Welcome to the 187th insertion of DEMUR®, an analytical series highlighting the intricacies of the artistic world and the minutiae lying within. In this episode, we access our current fashion circuit, debating whether the luxury market is worth it, or if designer wear is simply an overhyped facade.
Luxury fashion has officially reached an all-time high in gross revenue. Amassing more than $110 billion worldwide as of 2023, a staggering 30% increase from 2020, it’s become apparent that the industry is growing with haste. As millions buy into the niche, it makes us question the ethos behind contemporary design, pondering why it’s as expensive as it is and if it’s worth buying into.
Years ago, die-hard clients of Saint Laurent, Louis Vuitton and Hermes often justified their pocket-wrenching purchases with an unparalleled commitment to quality, craft and service. Spending what many regard as rent or groceries on a bag, the investment was deemed ‘worth it’ as a lifetime acquisition, holding intrinsic value while remaining relatively attainable. However, as we progress into a capitalistic state, we’ve seen a decrease in production quality with a seemingly ironic increase in price and volume.
Contradicting the groundwork designer fashion is built upon, this new wave of profit-driven craft pushes the validity of opulent consumer culture into limbo. On one hand, $800 Gucci logo tees are overpriced and used to fund marketing projects like Haute Couture and eccentric runway stage design. However, on the other hand, houses like Hermes continue to produce beautifully crafted pieces, like the infamous Birkin per se, which remains an inherently priceless signature good in both art form and design.
With many exemptions, fashion as a craft is valued in the eye of the beholder. To most, a $5,000 Saint Laurent leather jacket is a ridiculous purchase, but to those who appreciate decades of refined cut and construction, it’s entirely justifiable. Luxury fashion is priced at luxurious prices for good reason, it’s crafted with the intent to be worn by the elite as a commodity, not a necessity.
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