As a kid, you likely dreamt of owning a gold Rolex, driving a red Ferrari, or wearing a finely tailored suit. We would see these items on our favorite movie stars like James Bond or artists like Jay-Z and think, ‘when I make it, I’ll buy one of those.’ From a young age, our highly imaginative minds begin to make brand associations that have a long-tail impact on how we view luxury products. When the day comes that you’re able to afford your desired luxury item, it may be years in the making and you want to purchase it to earmark a special moment like a wedding or a graduation. There’s always been an aspirational quality to luxury items, primarily due to the prohibitive price. But as the new generation evaluates its values and becomes less status conscious, consumers are starting to think about luxury outside of prices. A new wave of luxury brands across leather goods, watches, and fashion are starting to evoke the same emotion as heritage luxury brands with comparable quality minus the price points, marking a more inclusive and accessible future for the luxury industry. The new era of luxury is no longer defined by price, but by how effective and engaging your storytelling is.
The Bushwick Birkin
In 2014, designer Telfar Clemens released a new handbag through his eponymous label. The brand’s DNA is described by Telfar as “genderless, democratic and transformative.” The bag featured simple proportions with dynamically colored high quality vegan leather and a very subtle brand logo. The bag’s tagline became ‘‘not for you - for everyone’’ which was a subversive move for a leather goods company. The bag has been spotted on celebrities like Selena Gomez, ASAP Ferg, Beyonce, and the Hadids. The bags also have the cosign of Gen-Z and have become an integral part of Lower Manhattanites’ outfits. They sell out within seconds and can be found on secondary markets like eBay for over 200% the retail price. This was one of the few accessories that regardless of your status or wealth, you can be proud to wear. Echoing Three Percent Rule’s last article on Quiet Hype, an engaging buying process (i.e. the drop model) gives the item more cultural relevance than a price tag does. Given the ubiquitous appreciation for the bag, the Telfar bag was colloquially dubbed the Bushwick Birkin, an endearing nod to iconic Hermes bag. Beyonce recently sang, “This Telfar bag imported, Birkins, them s**** in storage.” This signals an important shift in consumer preference, where modern storytelling and community engagement are just as important as heritage.
The Middle-Market Watch Boom
While Rolex has some of the most notable brand equity in the world, it’s often a starting point to get people into watch collecting. Upon discovering Rolex, you start to discover the different tiers of watch brands and their unique brand identifiers. Some have institutional partnerships like the the Oscars, some have notable provenance and military inspiration, and others have been a key part of American history like the moon landing. Due to TikTok and the rise of wristwatch content creators, the luxury watch market is a ~$30bn industry. The highest growth sector has been the middle market watches ranging from anywhere between $3k-$6k, where previously the higher tier price points were dominating. Brands like Tudor and Tag Heuer are starting to resonate very well with new watch consumers because of their unique histories, relatively accessible price points, and topical celebrity partnerships. Tudor is an excellent example. Tudor is the sister company to Rolex and its archives are equally extensive and legendary in the watch community. Their pieces are highly vintage inspired and priced at an entry level for luxury dive watches (the new Tudor Black Bay 54 is the closest design to the original model and retails starting at $3,700). Consumers of Tudor value the historical references and acute attention to detail and don’t necessarily crave brand equity as much as historical provenance. The Tissot PRX has gone viral for similar reasons. The watch retails between $400-$800, is Swiss-made, and has case proportions similar to the iconic Audemars Piguet Royal Oak (market value of $30,000+). The Tissot PRX sits competitively in the crowded entry level market. For less than $800, the Tissot PRX shows that you value design, artistry, and attention to detail without having to pay a large premium.
Ivy League Style for the Masses
Collaborations were an early way to democratize access to luxury products. High end designers would often work with mass market partners like Target to bring their designs to an attainable price point. Some Target collaborators include Neiman Marcus, Thom Browne, and Sandy Liang. Most recently, Target collaborated with Rowing Blazers on an extensive collection across menswear, womenswear, and home goods. Rowing Blazers is a classic ivy-prep brand with a streetwear following. Inspired by collegiate blazers, the brand sells rugby shirts as well constructed blazers (ranging anywhere from $700-$1000) inspired by historical moments. The brand worked with Target on similar styled blazers for only $60 which still featured the classic Rowing Blazers design language. Many of the items have a new Rowing Blazers logo on them with the text ‘A Club for Everyone.’ The collaboration brought prep style, a look previously associated with wealth and elite education, to the masses. Similar to Telfar, there is immense power in turning heritage looks into something fun and approachable for everyone. It’s not only a way to broaden access, but tell the stories of a newer generation. Rowing Blazers founder & 3X member of the National Rowing Team, Jack Carlson, commented on the collaboration saying:
“It’s not watered down or anything different from how I approach our own main collections,” Carlson says. “It’s a quirky, irreverent, colorful take on the classics. It’s taking this timeless, American, collegiate aesthetic, but it’s doing it in a way that’s fun, relevant to today, inclusive, approachable rather than stuffy—that’s what Rowing Blazers is all about.”
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