{"id":4479,"date":"2019-04-29T12:13:46","date_gmt":"2019-04-29T06:43:46","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=4479"},"modified":"2024-05-02T13:44:35","modified_gmt":"2024-05-02T08:14:35","slug":"bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/","title":{"rendered":"Bagging Up The Big Dollars: How Brands Are Driving The Market In The Handbag Industry"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69fa19eed95a0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69fa19eed95a0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#the-psychology-of-a-good-handbag\" title=\"The Psychology of a Good Handbag \">The Psychology of a Good Handbag <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#timelessness\" title=\"Timelessness\">Timelessness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#design\" title=\"Design\">Design<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#lifetime-service\" title=\"Lifetime Service\">Lifetime Service<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#aesthetics\" title=\"Aesthetics\">Aesthetics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#variety\" title=\"Variety\">Variety<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#market-forces-in-the-handbag-industry\" title=\"Market Forces in the Handbag Industry\">Market Forces in the Handbag Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/bagging-up-the-big-dollars-how-brands-are-driving-the-market-in-the-handbag-industry\/#how-hermes-became-iconic\" title=\"How Herm\u00e8s became Iconic \">How Herm\u00e8s became Iconic <\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">7<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><span style=\"font-weight: 400;\">Ask any woman about a coveted piece in her wardrobe, and it is very likely that she will tell you about that prized handbag. In fact, handbags are much more than just an accessory- they are a style statement, utility item, and an SOS kit, \u00a0all rolled into one. Many consider their attire incomplete without a handbag, and this is what has made the handbag and its industry a flourishing one.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a fashion accessory, it comes in many types, shapes, sizes, colors, materials, designs, and more. We have the totes and messenger bags, the slings and the hobos.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At some point, though, bags have become so much more than a fashion accessory and are representative of power dressing and utility alike, <\/span><a href=\"https:\/\/www.statista.com\/statistics\/316526\/retail-sales-value-of-women-s-handbags-in-the-us\/\"><span style=\"font-weight: 400;\">spawning a multibillion-dollar industry.<\/span><\/a><span style=\"font-weight: 400;\"> Most people are willing to wait to find just the right one and invest in a good label rather than pick up a less durable or fashionable one, and while some bags are a necessity to keep up with current trends, some others are as valuable over a generation or more as they are today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several notable labels in this booming industry come under the luxury as well as the semi-luxury category. Among the leading players in the market are names like Ted Baker, Kate Spade, Baggit, LVMH, Coach, Michael Kors, Hidesign, Fossil, Gucci, Hermes, and Birkin. The competition is fierce, and a discerning buyer can be very choosy about what they pick and why. This gives brands immense scope to cater to varying emotions and needs.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-psychology-of-a-good-handbag\"><\/span><b>The Psychology of a Good Handbag <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_4481\" aria-describedby=\"caption-attachment-4481\" style=\"width: 497px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4481 \" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/0711-3.jpg\" alt=\"\" width=\"497\" height=\"515\" \/><figcaption id=\"caption-attachment-4481\" class=\"wp-caption-text\">Source: Handbags Designer 101<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Being a traditionally feminine fashion accessory, it is understandable that the handbag became one of the fashion industry\u2019s most powerful accessories. But, what is the psychology of a good handbag and what thoughts go through a consumer\u2019s mind when purchasing one? When it comes to handbags, not everyone can easily afford the luxury or semi-luxury ones which can cost above $400 or so. And yet, sometimes that lifetime purchase makes more financial sense than discarding bags every few months. So, what are some considerations that consumers often make?<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"timelessness\"><\/span><b>Timelessness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There is a reason why good handbags cost a little more than the others. It is simply because they are worth it. A good handbag can be passed down for generations if maintained well. Just like heirloom jewelry, a luxury handbag is a worthwhile investment to make.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several consumers who invest in a Louis Vuitton are looking at a lifetime of usage, sometimes even passing them down through generations. A luxury handbag is a milestone purchase for many, the aspirational value adding to the allure.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"design\"><\/span><b>Design<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"> A key criterion to pick a handbag is functionality; a nice, well thought-out design, with space for everything to be neatly tucked away yet within hand\u2019s reach is all that anyone really needs! Handbags are bought as much for the inside design and function as for the outer look and appeal. Labels like LV, Chanel, and Birkin are iconic as their design is their signature, driven by the functionality of the bag itself. In some ways, these bags are the smartphones of the accessory world. Ease of access and convenience plays a big part in the design, and this is what also drives the various fashion labels when they launch their fresh collections.