my readers who aren't familiar with Birkin Bags, here's the basic rundown:
- Birkin bags are luxury handbags created by Hermes, a French luxury leather retailer
- The first one was made in 1984 for Jane Birkin, which is where the name originates
- The bags are made from rare and luxurious leathers, including Calf Leather, Ostrich, Crocodile, Lizard, Epsom, Clemence, and Alligator- PETA's worst nightmare
- Bags retail around $7,400 to $150,000 depending on size, material and rarity
- You cannot just walk into an Hermes salon and ask for a Birkin, they will offer to put you on a wait list
- The most common way Birkin bags are acquired is not through Hermes, but through online retailers
- Did I mention they cost more than a car?
So why would anyone buy a bag that costs more than their first car? What makes them so special? What jobs do people have to afford $150,000 bags, and where do I send my resume to get one? Honestly, they are nothing more than a status symbol. I am not denying that they are made from the finest leathers in the world or that they are handmade- they are- but the margins are absolutely absurd. We are talking margins higher than the second £3 bottle of water I bought at lunch today because the curry was so spicy.
Every major luxury brand has a signature, covetable bag. Chanel is known for the classic 2.55 quilted shoulder bag, Dior the Lady Dior, Louis Vuitton the monogrammed speedy, etc. etc... and Hermes the Birkin.
Classic Chanel 2.55 Bag in Quilted Black Patent Leather
Black Patent Lady Dior
Louis Vuitton Monogram Speedy
A Black Calf Leather Birkin
Birkin bags were thought of as the choice handbag for the rich and famous, often viewed as extremely exclusive- only available for important people. Because Hermes does not display their Birkin bags in the store, they are able to deny them to customers who are not "important" enough to be seen with them and to make them seem more rare. For such a long time, this [cruel] method was effective, but with the rise of the internet and the lifespan of the Birkin, there has been discussion on the fashion community as to whether or not Birkin bags are still as valuable. The bag has been around for 30 years, so the market is more saturated than it was even just a few years ago. Victoria Beckham can be seen toting around her assortment of Birkin bags- over ten. In all fairness, she is a fashion icon with her own (successful) fashion line and A-list celebrity.
The increasing availability of Birkin bags has made them available to people with less fame and importance (but plenty of money). Most recently, Kim Kardashian was given her 8th Birkin from fiancee Kanye West. Kim and her seven other Birkins can be seen below. It's rumored that she even uses one as a gym bag! It's casual, I mean I would totally throw my sweaty gym clothes and muscle milk in a bag that costs more than my car, no biggie.
But Kanye went above and Bound 2- whoops I mean above and beyond for Kim's Christmas present. He got her a brown leather Birkin bag that was painted by George Condo. Headlines are calling it a collaboration of "high art and luxury fashion". I'm calling it "Helen Keller's first painting".
There you have it, the decline of the Birkin in one picture. But wait! There's more! Websites, such as Createures de Luxe, buy Birkins (new or used) and sell them for 50-100% markup. This makes them available to people with way too much money. Even better, sale websites, like Gilt, will have Birkin flash sales. The buyers for the websites purchase all the Birkins they can find until they have enough to create a flash sale. I predict that the Birkin will never lose it's economic value, because there will always be buyers. I do predict that a new "it" bag will appear in the next five years, hopefully not as absurdly priced as the Birkin.
Just remember that no matter the bag, there are none as expensive or ugly as an undergraduate degree from Duke University.
xo
BJordan
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