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Despite a soft economy in 2008, fashion brands were still launching high-end goods that command prices of $10,000 and beyond, even as many consumers were scaling back over concern about consumer spending, inflation, and soaring gas and oil prices. Two currents ran at once: a return to the classics and seasonless collections that move effortlessly from one season to another, and over-the-top excessive luxury items with 5-digit price tags. Coach's limited-edition alligator bags were commanding $12,000, Ralph Lauren's Purple Label offered its Slim Alligator Folio for $10,000 and one-of-a-kind gifts such as the Pocket Watch Clock in a frame for $3,800, Dior's diamond-set Christal chronograph carried 307 diamonds, Lanvin offered a grained leather large sac bag for $1,885, and Manolo Blahnik's Snakeskin Flat Mid-Calf Boots were priced at $1,600.
Luxury Fashion Spotlight 2008 - Terms of Interest to the Fashion Industry
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Despite a soft economy, fashion brands are still launching high-end goods that command prices of $10,000 and beyond.
With all the concern over consumer spending, inflation, and soaring gas and oil prices, many consumers are scaling back. On one hand, Apparel Search is hearing about a return to the classics and "seasonless" collections that can effortlessly allow fashionistas to move from one season to another. On the other hand, we're hearing about over-the-top excessive luxury items that boast 5-digit price tags.
Trend-driven retailer H&M, which is renowned for its inexpensive, disposable goods, has taken another approach to fashion with the opening of its London-based store, COS-Collection of Style. Rather than focusing on fast fashion, this retail destination sells high quality items at ground level prices. COS believes that fashion inspiration is no longer an elitist affair, and offers a collection that fuses fashion essentials with re-invented classics and cutting-edge trends. Styles range from cropped blazers and skirts to polo shirts, skinny pants, and cocktail dresses. Again, quality is paramount and these styles are designed to remain in the closet season after season.
Another fast retail brand, Japanese retailer Uniqlo, also offers a complete assortment of affordable apparel. Looks range from t-shirts and sweaters to denim and outerwear. Also part of the Uniqlo fashion family is French retailer Comptoir des Cotonniers, which also focuses on affordable classics. It will soon be making its New York debut.
With the focus on affordability and many consumers seeking classic, budget-conscious looks, Apparel Search is, of course, still finding upscale retailers that are offering over-the-top expensive items. Coach's limited-edition alligator bags are commanding $12,000, while Ralph Lauren's Purple Label offers its Slim Alligator Folio for $10,000. Ralph Lauren also offers one-of-a-kind gifts, which include the Pocket Watch Clock in a frame for $3,800.
For those who like to capture attention and flaunt their bling, Dior offers its blazing red "Dior Christal" chronograph watch. A total of 307 diamonds adorn the bezel, bracelet, and dial, and the watch also includes two rows of sapphire crystals. Although prices were unavailable, Apparel Search can only imagine there are plenty of zeros at the end of the price tag.
Also for the luxury-minded, Lanvin offers a grained leather large sac bag for $1,885. For Sex And The City and Manolo Blahnik fans, there's Manolo's Snakeskin Flat Mid-Calf Boots priced at $1,600. For the more budget-conscious, Yves Saint Lauren offers a leopard-printed pashmina stole at only $595.
Apparel Search believes that even in times of economic uncertainty, there will always be a consumer out there who is willing to spend on high-end fashion.
By Regina Cooper
Apparel Search defines the changing definition of luxury from the rare, artisan-like goods from yesteryear to the mass-produced "luxury" items of today.
Luxury Retailers:
The contrast inside this spotlight is the lesson. COS and Uniqlo bet that uncertain times reward quality classics at accessible prices — cropped blazers, skirts, polo shirts, skinny pants, cocktail dresses, t-shirts, sweaters, denim and outerwear designed to stay in the closet season after season. The five-figure houses bet the opposite: that the very top of the market is insulated from the pressures hitting everyone else, and that rarity — alligator, diamonds, one-of-a-kind gifts — becomes more desirable, not less, when ordinary spending tightens. Both bets are recorded here as having customers in 2008.
Prices, store openings and brand plans on this page belong to 2008: COS was London-based and new, Comptoir des Cotonniers was preparing a New York debut, and the diamond counts and price tags are the figures of that season. Read as a snapshot, the page shows how the luxury definition on the companion luxury fashion page behaved under economic pressure — the definition of luxury itself was shifting, from rare artisan-like goods toward mass-produced luxury items. The luxury fashion, high-end fashion and defining luxury pages linked on this page provide the term-level background.
Even in a soft economy, brands launched goods at $10,000 and beyond while other consumers scaled back. The spotlight's conclusion is that even in times of economic uncertainty, there will always be a consumer willing to spend on high-end fashion.
Trend-driven retailer H&M opened its London-based COS — Collection of Style — selling high quality items at ground level prices, with fashion essentials, re-invented classics and styles designed to remain in the closet season after season. Japanese retailer Uniqlo likewise offered a complete assortment of affordable apparel, alongside French retailer Comptoir des Cotonniers.
Coach limited-edition alligator bags at $12,000, a Ralph Lauren Purple Label Slim Alligator Folio at $10,000, a Ralph Lauren Pocket Watch Clock at $3,800, a Lanvin grained leather large sac bag at $1,885, Manolo Blahnik Snakeskin Flat Mid-Calf Boots at $1,600, and a Yves Saint Laurent leopard-printed pashmina stole at $595.