This new attitude has helped create a rough patch for some of the titans of the luxury retail industry. Louis Vuitton, Gucci and Prada ascended as icons of global wealth as their $5,500 handbags and $695 silk scarves became status symbols from New York to Shanghai.
But today’s luxury shopper has soured on such obvious signs of affluence, in particular the logo-emblazoned goods that these brands became known for as they aggressively opened stores in emerging markets and in smaller cities in the United States and Europe.
Read more here on the Washington Post.
This was one of the success recipes of Hermes Birkin and Kelly bags. They’re understated but only a few people are able to own it because of the waiting list. Unfortunately though for Hermes, the bags have become so coveted that they are ubiquitous right now – slowly eroding their magic.
There is a negative image attached to the Nouveau riche on how they tend to display their wealth, because when you have never had so much money in your life before and you get rich overnight, what will you do? Flaunt it.