Recently I wrote about Coach in one of my Designer Favorites articles. I listed things like wallets, handbags, and shoes. All of which were made either of leather or coated canvas. What got my attention, though, was the difference in price of Coach handbags vs bags from other brands like Chanel or Versace.
Items from Versace begin in the hundreds while most items are in the thousands. A wallet from Versace starts from arrested $300 to over $1,000. Versace’s newest handbag, the Palazzo Empire Bag, costs $3,295. When it comes to handbags from Chanel, expect them to start around the same price as a Palazzo bag.
As for items from Coach? Small accessories start around $40 and its most expensive handbag costs $895. Now, that might seem like luxury prices to some, but when you look at the prices of items from other brands, it to looks like something you’d see in a department store like Macy’s which, if your brand is very valuable, you wouldn’t be.
Speaking of brand value, Coach has many outlet stores where as most luxury brands don’t sell their items through outlets or even offer items on discount. Chanel doesn’t work with outlets of any kind and Hermès sells items at full price until they are gone. There are no clearance or “on sale” sections at these and many other luxury stores. Have outlet stores or offering items at a discount can “devalue a brand, encourage people to not buy at full price, and make luxury items too accessible”, according to this article on Business Insider.
I also read in the same an article that Michael Kors handbags are eplacing Coach handbags as a favorite for teens. First, if you’re marketing towards teens, your brand is already looking something like H&M or Forever 21. Not that that’s a bad thing, it’s just that luxury brands usually market towards more mature buyers. Second, if Michael Kors is in the same spot as you, you’re probably not a luxury brand.
Personally, I think Coach is a quality brand, worth the prices they charge, and better than Michael Kors but by market standards, a handbag from Coach may not be much of a luxuxry item anymore. It takes more exclusivity and prices more expensive than those of Michael Kors for your handbags to be luxury bags. Coach needs to start marketing its handbags in the same way it markets its clothes way if it wants its bags to still be luxury bags.
So, what do you think? Are Coach handbags still luxury bags? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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