Thursday, March 26, 2009

A financial conundrum…

Who ever said that a designer bag or dress was not an investment, boy were they wrong!! In today’s economy they seem to hold more value then currency. No one really knows (perhaps the FED…. Maybe they too lost track??) the “real” amount of money floating around and we definitely don’t have enough gold reserves to back up all the cash being printed....isn’t it the same with designer products, who know how many items are around and how many real limited edition pieces exist.

Many women strapped on cash are now selling their Birkin bags, Channel tweeds and their best furs to gather extra cash. Joan Lacey, a personal shopper to the Hollywood elite says “I can predict when a women is about to leave her husband by the purchases she makes”. They often buy the items on their husband’s credit card and then take them to stores such as Encore in New York, which is a consignment store that specializes in second hand designer items. Once the item is sold the return to the client is 40 to 50 percent of the cost of the sale. Not a bad deal at all…

Going through a divorce can be hard enough for a woman and to top it all off they now also have to find a way to deal with finances. I wonder why at schools there are no classes that teach us how to take care of our finances…sure algebra 101 is great but then when will that ever come of use in a real life situation?

It is inspiring to know that all situations no matter what it is can create new niche professions – as we have it the consignment personal shopper. This is someone who shops looking for items with high re-sale value.

In Hong Kong we have a store called Milan Station, they buy second hand designer bags with cash. Not only do they sell all the latest items but also they have build up a professional service team to provide VIP service for celebrities and the rich and famous.

Are we now living in a generation of castoff’s? or perhaps we could call it an “eco-effort” to re-use?

….a matter of perception as every happening in life!

C’est la vie


  1. "Once the item is sold the return to the client is 40 to 50 percent of the cost of the sale. Not a bad deal at all…"

    Kanch, I hate to disagree but your conclusion doesn't make sense to me. The bag loses 50-60% of its value as soon as you leave the store!

  2. Well some of it goes to the consignment store who sells it and probally does lost some value but then again, will currency hold its value? I think we're going to be barting gold soon ..he he he