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recent trend is the preference for smaller handbags, or multi-purpose handbags, rather than the traditional, large ones with just a single closure. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"lifetime-service\"><\/span><b>Lifetime Service<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"> Most luxury handbags are serviced for life at the brand stores. While their level of wear and tear is often low with most owners careful about maintaining them, the brands are more than happy to service them for the customers. The notion of lifetime service adds to the importance and \u00a0emotional attachment to the piece, whether purchased for oneself or lucky enough to be gifted one. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"aesthetics\"><\/span><b>Aesthetics<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sonia Rykiel once said, \u201cWith only one bag, you can change your outfit completely.\u201d And so it goes with investment handbags- they can uplift the most ordinary of outfits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A handbag is actually much more than just a bag! Also, most good handbags can go from daywear to evening with great ease all while doing their primary job of holding things. So the fact that these bags add to the aesthetics and make a statement is hugely enticing.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"variety\"><\/span><b>Variety<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Each customer is unique and so are their preferences. They also change according to the needs and the occasion for which the handbag is being put to use. It is no wonder then that in handbags we have so many varieties to choose from. The sheer variety of handbags, like satchels, clutches, slings, bucket bags, totes, laptop bags, duffels, baguette bags, backpacks, hobo bags, overnighters, athletic bags and more, goes to show that we just can\u2019t get enough of storage options. There really is a handbag for every need and purpose, and that is what makes them a worthwhile investment. What\u2019s more, a few labels even allow personalization by putting in initials or other embellishments this making them a highly individualistic fashion statement.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"market-forces-in-the-handbag-industry\"><\/span><b>Market Forces in the Handbag Industry<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_4482\" aria-describedby=\"caption-attachment-4482\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4482\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-300x300.jpeg\" alt=\"\" width=\"750\" height=\"750\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-300x300.jpeg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-150x150.jpeg 150w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-768x768.jpeg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-1024x1024.jpeg 1024w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-75x75.jpeg 75w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin-80x80.jpeg 80w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/P_11_2009_Birkin.jpeg 1536w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4482\" class=\"wp-caption-text\">Source: Hermes<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The choices are many, and there is stiff competition, and yet, a few brands have managed to find global relevance and appeal &#8211; Herm\u00e8s and Birkin for example. So, how do the big brands do it and what factors might they have considered to succeed consistently?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One major factor that has driven this is the rise of brand awareness and greater purchasing power. Moreover, many people see the benefits of investing in a good lifetime piece as opposed to buying a new bag every season. Not only is the latter seen as a more wasteful option, but it is also financially unviable.<\/span><\/p>\n<p><a href=\"https:\/\/www.bcg.com\/publications\/2018\/beyond-crazy-rich-mass-affluent-southeast-asia.aspx\"><span style=\"font-weight: 400;\">Many countries are also seeing a growth in affluent populations who love to go in for the quality of the designer labels. <\/span><\/a><span style=\"font-weight: 400;\">These factors are further driving an already booming industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One major issue that this industry is fighting to stave off is the counterfeit products, as is the case of many other consumer goods. Especially in the growing markets, counterfeit products have massive penetration, mainly because they are far cheaper and virtually impossible to distinguish from the original. High import duties and taxes on countries where the demand is rising further pushes people to opt for cheaper options as opposed to paying prohibitively high prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With so many different types of bags to choose from, it is the satchels and totes that are the trending ones in the handbags industry. It is these trends that the large designer brands prefer to stay in sync with and hence new launches are catering to these trends. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the competition is fierce, a few brands have learned to adopt innovative strategies to increase their revenue and outreach. There is a focus on quality, and strategic pricing through innovative selling strategies being put in place. Globally, North America and Europe are the biggest consumers in the handbag market while the rest of the world is also fast catching up, as purchasing powers are increasing.