What, for you, was the biggest shift in fashion in 2020, in terms of what connected? One interesting data point is that things sold. I would like to stress that. As a category, handbags and accessories have been quite shielded. If you look at apparel, that’s been difficult for many companies. We don’t have as many events, as many dinners. We have seen that accessories—not just bags but watches and jewelry—are quite steady. That’s a behavior we’re trying to develop: shifting from consumption to investment. There’s always going to be emotion in buying. It used to be all emotional, and now the spectrum is moving to that data point [of investing], and that’s what’s driving a purchase.
Which designers/brands/labels performed well for you? With Bottega Veneta, we have seen an incredible interest in the resale side of things; some of the new Bottega bags sell close to their original retail price—80 or 90% of what they sold for. That tells you the level of interest. Daniel Lee has done an incredible job with things like the Pouch and the Jodie; they pretty much sell through instantly. And Dior has had a strong year; they’ve benefited from their vintage revival. The reissued Saddle bag has been a huge winner—and has increased the demand for the older vintage bags.
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