Louis Vuitton Totes and Dior Micro Bags Can Save Luxury
After pricing out aspirational shoppers, luxury brands need new ways of reconnecting with them. Affordable, smaller products go a long way.
The Neverfull.
Photographer: Edward Berthelot/Getty Images EuropeIn 2007, Louis Vuitton introduced a new spacious bag in its trademark monogram. Meant as a seasonal beach carry-all, the Neverfull, as it was known, became an instant hit. Part of the appeal was that it was relatively affordable. I purchased one in 2010, and it cost around £600 ($760). Not cheap for a coated canvas bag, but around a quarter of the price of a classic Chanel.
That was a time when many people — either through rising wealth in China and the US, or diligent saving (like this columnist) — became able to buy into designer names that previously only catered to the very rich. Today, after several years of sharp price increases (a large Neverfull now costs £1,450) and the luxury industry flatlining, brands must once again democratize their customer bases.