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"how-hermes-became-iconic\"><\/span><b>How Herm\u00e8s became Iconic <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_4483\" aria-describedby=\"caption-attachment-4483\" style=\"width: 750px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4483\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master-300x300.jpg\" alt=\"\" width=\"750\" height=\"750\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master-300x300.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master-150x150.jpg 150w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master-75x75.jpg 75w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2019\/04\/hermes_birkin_25cm_red_geranium_gold_hardware_authentic_hermes_bags_mightychic_com_org_master-80x80.jpg 80w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-4483\" class=\"wp-caption-text\">Source: 1stdibs<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Leading consultancies have consistently ranked Herm\u00e8s as the world\u2019s most valuable luxury brand in different valuation and ranking studies. Under the Herm\u00e8s brand name are leather goods, lifestyle accessories, perfumes, and ready-to-wear clothing. With a brand valuation of USD 23.4 billion, it trails behind Louis Vuitton with a valuation of USD 28.8 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It enjoys an iconic status in the world of luxury, and that is not by chance. A combination of rich heritage, exquisite craftsmanship, an eye for detail and high levels of quality and professionalism through the entire manufacturing process is what gives Herm\u00e8s this position of superiority that it can boast about. Some women tell tales about how they saved for years to buy an iconic Herm\u00e8s \u2018Birkin\u2019 bag which is a prized possession!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And why not- their bags arose out of the \u2018need,\u2019 described by none other than the famous Jane Birkin herself. The legendary story of the bag\u2019s origin takes us back to an infamous Air France flight, where her handbag spills its contents onto the floor, scattered all around her feet. This prompted the man seated next to her to urge her to invest in a better bag with pockets, and she said, \u201cThe day Herm\u00e8s makes one with pockets, I will have that.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The man was none other than Jean-Louis Dumas, the then chief executive of Herm\u00e8s, who asked Birkin to describe her dream bag. Jane Birkin immediately provided him with a sketch of her ideal bag on an air sickness bag, and he promised to make it for her. She was invited to the atelier to see the bag that she had inspired and also requested that she lend her name to it. The rest, as we say, is decades of history.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">Herm\u00e8s brand philosophy<\/span><span style=\"font-weight: 400;\"> is summarized by a quote from its former CEO Jean-Louis Dumas, \u201cWe don\u2019t have a policy of image, we have a policy of product.\u201d This is a testimony of that philosophy which has driven the brand and its products to their iconic status. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">What else makes them a class apart and a coveted brand in this ferocious luxury brands market? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few insights:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They don\u2019t believe in any celebrity endorsements; they don\u2019t need to because the product speaks for itself.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They sell the same products across the world, without any region-specific considerations.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Their craftsmen are picked carefully and trained thoroughly so that they can identify with the company\u2019s culture, philosophy, and values.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They have been proponents of the limited-edition strategy. Also, customers need to place an order and wait to pick it up, and cannot just walk in and out with a Birkin bag making them even more coveted.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They have mutually beneficial collaborations with other designers so a Birkin can never go out of style.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Herm\u00e8s believes in its products firmly to sell themselves and has clearly set a high standard in which they make no compromise whatsoever. Some possessions are worth waiting and saving for, and the Herm\u00e8s Birkin bag just happens to be one of them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What will it take for other handbags to thrive in an intensely competitive market? As consumer preference shifts clearly towards newer, better experiences, we can expect products to become the focus area for accessories labels, handbags included. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">7<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Ask any woman about a coveted piece in her wardrobe, and it is very likely that she will tell you about that prized handbag. In fact, handbags are much more than just an accessory- they are a style statement, utility item, and an SOS kit, \u00a0all rolled into one. Many consider their attire incomplete without  &#8230;<\/p>\n","protected":false},"author":23,"featured_media":4487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1160,1522],"tags":[106,256,169,150,88],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bagging Up The Big Dollars: How Brands Are Driving The Market In The Handbag Industry | Vue.ai Blog<\/title>\n<meta name=\"description\" content=\"Handbags are more than just a fashion accessory and represent fashion sense, power dressing and utility, making for a multibillion-dollar industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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