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.
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.