The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
HONG KONG, China — A Hermès Birkin crocodile bag in fuchsia sold for HK$1.72 million ($223,000) at Christie's International Plc in Hong Kong, smashing the previous auction record for a handbag.
The iconic bag with diamond and gold hardware, and named after singer and actress Jane Birkin, had a high estimate of HK$1.5 million. The final price includes the buyer’s commission.
The previous auction record for a Hermès bag was $203,000, while that for any bag at auction was $218,500 paid in December 2011 at Christie’s in New York for a diamond and gold handbag that had belonged to Elizabeth Taylor.
The Porosus Crocodile Birkin bag was offered along another one in black at Christie’s Hong Kong five-day auction that includes art, ceramics, jewellery and watches.
By Frederik Balfour; editors: Andreea Papuc, Russell Ward.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.