With the urban rich adopting the attitude, “have money – will spend,” premium luxury brands are making a beeline for the high-end segment. Ladies are increasingly investing in fashion accessories, particularly designer handbags.
With an increase in disposable income, the potential is enormous. The biggest draw, though, is what the industry terms the image factor. Brand image has different connotations for different people. For young, it’s being “in”; for the upper middle-class segment, it’s creating pockets of wealth in their lives; and for the affluent, it’s an assertion of their class.
“When we establish a physical presence in any country, our target is long-term success, and not immediate returns; but we usually develop a strong customer base within a short time,” comments Prasanna Bhaskar, Retail Manager, Louis Vuitton. “About 300 Suhali Goat Leather Handbags priced at $2,893.96 were dispatched to a burgeoning market like India, but it turned out to be a gross underestimate of the demand; the entire collection sold out within two months.” Bhaskar attributes this to the desire to associate with a well-known, high-end brand.
Another hot seller is a Marc Jacobs Quilted Venetia handbag in vintage-inspired quilted leather. Priced at $1,200.00, the leather is complemented by brass hardware and luxe-suede interiors. The young at heart are snapping up Marc Jacobs Quilted Denim Large Hobo Banana priced at $875.00. Everything about this Italian hobo, from the chunky brass straps to the slant zip pockets, makes it irresistible; the quilted denim is teamed with topstitched leather and signature hardware. Prada Lock Tote is in demand, too, and is characterized by antique leather trim, front flap, signature lock closure, and magnetic-snap front pockets.