There will be two fewer designer boutiques the next time you take a browse at the Saks Fifth Avenue in downtown Toronto.
According to Retail Insider, Louis Vuitton and Christian Dior have both shuttered at the 176 Yonge Street location.
Both brands are owned by LVHM which is a French-holding multinational corporation specializing in luxury goods.
The Louis Vuitton boutique has operated in the Saks Fifth Avenue spot since the opening of the department store in 2016. It took up 1,200 square feet and offered a beautiful range of classic bags and accessories.
Dior then opened its two boutiques a few months later. One of the locations was on the main floor which carried bags and accessories, while the other was a women’s ready-to-wear boutique on the third floor.
Other luxury brands that have exited Saks Fifth Avenue are David Yurman in 2019, Aesop which left both Saks stores in Toronto, and Celine.
Saks Fifth Avenue continues to operate two other spaces in Canada at CF Sherway Gardens and CF Chinook Centre. Plus, its off-price department store, Saks Off Fifth, still has a handful of locations across the country.
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You may want to forget about allotting your hard earned dollars into equity or stocks; experts are saying luxury handbags might be the best investment right now. Yes, a five-digit price tag for a handbag seems outrageous, but before you object, know that the rate of appreciation is surprisingly quick. That $20,000 Hermes Birkin hanging on your arm isn’t frivolous, it’s actually a gold mine.
While domestic stocks such as banks, housing and real estate have been volatile due to the state of the economy in recent years, designer bags provide some of the most lucrative returns. The Financial Times states that the medium classic Chanel Flap Bag has risen in value by more than 230 percent in the last twelve years.
To give you an idea, at auction, this particular Chanel bag would go for around $5,000 while it roughly would have cost $1,400 in 2004.
https://www.instagram.com/p/BbCWT3XhIxL/?taken-by=luxurylver
If you need more convincing, Tammy Smulders, global managing director of Hava LuxHub tells the Financial Times that, “Hermes is without a doubt the most established collectable brand.” In June last year a Hermes Himalayan Nilo Crocodile Birkin handbag sold at auction in Hong Kong for just over $300,000.
However, not every designer bag will reap you rewards. The best bags to invest in are classic styles with a limited number of production, limited editions, or bags constructed with exotic skins and materials. Along with construction, artists merit and associations of famous icons with the bag are also factors to consider.
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Best-performing handbags 2004-2016
- Chanel 2.55 Medium Classic Flap Bag: up 10.6% per annum to $5,000
- Hermes 1990s Cognac Leather 40cm Birkin: up 10.3% pa to $13,000
- Emilio Pucci 1970s Black Leather & Velvet Pucci handbag: up 8.8% pa to $550
- Christian Dior Lady Dior Cannage: up 8.5% pa to $4,000
- Coach 1960s Leather Sling Bag: up 7.9% pa to $250
Experts also say those wishing to invest in designer handbags need to consider supply and demand, along with the condition of the bag as well; the more you use it, the quicker the bag will devalue. True collectors deposit their ‘investments’ in a bank out of sunlight, complete with duster bags, and tissue paper for stuffing.
Some of you might be saying, what’s the point of purchasing a designer bag if you can’t use it? Well… for the majority of us who aren’t hardcore collectors, a designer bag still remains a good investment even with light use.
A report last year by the luxury resale site Vestiaire Collective revealed that designer bags possessing the traits mentioned above (quality, durability and rarity) recoup an average of 75 percent of their retail value; still a substantial future return. In addition, the market for “future antiques” (pieces that are unobvious collectables now) is definitely growing too.
So while you might not be willing to fork up $300,000 for a Hermes bag, someone else is. It turns out a designer handbag might actually be one of the best investments you can make right now.
Would you invest in a designer handbag? Share with us in the comments.
Featured image: Instagram/@louisvuitton
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There’s no denying that Christian Dior has played a large role in the world of fashion, and this year the design house will be celebrating its 70th anniversary.
To commemorate the milestone, the ROM will be hosting a new exhibition featuring signature pieces from the Museum’s most prized, yet rarely seen, collections.
Presented by Holt Renfrew, Christian Dior will focus on the early designs of the world renown couturier Monsieur Christian Dior. Visitors can revel in creations made from 1947 to 1957; designs that were revolutionary and introduced soft shoulders, padded hips, and long, full skirts — a drastic change from the then-popular masculine wartime styles.
The exhibit will be on display in the ROM’s Patricia Harris Gallery of Textiles & Costume from November 25, 2017 to March 18, 2018 and will include everything from day and evening wear to grand ball gowns. The entire collection is made up of 40 designs, many of which were worn by Toronto’s socialites of the period. On top of the physical pieces, visitors can relive Dior’s rich history through contemporary film, sketches, fashion photographs, and advertisements.
Adult tickets to the exhibit will be an additional $8 on top of the regular general admission.
Get full details about the Christian Dior exhibit here.
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The Business of Fashion is reporting that LVMH has announced that it will be purchasing the entire Christain Dior brand in an attempt to strengthen LVMH’s leather goods division. If you’re up on the ins and outs of the fashion business, you may already know that LVMH already owns Christian Dior’s Parfums arm. With this new deal that LVMH has put together would see the acquisition of Christian Dior’s haute couture, leather, men’s and women’s ready to wear and footwear. The acquisition is huge and tapped to cost LVMH around $13 billion USD.
This is a strong move for LVMH as Dior’s revenue has been steadily growing for the past five years with improved profitability. According to BOF LVMH expects this deal to close by the end of May 2017.
Source: BoF