Charlotte Chehboub is Communications Manager at Collector Square, Europe’s leading reseller of second-hand luxury watches, jewelry and bags. With 7,000 bags on its shelves in 2024, Collector Square is the undisputed expert in this market. We asked Charlotte Chehboub about the success of certain models, a phenomenon that involves several criteria.
Luxus Plus: How do you explain the success of certain handbag models?
Charlotte Chehboub: We’ve noticed that the best-selling bags are those with a particular history, like the Birkin bag (No. 1 in our sales), the Kelly or the Lady Dior, linked to the memory of Lady Di. Models have become iconic thanks to their story, whether it’s a coincidence or not.
L+: Price doesn’t seem to be an obstacle, on the contrary…
Charlotte Chehboub: There have been sharp price rises on most models since the end of Covid. Chanel’s Classique bag has passed the €10,000 mark. It was still selling for €9,700 in January 2024, then rose to €10,300 in April, an increase of over 6% in 2024 alone.
In 2019, the Lady Dior bag was selling on the second-hand market for between €1,100 and €1,150. Since then, its price has climbed by over 90%… by 2022, it was selling for between €2050 and €2100.
This obviously has an impact on customer interest, reassuring them of the bag’s value. At Collector Square, we stay away from this notion of investment, but we don’t deny that it’s present in our customers’ minds. If they can’t be sure of making money on resale, at least they won’t lose any. This calculation is part of what they also take into account at the time of purchase. As a result, customers are more likely to turn to these iconic models (Birkin, Kelly, Classique de Chanel…) than to the more fashionable, more recent ones, which don’t have the same history or the same impact.
L+: What is the Houses’ strategy for maintaining the dream of these iconic models?
Charlotte Chehboub: The Houses understand the need to keep customers interested. They are betting heavily on new designs and new materials by creating limited editions. Concerning the Lady Dior, customer alerts increased by 20% on this bag between the first half of 2023 and the first half of 2024, following a year in 2023 when we already had a 66% increase in alerts on this model compared to 2022. The Lady Dior is much promoted by the House of Dior, and demand remains strong, especially for classic black leather models. Louis Vuitton’s Capucine bag is more recent, but the House is moving in the same direction as Dior with the Lady Dior. The Capucine model is available in several sizes, and is then revisited for fashion shows and limited editions in collaboration with artists. Customer alerts increased by 15% on the Capucine between the first half of 2023 and the first half of 2024, following an already significant increase between 2022 and 2023.
L+: Which is the most aspirational brand?
Charlotte Chehboub: Undeniably Hermès. The Birkin bag has real visibility. It comes in a Cargo version, in canvas with pockets, and the Birkin Rock with chains. It tends to take over from the Kelly, which is revisited in different sizes and colors, but it’s a more classic approach. Between 2022 and 2023, the Birkin model saw a 56% increase in additions to alerts. In terms of sales, we recorded +56% (by volume) for this model between the first half of 2023 and the first half of 2024, while alert requests for the Kelly rose by 126% over the same period. Hermès’ Constance model recorded an 83% increase in sales (by volume), again over this period. Hermès’ success remains a phenomenon.
Close behind, the three leaders Chanel, Dior and Louis Vuitton are tending to catch up with Hermès in terms of both quality and price. This is especially true for Louis Vuitton, which had to launch leather models. Capucine, Louis Vuitton’s only all-leather bag, is becoming iconic and will enable the House to move closer to Chanel and Hermès with a nobler material and a price that matches that of its competitors. It is staged each season, with artists associated with the new versions. The average in-store price of the bag is €6,500, which is gradually catching up with Hermès prices.
We also have many requests for mini Kellys and vintage Kellys. Louis Vuitton’s nano Speedy remains very much in demand. Between 2022 and 2023, the Speedy, all sizes combined, saw a 54% increase in alerts. Mini models and even nano bags are on a roll. Lady Joy and Louis Vuitton Cannes bags are also enjoying good success, but this may not last.
Hermès, Chanel, Dior and Louis Vuitton continue to be trusted by our customers, and this trend has been going on for several years. Chanel will undoubtedly experience a turning point with the long-awaited arrival of a new Artistic Director, who will surely revisit the great classics in his own way. He may even create the House’s next phenomenon, as Karl Lagerfeld did with Classique (and many others) or Virginie Viard with Chanel 22. While smaller brands are still lagging behind, we are seeing an increase in demand for Bottega Veneta, Loewe, Prada and Miu Miu.
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Read also > Luxury bags: from notoriety to exclusivity
Featured Photo: © Collector Square
