From Hollywood to the FROW, the iconic Birkin bag has become a global symbol of status and wealth. Its easy-to-recognise shape and hardware can be customised in countless exotic materials, and it’s handcrafted in a six-phase process over the course of 20 hours. Even with its jaw-dropping price tag, the Hermès Birkin remains one of the most difficult bags to get your hands on because of overwhelming demand. That said, luxury re-sale site Vestiaire Collective recently revealed that the Birkin is the most in demand bag right now and saw an increase in sales of +185% sin 2020. But what exactly has given this iconic piece of arm candy such enduring popularity? To understand how the Birkin bag became such a hot-ticket item, read on.
In 1983, or so the story goes, Jean-Louis Dumas—chief executive of Hermès at the time—was seated next to Jane Birkin on a flight from Paris to London. When the actress’s top-handle basket bag tipped over, pouring all of its contents on the floor, Dumas felt inspired to design the icon a bag that was equally as stylish as her signature style but would actually stay closed—so inspired, in fact, that he drew the initial design on an aeroplane sick bag (chic) right then and there. And soon after, the Birkin bag was born.
Celebrities are no stranger to the Birkin bag—surely you’ve seen the Kardashian squad toting their Birkins on any highly papped gym run or airport outing. Kris Jenner is said to have a whole room dedicated to her Birkins, complete with a neon sign that reads “Need money for Birkins.” A sentiment we can (kind of) relate to. Kim Kardashian even let her daughter North customise one of hers in what has to be the most expensive arts-and-crafts session of all time.
Ashley Olsen is another celebrity who is often seen dashing around with a Birkin in the crook of her arm, as is Victoria’s Secret model Alessandra Ambrosio. However, it seems that no one is as big a fan of the iconic arm candy as Victoria Beckham. It’s guesstimated that she owns upwards of 120 Birkin bags, though you’re more likely to see her sporting one of her own designs nowadays.
So just what is it about the Birkin bag that has garnered it such a cult A-list following? Exclusivity, of course. It’s difficult to get nature and recognisability make it the perfect flashy piece for those who love the spotlight.
The luxury resale market has seen a massive boom in the past few years, with companies like Vestiare Collective and Xupes asserting that the Hermès Birkin bag retains around 130% of its retail value at resale. The reasoning behind this? Scarcity. It’s widely known you can’t just stroll into any Hermès shop and expect one of the pristine shop assistants to lift the red ropes and present you with a with a selection of Birkin bags to choose from. As Vestiare co-founder Fanny Moizant succinctly puts it, “Anything that is hard to get is highly coveted, and there’s a mystery around the bags, which makes them even more sought-after.”
On 12 June 2019, Christie’s London hosted a handbag auction featuring some of the world’s most exotic finds, including an Hermès Birkin bag that sold for an unbelievable £162,500. This was second most expensive handbag ever sold at auction—the record was broken in 2018 when the Matte Himalaya Niloticus Crocodile Birkin 35 with 18k White Gold & Diamond Hardware went for a colossal £236,750. One has to wonder—when would a person wear a six-figure handbag? Certainly not when their personal security take their annual leave.
Indeed, it seems that a Birkin’s worth just keeps going up. Baghunter shared that between June 2016 and 2017, the value of Birkins on the resale market rose by 16%. Since then, Baghunter has conducted a new new report which finds a growing gap between demand and supply of Birkin handbags, leading to a “mini-Hermès drought” in the resale market. “With all indicators showing Hermès have not increased production of the Birkin bag, the value of the Birkin is set to spike soon,” said Evelyn Fox, CEO at Baghunter.
We’re no expert on investments, but we’d say the Birkin sounds like a pretty sure bet. This begs the question: stock market or bag connoisseur? We’ll take the bags, thanks.
This post was published at an earlier time and has since been updated.
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