
When Suzy Menkes of the International Herald Tribune proclaimed in September 2007 that IT bags were on its way out, she verbalized a phenomenon that was bound to happen.
Over the years, those who initially went crazy over the accumulation of IT bags found themselves getting bored with the new bags coming out season after season. They also found themselves not too different from “common folk”. As Dana Thomas discussed in her book, “How Luxury Lost its Luster”, luxury goods simply found their way to the “masses”.
Having reached a point wherein almost everybody owned a designer bag, totally the opposite of what luxury was meant to be (to set apart a select few), the fickle fashion folk found themselves looking for the next big thing, and which Suzy deftly pointed out - jewelry and watches.
According to Ms. Menkes:
Jewelry and watches are the “new handbags” - the products that are being nurtured by brands who realize there is a vast market for all women (and an increasing trickle of men.)
The jewelry category is good news for branded stores because the swath of offerings can encompass small crystal fashion jewels selling at less than €100, “starter” designer pieces from €750 to €1,200 and, ultimately, a purchase at €50,000 and beyond, where even handbag prices do not dare to go.
But it is with the couture watch that the marketing managers have found their holy grail. Watches can be streamlined or decorative. They are a perceived as ultimate status symbols in emerging luxury regions like South America, China and Russia. They are the perfect object to slip on a celebrity’s wrist. And in the stores, with a mini-adjustment behind the counter, one size really does fit all.
Guess that means we all have a lot of saving up to do for 2008!!!
(Photo credit: Limited edition Chanel J12 watch from luxist.com)