Birkin bag

The Birkin bag is a personal accessory of luggage or a tote by Hermès that is handmade in leather and named after actress and singer Jane Birkin. The bag is currently in fashion as a symbol of wealth due to its high price and use by celebrities. Its prices range from £7,500 to £100,000 (US$11,550 to US$150,000). Costs escalate according to the type of leather and if exotic skins were used. The bags are distributed to Hermès boutiques on unpredictable schedules and in limited quantities, creating artificial scarcity and exclusivity. Small versions (25 cm) may be considered a handbag or purse. History: In 1983, Hermès chief executive Jean-Louis Dumas was seated next to Jane Birkin on a flight from Paris to London. She had just placed her straw travelling bag in the overhead compartment for her seat, but the contents fell to the deck, leaving her to scramble to replace them. Birkin explained to Dumas that it had been difficult to find a leather weekend bag she liked. In 1984, he created a black supple leather bag for her, based on a 1982 design. She used the bag initially, but changed her mind because she was carrying too many things in it: “What’s the use of having a second one?” she said laughingly. “You only need one and that busts your arm; they’re bloody heavy. I’m going to have to have an operation for tendonitis in the shoulder." Nevertheless, since that time, the bag has become a status symbol. In an August 2015 New York Times article and its accompanying style feature video by Bill Cunningham a moulded rubber bag bearing the same style seemed to have become ubiquitous in Manhattan, along with examples of the authentic ones. A significantly lower cost was reported for the rubber totes, being comparable to typical leather handbags. Craftsmanship: The bags are handmade in France by expert artisans. The company's signature saddle stitching, developed in the 1800s, is another distinctive feature. Each bag is hand-sewn, buffed, painted, and polished, taking several days to finish. An average bag is created in 48 hours. Leathers are obtained from different tanners in France, resulting in varying smells and textures. Because of varying individual skills, other details of the bags may not match with other bags. The company justifies the cost of the Birkin bag, compared to other bags, based on the meticulous craftsmanship and scarcity. Demand: According to a 2014 estimate, Hermès produced 70,000 Birkin bags that year. The bag is highly coveted and, for several years, was reputed to have a waiting list of up to six years. The rarity of these bags are purportedly designed to increase demand by collectors. As a result of the strong demand, the Birkin bag has a high resale value in many countries, especially in Asia and to such an extent that the bag is considered by some people as an instrument of investment. One 2016 study found that Birkin bags had average annual returns of 14.2% between 1980 and 2015, significantly beating the S&P 500 Index. In April 2010, Hermès announced that the waiting list would no longer exist, implying that it is potentially available to all. The Philippine Star reported in March 2013, that a very high-end, 30-cm Shiny Rouge H Porosus Crocodile Birkin with 18K gold fittings and encrusted with diamonds fetched US$203,150 at an auction in Dallas, Texas. In her memoir, The Primates of Park Avenue, author Wednesday Martin recounts how Birkin bags signal social class status on the Upper East Side.