The Birkin saw an average return of 38 per cent in 2020, according to an expert.
The Knight Frank Wealth Report 2024 found that luxury handbag prices increased by 67 per cent over a period of 10 years ended in 2023.
The Himalayan Birkin Diamond 30, made from Nile crocodile leather and studded with about 250 diamonds, sold for US$450,000 at a private Sotheby’s auction in 2022. Its retail price was said to have been more than US$100,000 in 2021. In 2023, luxury handbag expert Claudia Ricco was reported as saying the Hermes Birkin saw an average return of 38 per cent in 2020, the highest in the luxury market.
In March, US consumers filed a lawsuit against Hermes, accusing the company of forcing buyers to spend thousands of dollars on other items before having the chance to buy a Birkin. When such bags are carried by celebrities, it adds to the desirability and perceived value of the bags. “Consumers now consider investing in high-quality pieces that are still going to be valuable 10 years from now, rather than impulsively buying something from a fast-fashion brand that will fall apart after a few wears and be resold if needed,” the spokesperson said.
A leather Birkin style handbag in the window of an Hermes luxury boutique in Paris, France. PHOTO: BLOOMBERG “I view more risk involved in branded bags which use man-made materials and high-volume manufactured components, such as metal additions and zips. They tend to be premium but not luxury in nature, entry-level or aspirational fashion brands building global appeal,” said Ms Aitken.
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