Making Money on Handbags: “The Best Time to Return a Handbag is NOW” | Personal Finances | Finance
Designer handbags appreciate in value annually by 13% on average, outperforming stocks and equity investments, according to research. Handbag Clinic CEO Charlotte Staerck exclusively shared her top tips for gambling in the handbag market, telling Express.co.uk about the best designer deals on the resale market just in time for Christmas.
Chanel recently announced that it will ration its sales in an effort to reassert itself as the handbag powerhouse.
The move saw the resale price of these iconic bags skyrocket, with the market expecting to hit an all-time high.
Additionally, the pandemic has exacerbated price hikes for luxury goods as factories close during the lockdown.
With price increases on individual bags of up to 21.1 percent and as scarcity has become a concern due to limited production, the second-hand market for specific bags is growing far beyond what was previously. planned.
Handbag Clinic, a luxury handbag catering and resale retailer, said more and more of its buyers are playing in the handbag market as they are in the stock market.
But what bags should potential investors be looking for and how do you get started in the handbag resale market?
Ms Staerck suggested that those looking to buy a bag as an investment should research its rarity and popularity first.
She commented: “It is very important to consider the brand and whether it is viewed as an investment. Ambitious luxury brands such as Hermes and Chanel will always retain their value and often be worth more in the second-hand market due to their superior quality and rarity.
“Bags like the classic Chanel flap, the Hermes Birkin, the Hermes Kelly and the Louis Vuitton Speedy are always in high demand.”
Ms Staerck said popularity is important to ensure the owner will actually be able to sell their bag when they want a return.
Analyzing research on the Handbag Clinic website, Ms Staerck said the increasingly popular brands were Louis Vuitton, Chanel and Mulberry.
She noted that in particular, LV Pochette accessories are one of the most sought-after styles of the year and often sell out within minutes of appearing on the Handbag Clinic site.
Ms Staerck also indicated that due to Chanel rationing: “Their most popular styles, the classic Chanel flap bag and also the Coco handle, will trade in the second-hand market for record amounts over the course of this year. next year. “
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While handbags can be an incredibly alternative way to invest, they are nonetheless an investment and as such you have to keep an eye on the market to buy and sell at the right time.
Ms Staerck suggested that looking at fashion influencers on social media could provide a good insight into trendy styles and brands.
However, trends can be as fickle as the stock market, some last a long time while others erupt and die within hours, so choosing the right trend to jump on is critical.
She said the best time to return a handbag is fall: “The best time to return a handbag to the used market is NOW. Fashion houses increase the prices of their evergreen styles every spring year.
“Handbag collectors and savvy investors love to grab hold of the most coveted styles before that, knowing their value will increase after purchase, according to fashion houses. “
When selling items like handbags, it is suggested to restore and thoroughly clean the item in order to get the best value possible.
Ms. Staerck commented, “Restorative treatments can work wonders by adding hundreds or even thousands of pounds to value. ”
When restoring ancient objects in particular, it is essential to ensure that the company carrying out the restoration is properly equipped and qualified to do so.
“Restoration work is not necessarily the process of making something look brand new, but rather using our specialized techniques in a conservative way to restore and maintain that vintage feel – giving the bag new life while retaining all the branding and vintage aesthetic essentials.
Finally, when it comes to actually selling the bag, sellers should carefully control the platform they intend to use.
Ms Staerck told sellers to look at platforms that frequently store and move a large volume of the brand they own.
She also warned that a store or platform without reviews should be a wake-up call for sellers.
For those looking to get a good deal on designer luxury rather than gambling in the handbag market, Ms. Staerck has listed some of the best bags to buy in the resale market right now:
Classic Chanel bag
Retail price: £ 7,570
Resale Price: £ 5,395
Louis Vuitton Monogram design MM
Retail price: £ 1,180
Resale Price: £ 825
Hermes Birkin & Kelly’s
Retail price: around £ 2,800 as it is difficult to buy a new one.
Resale Price: £ 2,195