After the pandemic, even more than before, everyone has been talking about investing. We’ve seen this in particular with people eager to buy NFTs, Bitcoins (or any other similar currency) or even houses. But something no one has seen coming is investing in luxury bags and not any bags, Birkin bags.
A short story on the Birkin
The Birkin bag is a bag produced by Hermes, one of the top high-end maisons in the world. The story behind it originates from none other than actress Jane Birkin. While on a flight, she started complaining about not finding a bag that was catered to all of her needs as a mom. The man besides her was Jean-Louis Dumas, that back then was the head of Hermes.
He made it his mission to create a bag that would satisfy Jane’s needs and that’s how the Birkin was born. Going off their Kelly model, modifying it to be rectangular, less stiff and taking inspiration from their Haut a Courroies bag as well, Hermes created a revolutionary product. The prototype was sent to Jane and the rest is history.
The original bag can be seen at the Sotheby’s exhibit Excellence a la Françoise. In light of their most recent opening in Paris, the brand chose to bring tribute to the French artisanry of the last millennium and the bag of everyone’s dreams could not miss. The exhibit will be open until the 31st of October inside their store on Rue du Faubourg Saint-Honoré.
Everyone’s favourite!
Even though the story behind the Birkin is a beautiful one that gives authenticity to the brand and the product itself, the rise in popularity of the bags is not fully its merit. Besides wanting to own an Hermes product for the status that it comes with, the brand has been very smart with their marketing.
Back in the ‘00s, lots of major TV series and movies had subtle references to the Birkin bag. From Rory Gilmore that was gifted one (Gilmore Girls) to Carrie and Samantha debating on whether it would be their style or not (Sex and The City), everyone’s favorite characters seemed to want or get a Birkin. With the rise of social media, this trend evolved into seeing all of the influencers flaunt one in their posts. Starting with the Kardashians that have closets full of them, moving on to Georgina that showcases hers every few posts, it is guaranteed to have our feeds full of them. The Birkin has become the luxury to desire.
Playing the game
But the most important strategy that Hermes has adopted in order to keep the Birkin a luxury, excluding the price increases, is making it pretty hard to get access to buying one. People usually call this “the Hermes game”. Because their handbags are handmade, they can’t afford to give out Birkins to everyone that comes in store. That’s why usually people that want to buy a one have to make their wish known to the sales associate and it is not guaranteed that they will get the bag they desire. The waiting period can vary from as little as one week to even years. That’s why in some cases having a shopping history at Hermes can push you forward in the waiting list: by spending more, you get a higher chance of getting your dream bag.
Other than that, a single person can’t buy more than two quota (Birkin or Kelly) bags per season. This way, Hermes ensures that their products remain exclusive and are well sought after.
Why invest in a Birkin?
Symbol of status, hard to get, costly to get are only some of the reasons as to why invest in a Birkin. This type of bags is one of the only ones that does not depreciate in time. The tendency on the resell market is to see them at the same price if not higher than the one they were bought for. And why is that? Because today’s society is oriented towards upcycling and buying vintage pieces, rather than going in store and buy something new. Especially considering the above-mentioned Hermes game.
The price increases have also seen the value of a brand new Birkin skyrocket from the 2000 euro mark – that is said to have been the price of some of the first Birkins – to around 10000 euros depending on the country it is bought in. So common people are more likely to haunt websites such as Vestiare Colective, Farfetch, Luisa Via Roma and so on in order to find the best deal.
Overall, in our economy, buying a Birkin can really be called an investment, thanks to the strategies Hermes has deployed. Such strategy has made the bag become a valuable asset for generations to come and a valid form of investment. Certainly more reliable than the NFTs or Bitcoins.
Featured image: Hermes
