Designer labels are ripping us off

Last updated 12:37 13/03/2014
Chanel bag
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THE COST OF STYLE: "Let’s stop this madness before we lose sense of what ‘expensive’ even means."

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To think it was only 10 years ago when Carrie Bradshaw confessed to spending $485 on Jimmy Choos and did the mental arithmetic to realise she had $40,000 worth of them stored under her bed.

Well, how times have changed. Sadly, $40,000 will no longer buy you 100 pairs of Jimmy Choos  - it'll barely buy you 60.  Those same satin pumps will now cost you a whopping $650.

The price of clothing has been rising for years now - hiked 60 per cent in the past decade alone - and nowhere is this inflation more evident than with the price of fancy footwear.

Want a Chanel purse just like Alexa's? You may as well commence your diet of instant ramen now. The classic quilted carryall has increased in price 70 per cent in the past five years, now costing you $4,900.

Call us whiners, but since when did paying half a year's rent for a bag - not even big enough to carry our requisite amount of everyday stuff - become the norm? We were probably too distracted complaining about the cost of petrol and bananas to realise the growing insanity of it all.

Let's stop this madness before we lose sense of what 'expensive' even means.

As reported in the Wall Street Journal, the cost of designer fashion has reached new levels of ridiculous.

With quality, mid-price-point labels such as Tory Burch, Coach, Michael Kors and Sandro moving in on the market and giving luxury logos a run for their money, super-brands such as Burberry and Chanel have jacked up their prices in an attempt to increase their appeal among the upper end of their customer bases.

Yet the super-rich set isn't buying it. Literally. The very wealthy are nearing the limits of what they're willing to spend, causing LVMH's growth to slow over the past few years .  

Since when did determining an item's price become more about desirability and perception and less about production and materials?

As told by the numbers, perhaps relying on unjustified price increases to drive sales isn't the most effective strategy for luxury labels. Customers are clever enough to see through that.

- Daily Life

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