How to Choose the Best Investment HandBag For You
Invest in Fashion
As my 30th birthday creeps its way towards me, I've been thinking about making a major gift to myself - a real Chloe 'Paraty' bag that I've had my eyes on for years! Not the replica kind from Chinatown, but the real $1,895.00 beautiful piece. How can I justify this milestone purchase, equivalent to an entire month's rent? Well, I am I turning thirty and it's an investment!
How can a handbag be an investment, you may ask? Well, let's do the math here. For example - in 2005, an Hermes Birkin would've cost you $5K. Today, the Hermes Birkin will set you back $10K. If you resell the 2005 Hermes Birkin, you can get $8K for it. That's a whopping 60 percent return on investment (ROI) in seven years. That, my fashionista friends, sounds like an incredible investment - much better than any Certificate of Deposit (CD), mutual fund or bond. Exciting isn't it?
A classy, in-demand and unused investment bag can actually return the money you invested in it and even make you a nice profit if you resell it on the high-end resale market. On average, these pieces appreciate by about 10 - 20 percent annually. Another option is to invest in a handbag for yourself, which will bring you the joy of ownership for many years to come - as I plan to do with my Chloe 'Paraty' in 'rock' color. If you plan on investing in a classy bag for yourself, you can even resell that piece for about 30 - 70 percent of its retail value on the secondary market in luxury goods consignment sites or online auctions.
Below you will find information on how to spot an investment bag, how to narrow down your options for your very own first investment bag and which bags have been known to have high ROIs.
Are you thinking of buying an investment bag?
How to Choose Investment Bags
There are a number of elements that a sound fashion investment entails. Below is what you should look for when choosing an investment bag.
- Buy an established designer label. It's important to choose a handbag from iconic designers like Louis Vuitton, Dior, Mulberry, or Hermes Birkin. These designers are known the world over and are appreciated by men and women who love fashion.
- Select a classic style. If you want to secure a high ROI on your fashion investment, make sure you choose a style that endures season after season, not something trendy.
- Choose a neutral shade. Pick neutral shades like black or brown. These are best for versatility and longevity. Don't get the lemony yellow Louie Vuitton because there is no guarantee that there will be demand for that color in the next few years. On the other hand, you can't go wrong with classic neutral shades.
- Made from exotic skins. An investment bag is made from long lasting material such as crocodile skin, ostrich or snakeskin. Investment bags are never made from canvas or nylon.
Investment Handbag Care Tips
Below are some important care tips for your investment bag - regardless of whether you bought it solely for reselling purposes or if you can't resist and got it for yourself. Just remember, in order to really make that high ROI on your investment bag that you only intend to resell, do not wear it, ever! That kind of investment bag is like an investment in wine, obviously, you don't drink it. The same applies to an investment bag - you don't wear it.
- If your investment bag needs any repair, contact the customer service of the brand. If for some reason your bag is in need of repair or needs to be refurbished, contact the brand's customer service and send the bag back. Do not just go to any random repair place but a certified one. This way, you will be able to preserve the value of the bag.
- Take good care of your bag. You've spent a lot of hard earned cash on your investment bag so take good care of it. Keep anything that can potentially leak (such as perfume, lotions, pens or markers) or that can open (like lipstick or candy bag) in plastic bags. Also, don't leave your treasured investment bag on he floor of public places where it can get dirty.
- Get rid of any unpleasant smells with baking soda. Baking soda is arguably the most effective product for removing smells. To use baking soda to remove smells, just put baking soda in a container, don't close it, and just leave it inside your bag for about 24 hours. The baking soda will absorb any unpleasant smells and will leave your bag odor-less.
How to Choose a Second Hand Designer Bag
Ok, so maybe you don't have the funds to buy a brand new Chanel 2.55 or an Mulberry 'Alexa' (I so want these two!) but you still want to get your hands on a nice designer piece - even if it's (slightly) used. Below are the things you should look for when choosing a used designer bag that you'll love for many years to come.
- Get a designer label. Designer labels are excellent quality and will last you for many many years.
- Check that the bag is in good condition. Check out the bag for any scratches, markings, dents, broken zippers and such. You don't want to buy something that needs repair.
- Make sure the bag hasn't been altered. Alterations, especially if they weren't done by customer service of the brand lowers the value of the bag.
- Buy a classy piece. Don't choose a trendy style or shade that you won't want to use next year.
- If you can get a bag with a history, get it! A handbag that's been owned by someone famous has a cool cachet to it, making it the more desirable and collectible.