Hong Kong’s elite group of women known as ‘tai tais’ are providing a local business man and owner of Milan Station with the goods he needs to furnish the desire for designer handbags. By authenticating and recycling old ‘it’ bags, Byron Yiu has become a very rich man.
A brilliant idea to take advantage of a growing trend to sell last seasons bag in order to buy this seasons newest offering and it also means that his stores now house a range of limited editions and rare bags that would otherwise be sitting in closets.
(image from: http://www.dawn.com/2011/09/21/old-luxury-handbags-get-new-life-in-hong-kong.html)
I’ve been having lots of discussions on the notion of what luxury really means, both in terms of concept and service. For some, starting a new luxury brand, it’s difficult to establish a position in the market without a long history. For others, who are trying to re-define their existing brand, it’s interesting to discover how to embrace new technology in the process.
So what is luxury? It’s a relative term which we define in response to our situation. Luxury brands definately have specific characteristics but how does the average person define luxury?
While having lunch at Smiths the other day, I saw someone wearing a t-shirt with Coco Chanel’s infamous quote: “Some people think luxury is the opposite of poverty, but it’s not, it’s the opposite of vulgarity”