RIP: It Bags
So it’s happened. It appears It Bags have over-stepped the mark in their battle of who could be the most expensive and consumers have finally said “enough!” A new Mintel report says that although UK sales of top-tier bags are set to hit £553m this year, growth in the next five years is likely to slow as the novelty of celebrity-endorsed It Bags wanes.
I can’t say I blame people for not wanting to throw £1600 on a Burberry Warrior bag. This is what I hate about fashion fashion, the competitive trying-to-keep-up aspect, the sad must-have mentality, I mean, where’s the fun in that? It’s especially galling to find out that the pricing structure is based on precious little than how much the designer thinks they can get away with. According to Lauren Goldstein Crowe at Portfolio.com [please can someone tell me how to put the link in here?], the CEO of luxe bag company Nancy Gonzalez has revealed how bags are priced. Apparently there are no pricing guidelines, once the cost price has been determined they just pluck a figure from the air based on what they think a customer will pay for it. There’s nothing wrong with this practice in itself, it’s how the property market works after all, but the recent It Bag phenomenon has made the practice of bag-overpricing more widespread than ever.
So what happens now we have the It Bag backlash? Well, it’s obvious isn’t it? After the death of the It Bag comes…the birth of the It Shoe. Be prepared for the price of your favourite Pradas, Lanvins and Louboutins to skyrocket…
13 March, 2008 @ 2:57 pm
Highlight the word you want to link to, then click on some weird green chain icon (it looks like 3 links of a chain) near the other icons click on it and a small box will appear. Then copy and paste the http address into the box. click O.K and the word you highlighted should now be underlined creating your link. Brilliant, and yes, Ive only just found this out too!
Regarding the IT bags, I am pleased they are on the wane, their success appeared to be born of celebrities carrying freebies. But those with more money than style always need to cling to something, so I wonder what the ‘next big thing’ might be?
13 March, 2008 @ 3:49 pm
Hi Disney:
Well Gonzalez and Burberry and the rest of the do look at other bags in their category and of course they have to take into account cost of manufacture but actually Nancy’s bags are less than many other croc bags. Because they come in purple and stuff and Santiago knows that people don’t want to pay gazillions for them.
But the practice is already happening in every category of luxury good. But yes, I do think shoes are about to go through the roof.
13 March, 2008 @ 6:14 pm
The other route for linking is to use html. Googling ‘linking a site, html’ will give you the exact code so you can copy and paste in your link.
I like that designer bags use great materials, but the pricing idea is really frustrating for me, I thought the extra cash was for the expensive materials.
13 March, 2008 @ 7:30 pm
I thought it bags were over last year? Well, as long as they’re over. And as for it shoes… Can we please just not have that.
13 March, 2008 @ 7:59 pm
The shoe thing was coming for a while but I wish it wouldn’t…. it’s good for more up and coming shoe designers to come forward though…
14 March, 2008 @ 4:58 am
For those of us that can’t afford to buy an “it” bag every season or few yrs unless its a gift, its a big deal when we finally buy it.
most luxury bags, are no longer representative of some posh class. almost everyone working has one, and the fakes are everywhere. So I think icons of stealth wealth might become the new rave.
hmm i don’t use blogger but this should work on almost every site
1) Insert Text Here
2) better explanation: http://www.htmlcodetutorial.com/linking/_A_HREF.html
3) Easy Generator: http://www.ibdguy.com/makehtml/htmlout.php
Hope it works with blogspot
14 March, 2008 @ 11:15 am
I am really into my bags but I think I have known this all along and have said for the last few years I would not pay over a thousand under any circumstances. I am not loaded and usually have a bag for Xmas and birthday from hubby, somtimes waiting months to get one I want. I think it is a really naughty way of pricing and is taking the piss out of consumers.
14 March, 2008 @ 12:10 pm
I’m definately into my handbags over shoes. Handbags don’t pinch your feet at the end of the night! My favourite bag is one I got recently from Topshop for £35. It might not be a top designer but I have received more compliments about that bag then my previous one which was Gucci. Check out my blog if you like its :http://styleforstudents.blogspot.com/
14 March, 2008 @ 4:06 pm
Call me monkey meat, but I thought the shoe prices already were skyrocketing. Here, anyway, with our weak-and-wimpy dollar. Sigh.
I love this post.
14 March, 2008 @ 5:42 pm
im very glad there are no it bags
i hate celebrities pretending they knew everything about fashion, then wearing a bag that their stylist bought them
i think thats what made bags like the balenciaga motorcycle so big even though they were in the industry for a long time
15 March, 2008 @ 11:42 am
I never had an it-bag, and never wanted one. I simply can’t AFFORD IT – And they were “in” for about 1 month or so…i like to spend my money on not-so-superficial-things.
16 March, 2008 @ 1:05 pm
If you’re an Observer reader there’s a similar article in the main paper today that might interest you.
Haven’t yet read it though.
23 March, 2008 @ 12:12 pm
Oh hang it all – IT nonsense. The lux brands raised the design bar and rightly so but now the creativity needs to gaina perspective ref – world economy, high street saturation – something has to give the price or choice. It shoes are definitely a step too far.