Accessories labels are enjoying the lion's share of the world’s fashion dollars, according to a new report from The New York Times.
Gone are the days when accessories design was considered the poor cousin to apparel creation. Economic uncertainty has seen a shift in the spending habits of fashion labels everywhere. Rather than spending $8000 on a high end dress that can only be worn on occasion, women would rather indulge in a $1000 handbag that can become an everyday companion. After all, as any bag lover knows, carrying a new purse is the easiest way to revamp any outfit!
The proof's in the figures. For the last 18 months, women's fashion is, on the whole, losing money. It's the accessories that have kept the big labels afloat.
"Over the last six months, accessories have been 2 percent ahead over the last 12 months," Marshal Cohen, the chief retail analyst at NPD Group, told The New York Times. "That may not sound like a lot, but in the fashion sector, that's great."
Michael Kors says accessories have accounted for 75% of his firm's total revenue, and other companies report similar numbers. The trend's even inspired Elle to revamp its Elle Accessories publication!
Are you surprised by the rise of accessories?