New York – There has been a small buzz in the industry of whether or not the “It” bag
era is over. The fact that is even a question is virtually ludicrous.
Accessories continue to be one of the most imperative categories for
fashion brands the likes of Gucci, Celine, Chanel, and Hermes.
Those iconic handbags like the Chanel 2.55 and the Hermes Birkin have
waitlists going for them. Gucci’s new Dionysus bag has also arrived at the
point where there are waiting lists for it. Above all else, a woman is
never going to stop needing her handbag, and there will always be a luxury
goods market to suit her high end desires.
It’s only the first half of 2016, and designers are already vying for who
will top the It bat contenders list for the year.
Last month, Versace launched an entire competition called “7 bags for 7
cities” to customize their Palazzo Empire bag. Gucci also chose to honor
some of the world’s most famous cities with their location specific
Dionysus bags.
At Fashion Month last season, numerous designers were vying for who could
come out on top with the most fashionable and desirable handbag on the
runways. It was the clash of titans between designers like Alexander Wang,
Joseph Altuzarra, and Cedric Charlier for who the It bag lovers would be
clamoring to come fall/winter 2016.
It’s safe to conclude, the It bag trend is here to stay for now, and
potentially forever.
Though, we should pay attention to how the luxury handbag market is slowing
down and that might affect things.
According to a January 2016 article from Forbes, the premium handbags and
accessories market in the United States is continuing to grow, but that
segment only grew 3 percent in 2015. This is a decline compared to 8
percent in 2014, 11 percent in 2013, and 16 percent in 2012.
Competition among the luxury handbags sector is stronger than ever. When
Alexander Wang left Balenciaga some even blamed it on his inability to
create an It bag for the company. While that assumption might seem
ludicrous to some, the ability to create an It bag can really make or break
a designer.
Designer’s like Phoebe Philo of Celine have joined the pantheon of living
legends for their ability to create must-have bags for their respective
companies. Let’s not forget, Alessandro Michele was Gucci’s accessories
director before he was the creative director, and now the Gucci Dionysus
bag is an It bag under his tenure as creative director.
For those who doubt the future of the It bag, there are a few key facts to
point to. The Hermes leather goods and saddlery division grew over 15
percent in sales in the first quarter of 2016. The driving factor behind
most of that growth was handbags.
Coach, which has been struggling over the past two years, actually saw an
increase of 4 percent in sales. Sales for luxury bags in Europe and North
America are increasing, which are some of the biggest markets for luxury
bags. Brands like Coach, Michael Kors, and Kate Spade do very well in these
regions, and other higher end brands like Louis Vuitton and Fendi also show
strong figures here.
Even in the wake of poor economic conditions in China, Hermes is still
growing there.
Above all else, classic handbags are still considered collectors items. A
vintage Hermes Birkin bag recently went for 298,000 dollars at an auction.
Luxury handbags are still seen as an investment piece, even better than
gold.
The It bag era could very well span another ten years or even another
millennia, but it’s a fashion staple here to stay. As Carrie Bradshaw once
said “It’s just a little bag, but we’d feel naked in public without it.”
photo1:ssense.com,
photo2:neimanmarcus.com,
photo3:therealreal.com