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 — Christie's set the record auction price for a handbag, selling a Birkin adorned with 18-karat gold and 10 carats of diamonds for HK$2.94 million ($380,000).
The matte white crocodile-skin purse, made by Hermès International SCA in 2014, was sold to an unidentified bidder in a sale in Hong Kong, Christie’s said in a statement Wednesday. The price exceeded the top estimate of $258,000.
Auctioneers have been making a slew of new records as prices for rare items increase. Sotheby’s set the record auction price for a pair of earrings earlier this month, selling a duo of blue and pink diamond jewels for $57 million in Geneva. Phillips also recently set the record for a Rolex.
By Thomas Mulier; editors: Eric Pfanner, Paul Jarvis.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
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.