The Eye Bleeding Cost of a Chanel Bag
Plus who really won the Oscars, and the date next Saturday you cannot afford to miss.
In this issue:
How much?! Chanel are raising their prices again. Good or bad?
The Oscar for the most consciously dressed goes to… oh, never mind, it wasn’t as distracting as Ken
The Sustainable Fashion Fair: last chance to sign up for tickets
Why we’re all suckers for Chanel
It takes 278 steps to make a Chanel flap bag. Apparently, the craftsmanship that goes into making these iconic bags is akin to that of a Chanel jacket - which may explain why one now costs over £10,000. Chanel have hoiked their prices 75% price in the last five years, and are about to go again - hence a big new campaign featuring Brad Pitt and Penelope Cruz simpering at each other. Take a look. It’s good. But it’s not quite Barbie and Ken.
Mixed feelings about this price tag. On the one hand, this could be an admirable effort by Chanel to decrease volume and raise prices to square revenue. Less product is good - we make too much. If they can make the same amount of product but grow revenue by raising prices, then that’s a good thing. On the other hand - £10,000 for a handbag? I’m sorry, but if you’re carrying it, you’re beginning to look like a dick. Not to mention easily mugged.
But it seems the higher these iconic bags are priced, the more desirable they become. How does luxury get away it? How can a handbag cost more than a car? The extraordinary marketing campaigns by luxury goods companies confer such status on these items now, that if I asked any of my girlfriends what they wanted for Christmas, a Chanel bag would almost certainly feature somewhere in the conversation. Even amongst the most fashion illiterate. It’s a byword for timeless chic, it doesn’t chase trends, it’s convinced us of its quality and the design hasn’t really changed much. The House has relentlessly invested in its own DNA and it works.
But there’s another reason: the rise of the second hand market. Luxury goods are now priced way out of the reach of most people, but their resale value has allowed them to become investment pieces, like a fine wine or a piece of art. When you buy luxury, you may not just recoup the money you spend - you could get it back with interest. “Revenues from reselling luxury bags and clothing now add up to around $200bn a year,” reported The Economist last week. For the sensible (and mindful) shopper, the second hand market is beginning to eclipse buying new. It’s a trading floor.
The trouble is, although this is theoretically the circular econmy, there’s no sign that the second hand market is slowing the rise of the primary market. Indeed, it may be enabling it. “I can buy this because when I’m done I can just sell it on and buy something else.” Fashion’s biggest problem right now is over production and over consumption (ref Unfit, Unfair, Unfashionable, Hot or Cool Institute). A business owner of a second hand shopping site told me the other day that she was launching a marketing campaign around ‘everyday activism’. That she was positioning shopping from her site as a form of activism. This is troubling: shopping second hand is not activism. Shopping consciously is, second hand or otherwise.
In the Hot or Cool report (which was the inspiration for the Rule of Five campaign), the recommendation was that at least 20% of our wardrobe should consist of second hand items. The circular economy is such an important part of our journey to net zero, but we cannot shop our way out of the crisis, second hand or otherwise.
You can pick up a Chanel flap bag on HEWI right now for £6,000, representing a 40% discount on full price. That’s a no brainer if you’re in the market for Chanel, but not exactly activism.
The Oscar for most sustainable performance goes to…
Carey Mulligan! For showcasing vintage fashion on the world’s most watched red carpet on Sunday and winning most of our best dressed lists. Good work, Carey. Laverne Cox also opted for a vintage Thierry Mugler gown from 1986:
Lily Gladstone, the first native American to be nominated for an Oscar, gets a supporting gong for spotlighting the indigenous designer, Ironhouse Quillwork's Joe Big Mountain, an artist from the Mohawk, Cree and Comanche Nations who specializes in quillwork, (porcupine quillwork is an art form unique to the indigenous peoples of North America, and was popular before the advent of glass beading):
In an interview with Vogue, Lily said: "I can literally feel the love poured into each quill and bead. The dress is alive with it. The effortless integration of pinnacle luxury [from] both Iron Horse and Gucci was my dream from day one. It’s so brilliant, I cried." Ahhhh.
This year the Academy published the Academy Sustainable Style Guide which asked attendees to prioritise representation, vintage, rental, preferred materials and sustainable options for finishing touches. Clearly only a few got the memo, but creds to the Academy for trying.
Also - fashion can’t always be worthy. Fashion should also be fun. And for that it fell to Ryan Gosling’s pink rhinestone I’m Just Ken outfit to win the headlines.
I mean - sometimes unsustainable fashion really has its place.
Book Now! The Sustainable Fashion Fair
If you are in London this weekend, come and see an amazing showcase of circular fashion. There is preloved and vintage shopping from the legendary Sign of the Times and Peekaboo. Also there will be Smart Works Charity, with a curation from their legendary fashion sale. Cercle, one of my favourite rental brands, are coming with a selection of their most gorgeous vintage pieces, available to rent or buy, and crucially their stylists will be on hand to offer advice about occasion wear dressing. If you’ve got a packed calendar of events building up this summer, this is your one stop solution.
Then there’s fashion theatre from Save Your Wardrobe with a visible mending station. Their very clever Japanese embroidery artists will be on hand to fix any rips, holes or stains you might have on loved items, so bring them along. There will also be a sneaker cleaning station, so bring your scuffed up white plimsolls for some TLC - or any trainers you think might benefit from some attention.
Finally the talented Isabella Tan is coming with her fabric painting skills. She can paint on denim, cotton or any natural fabric, so if you have a jacket that needs a lift, or a pair of jeans that you’d like to breathe new life into - bring them along too.
Tickets are £15, but for that you get a drink and to hang out in the swanky members club House of Koko, (in the newly restored Koko, Camden. It’s probably the most state of the art music venue in Europe). We have a bar, some vinyl listening rooms and plenty of space for changing, so bring a friend and come have a lovely day with us.
I love this community, and meeting you in person will bring me great joy next Saturday. Places are limited so I am saving them for those who pay to subscribe to this newsletter. Details below the paywall.
If you fancy coming and aren’t a paying subscriber, you can up grade for just £5 a month.