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Luxury Investments in Fashion

Trent Warner

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Fashion

When it comes to fashion, some of us go overboard and some of us hesitate. This is mainly because of the confusion that arises in what is worth and what isn’t when it comes to spending on fashionable brands. There are so many big brands out there calling for your attention, Louis Vuitton, Gucci, Rolex, Lamborghini, Christian Louboutin etc. Now a shopper with all those big tags and his money finds himself confused with what brand to choose. Because gone are the days when you just bought a label, today buying a label is equal to investing in a product that may increase your social status and sometimes even your financial status. Confused? Let me explain.

Choosing Brands that increase your net worth

The best way to buy a product is to evaluate if the product adds worth to your net worth or not. Designer Labels such as Christian Louboutin, Guess, Louis Vuitton, Versace and Hermes are all brands that boast of self worth and high value in the society. These products are accessible and sometimes even exclusive for the elitist of crowds. Some vintage exclusive leather bags from Hermes are hand chosen for sales by the brand because they are sold to those who truly deserve to own them. Therefore, choosing a product based on its qualities and appearance and other such tangible factors are outdated and buying a product based on its social and fashion value is the new trend.

Brands to choose as an Investment

When it comes to high fashion high street brands, you need to look out for the creme-de-la-creme of brands and labels out there. If you have the money and the willingness to purchase, don’t just look out to buy. Make it an investment in upping your social value. Here are a few brands that have had a rise in its value in the market and are even popular as preloved ones.

  1. Hermes

When it comes to bags, Hermes takes the cake. The only problem with the brand is that they are not animal friendly. But the bags are outstanding and are so unique that you need to truly deserve one. Their original leather handbags cost a bomb and usually come with a large waiting period and so mostly even booked out as they launch. Vintage and preloved bags are also in great demand and therefore this is one of the best investments for someone who loves bags.

  1. Rolex

Rolex is the king in watches for most watch lovers in the world. Most Rolexes are always saved for precious occasions and handed over from generation to generation. Some Rolex watches are custom made and hold very high value in the market. Watches can be sold and resold and even collected therefore increasing its value in society.

  1. Graff

One of the best and the most valued jewellers in the world. Any piece from Graff is exclusive, unique and high class. It is made for the royal taste and appeal and is only for a select few in the world. Graff is the maker of some of the most expensive pieces of jewellery, the Peacock Brooch and many such. Graff Diamonds resonates with luxury and all of its pieces have high value in the society.

These are some of the items and brands that one can own, where it is not just a purchase, it is an investment.

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Fashion

Two Salons on Beating the Odds and Thriving in a Pandemic

Trent Warner

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Salons

New York Times Bestselling author, MeiMei Fox, in a piece in Forbes, discusses how two beauty salons have managed to beat the odds during this pandemic and survive. ANyone who has been awake during the pandemic knows just how tough the economy has been for businesses, especially those businesses that, by their nature, require close contact between the customer and the service provider. Beauty salons and spas suffered and continue to suffer massively during this pandemic. As a result of stay-at-home orders, fear of infection on the part of the public, as well as a need to invest money in personal protective equipment and to preserve social distancing and hence, limit the number of people who could be in a beauty salon or spa at any given time, beauty spas and salons have seen their revenues plummet. Added to that, many of their usual customers are typically in the midst of having to take an axe to their budgets and cut down spending on unessential items. That is a tough market to be in and yet, and the global spas and beauty salons market is expected to add $52.7 billion to its economic value, in the period up to 2027, growing at a compounded annual growth rate (CAGR) of 4.7%.

Fox talks about the experience of Andrea Mundie of skoah and Anna Phillips of The Lash Lounge, who are pioneers in the single-service beauty salon market.

The Lash Lounge specializes in premier lash lifts, lash extensions, threading, tinting and many other lash related items. Phillips runs her business according to conservative risk principles and so, though she knows she cannot predict what crisis will come, she always tries to leave herself a margin of safety so that when a crisis comes, she is able to deal with it. So when the pandemic struck, the company was prepared with contingency plans. In every crisis, preserving and even growing trust is vital, and so, The Lash Lounge made sure to keep the lines of communication open with its customers, suppliers, employees, and salon owners. They also partnered with Franworth, whose executives are very experienced, and who helped advise them on how to execute recovery efforts across the system. Because of these efforts, the company was able to grow during the pandemic, so much so that, even though they were closed for almost a whole quarter in 2020, they ended the year with more revenues than in 2019!

Finally, Fox discusses skoah, who offer personalized facial services to their customers, providing products as well as tutorials on how best to look after your skin. The degree of personalization offered is such that many people who do not ordinarily like to get facials done, love to go to skoah.

At the onset of the pandemic, Mundie did a 360-review of the business and asked herself how she could grow during the pandemic. Her insight was that she could grow by shifting toward online sales and actively engaging with her customers.

Once again, communication was vital. The company made a huge effort to ensure that they helped shop owners open seamlessly, to anticipate new regulations, to predict what customers would want from them, and reimagining how they would interact throughout their shops in order to maintain social distancing and keep spaces sanitary. The company became even more zoned into what was happening at the level of the smallest economic unit and even though they were always extremely careful about their cleanliness, they upped their game that much more to meet the challenge of the pandemic.

The evolution of Mundie’s business has not stopped and she is pressing on with her shift to digital, whether that is with regard to sales, training, consultations or customer education.

In both cases, the secret was communication and a desire to look for opportunities where many would have seen danger, and a willingness to use the digital technology available to them to transform their business and adapt to the new normal. A few other spas are examples of these crisis principles in action, such as dermani Medspa, and they give us hope that small businesses will come out of this crisis better than ever.

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