The high price of high fashion
While on a recent visit to the Holt Renfrew on Bloor Street in Toronto, I was enjoying a fantasy shopping spree in my mind as I wandered through the many departments. Reality soon hit and my dream of leaving with several crammed fuchsia bags was shattered as I realized the damage would cost more than a year of my tuition, rent, books and living costs combined.
Since when is a Balenciaga handbag's price tag rivalling the cost of a down payment on a house? Have designers gotten that greedy, or is there an underlying answer? In all fairness, prices are also on the rise for jewellers and clothing retailers as the cost of their raw materials is rising by up to eight per cent since last year. Another aspect of the skyrocketing number on the hangtags is the cost of oil. Many of the materials and garments come from overseas, where fuel is needed to ship them to your local boutique. The import tax to bring goods into Canada versus the US is also a staggering 15 per cent higher due to tariffs.
So should we all be flocking to Saks to get our designer duds?
In short, no. Although we get taxed higher, Holt Renfrew, as well as most flagship stores, match their prices very similarly with our southern neighbours so after the currency exchange rate, there is not a huge difference in your (now empty) wallet.
Does this justify the fact that a handbag can cost $7,000 without even making shoppers blink?
Perhaps they have become savvier and although the prices have risen, they are more aware of why the bag costs more than my education. You can easily go to H & M and purchase a handbag that is designed visually similar, but the materials and craftsmanship are worlds apart.
Luxury materials such as crocodile skin, furs and heavily treated leather contribute to the price. As well, many designers are adding extravagant details and even jewels to their designs. The thing is, designers have been doing this for years. However, the increase in prices have jumped significantly more than the cost of materials.
In 1999, Fendi introduced a handbag called “The Baguette”. This was the first of its kind in the way of “It Bags” and created a fashion frenzy. I believe this was the defining moment in recent fashion history where designers realized they could make their mark up per cent larger and still have hundreds of desperate names on a waitlist. So far, so good.
Designer jeans are $200 -plus and sell like crazy. Prada's Fall 2008 lace dress is another example of a designer piece selling out despite its jaw dropping price of $6,670. Then there's the classics, like the Hèrmes Birkin, which has always been at least $10,000 and has a waiting list longer than this article; the Burberry trench coat, a staple piece since its debut in 1901 and sells upwards of $2,000, and, of course, the Chanel tweed suit that Madame Coco herself wore and can be purchased starting at around $5,000.
The people slapping down their shiny black infinite Visa cards for these goods are buying more than just a garment; they are buying status, exclusivity, and for some, a masterpiece (some of these garments look like art. Seriously!)
All I can say is, Mom, Dad, Christmas is around the corner and I'd really like to get my name on one of these lists…
Since when is a Balenciaga handbag's price tag rivalling the cost of a down payment on a house? Have designers gotten that greedy, or is there an underlying answer? In all fairness, prices are also on the rise for jewellers and clothing retailers as the cost of their raw materials is rising by up to eight per cent since last year. Another aspect of the skyrocketing number on the hangtags is the cost of oil. Many of the materials and garments come from overseas, where fuel is needed to ship them to your local boutique. The import tax to bring goods into Canada versus the US is also a staggering 15 per cent higher due to tariffs.
So should we all be flocking to Saks to get our designer duds?
In short, no. Although we get taxed higher, Holt Renfrew, as well as most flagship stores, match their prices very similarly with our southern neighbours so after the currency exchange rate, there is not a huge difference in your (now empty) wallet.
Does this justify the fact that a handbag can cost $7,000 without even making shoppers blink?
Perhaps they have become savvier and although the prices have risen, they are more aware of why the bag costs more than my education. You can easily go to H & M and purchase a handbag that is designed visually similar, but the materials and craftsmanship are worlds apart.
Luxury materials such as crocodile skin, furs and heavily treated leather contribute to the price. As well, many designers are adding extravagant details and even jewels to their designs. The thing is, designers have been doing this for years. However, the increase in prices have jumped significantly more than the cost of materials.
In 1999, Fendi introduced a handbag called “The Baguette”. This was the first of its kind in the way of “It Bags” and created a fashion frenzy. I believe this was the defining moment in recent fashion history where designers realized they could make their mark up per cent larger and still have hundreds of desperate names on a waitlist. So far, so good.
Designer jeans are $200 -plus and sell like crazy. Prada's Fall 2008 lace dress is another example of a designer piece selling out despite its jaw dropping price of $6,670. Then there's the classics, like the Hèrmes Birkin, which has always been at least $10,000 and has a waiting list longer than this article; the Burberry trench coat, a staple piece since its debut in 1901 and sells upwards of $2,000, and, of course, the Chanel tweed suit that Madame Coco herself wore and can be purchased starting at around $5,000.
The people slapping down their shiny black infinite Visa cards for these goods are buying more than just a garment; they are buying status, exclusivity, and for some, a masterpiece (some of these garments look like art. Seriously!)
All I can say is, Mom, Dad, Christmas is around the corner and I'd really like to get my name on one of these lists…
