Luxury is defined as anything that pleases the senses, and is also costly or difficult to obtain; an expensive rarity; as silks and jewels are luxuries. Any convenience regarded as an indulgence rather than a necessity.
Luxury fashion is just that. It is an indulgence, and expensive rarity, it is something that pleases the senses and is quite costly. It is exclusive and highly sought after.
At the turn of the century luxury fashion was redefined. it was no longer exclusively available to the rich and famous. the production of luxury goods rose by 200% and there was a 60% increase in small/ suburban luxury good outlets. Why? Because the economy was in the best position it had been in for nearly 2 decades. People had money and they weren't afraid to spend it. Luxury fashion entered the middle market; but it would soon pay the price.
The image of luxury fashion has become tarnished by over-production and greed. For centuries luxury fashion was set apart from the mainstream by quality and exclusivity. Products were custom designed and hand-made by artisans in Paris and Milan. In recent years it has been churned out at a frenetic pace because demand has grown quite significantly.
But what happens when a company used to producing 2000 units of an item all of a sudden has a demand for 20,000? Some such as Hermes use it to reinforce their exclusivity by turning less desirable customers away and establishing waiting lists for items. Most on the other hand see dollar signs in their eyes and make the production possible. Take Louis Vuitton for example. In 2000-1 there was an overwhelming demand for their monogrammed handbags and small accessories, so for the first time in the companies history they used machines to make them. Now Louis Vuitton are being accused of sending the production of popular small accessories such as wallets and coin-purses to China. It raises the question: can a product that is produced in sweetshop conditions, regardless of the label, still be considered luxury?
Thankfully I believe this practice will be stopped, not because of the ethics, but because of the economy. What happens to luxury fashion now that people have lost much of their disposable income? It has to revert back to the tried and true methods that made it so sought after in the beginning. The following will be key:
1- Classic simplicity: consumers will look for investment pieces; accessories and garments that will have a long wear life.
2- Quality and Exclusivity: if they are paying higher prices, consumers will want their products to stand the test of time and be something that is custom designed to meet their needs.
3- Discretion: some consumers with vast amounts of money will not wish to advertise the fact. Logos and monograms will become smaller.
Luxury fashion will never cease to exist. However, it will change to suit the times, whatever they may be.
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