October 10 is National Handbag Day – a holiday, of sorts, celebrating an accessory that can be simultaneously utilitarian and extravagant. Today is for purses, pocketbooks, totes, satchels, and all receptacles for transporting your possessions.
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In an era when many traditional luxury brands are falling out of style, the market for handbags seems to be as strong as ever. Hermès’s stock value, for example, has skyrocketed in recent years, in part due to the enduring popularity of its Birkin and Kelly bags, which have found new popularity among younger generations.
Even handbag purveyors experiencing more lackluster sales and waning public interest, still maintain that the market is strong. Last month, designer Michael Kors cited the popularity of social media and celebrity influence as powerful forces in the handbag industry, while testifying after the Federal Trade Commission sued to block a planned $8.5 billion acquisition of his company.
The fashion industry “has become much more elastic,” Kors testified, when asked who he views as his brand’s competition. “[There is] everything from Lululemon, Zara, Louis Vuitton to resale.”
He also cited the emergence of new brands as a sign that the market will continue to be competitive if the merger goes through. Kors added that he only learned about Aupen, a trendy handbag brand embraced by celebrities including Kylie Jenner and Olivia Rodrigo, when he saw a photograph of Taylor Swift carrying the company’s bags.
“When I looked at the brand, the website crashed immediately,” he said. “
It shows you the power of women like this.”
Continue reading to learn more about some of the most expensive handbags ever sold.
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