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    Chanel Comments

    It appears that I may have insulted and offended some of our readers yesterday in my post about Chanel’s price increase. In hindsight I probably should have substantiated my statements a bit better.

    Here are a few more facts: China’s luxury market is growing by 50% to 60% a year and already represents 12% of world demand for luxury goods. Goldman Sachs predicts that by 2015 China will reach a 29% share of all luxury goods sold worldwide, which will surpass Japan as the world’s top consumer luxury market.

    According to LVMH’s 2010 interim financial report, revenue stayed the same or decreased in every part of the world besides China where revenue grew by 2%.

    Interestingly enough, China is the world’s number one producer of counterfeit products. Chinese women are very proud of buying authentic merchandise and will pay a 40% to 50% premium (over NYC prices) to assure they have the real thing. Of course, there are no conspiracies and I apologise for my sarcasm and hyperbole.

    Furthermore, no country or culture should be reduced to a food– even if it is excellent.

    One more thing: Nordstrom isn’t raising prices until August 5th so hit Paramus asap for 30% savings???
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    Confirmed: Chanel Raises Prices 20% to 30%

    It’s August 1st and that Chanel bag you’ve been saving up for may cost you 30% more than yesterday.

    Medium Classic $2600 to $3400
    Jumbo Classic $2995 to $3795
    Jumbo Reissue $3600 to $4200

    Saks, Bergodorfs, Bloomingdales and Chanel have already changed tickets and updated computer price information. It appears as if Nordstrom may be the only store that is holding prices steady for the next few day.

    Handbags are not the only items that are soaring. An average Chanel flat usually ranges from $575 to $650. For Fall, many flats are priced at $895. Even a basic ballerina flat has gone from $585 to $685.

    In such uncertain economic times one can only wonder why the prices of luxury items are skyrocketing. Last week, LVMH Moet Hennessy Louis Vuitton surprised analysts when it reported that second-quarter sales increased 22%. Nobody saw it coming. Hermes also said that revenue may grow as much as 12% this year.

    What’s driving this growth? One word: China. The Chinese middle class is growing exponentially and already represents 25% of the world’s population. The country has gone from being the 20th largest oil consuming country to number two and is on track to becoming number one. Besides oil, the Chinese are consuming LOTS of luxury. The nouveau middle class has an insatiable thirst for European brands, which is diving up revenue and, you guessed it– prices.

    So China, we love dim sum but you’ve got to give us a break on Chanel and Hermes. We just can’t keep up with this. Or, maybe, this is a grand plot to drive up the desire for Chinese-made counterfeits. We don’t know but we’re just throwing out the idea.

    Photo Credit: LIBN

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    Retail Therapy: Melissa Meyers

    When it comes to shopping there are professionals and then there are those who are professionally obsessed. Yes, that would be us bloggers. For the remainder of the Summer we are turning the spotlight on our own and clawing our way into the shopping psychology of our favorite bloggers.

    First up is Melissa Meyers. She is well known for her website/newsletter, AskMelissa where she highlighted the best of New York: hairstylists, trainers and stylists. Most recently, Melissa launched PageDaily, a shopping and lifestyle online magazine, which combines e-commerce.

    In addition, Melissa often appears on NBC and LXTV, she writes for Hamptons magazine and is often spotted at awesome sales. Below are her shopping secrets. Let us know what you think.

    What’s your most prized deal?
    I just purchased a Halston collection gold and silver sequined mini dress for $300 at the recent sample sale (yes, from Madison Avenue Spy). it originally sold for $3000! [editorial note: we promise, this was unsolicited but totally true.]

    Biggest regret that you didn’t purchase?
    An Hermes Birken bag 10-years-ago, when they were thousands of dollars less.

    This season you are looking for…
    This season looking for accessories galore…I love layering chunky necklaces at varying lengths, cuffs and huge cocktail rings. J. Crew has come out with a killer line. Chanel always has great costume jewelry at prices below what you would expect.

    What’s your number one shopping tip?
    Develop a relationship with a salesperson at your favorite department store or boutique and have them notify you the day before their sale runs so you have first dibs on the merchandise.

    What’s your biggest weakness?
    Christian Louboutin shoes.

    Is there an item for which a shopper should never mind paying full price?
    I always mind! But…I do pay full price for the one handbag a year that I can’t live without.

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    D&G 50% Off Online

    We have always found it counter-intutitive that many companies discount merchandise in stores but keep it full price online. One would think that removing the sales person and cost of real estate would make the Internet a discount haven. Most often, this isn’t the case.

    But, as usual, we found an exception. Dolce & Gabbana and D&G closed out the season with a 40% discount. Alas, D&G merchandise has shown up at their online store at 50% off. Shoes, accessories, beachwear and clothing are included in the sale.

    A one-shoulder party dress is $268 from $535, a short sleeve satin shirt is $123 from $245, a print bikini is $108 from $215 and high heeled sandals are $355 from $710.

    What’s even better is that the D&G Online Store will grant refunds on returned merchandise. Boutiques usually only give you store credit and will not accept sale items to be returned. Now, that’s a deal!

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    Coming Soon: Milly

    We may be seeing a lot more cute dresses on Madison Avenue. Our real estate spies tell us that Milly has just inked a deal to take over part of the former Sharper Image space at 900 Madison Avenue, between 72nd and 73rd Street.

    A spokes person for Milly declined to comment but it has been previously reported that the New York-based company has been shopping for boutique space. The brand currently has one store in Tokyo, which opened in 2009.

    Michelle “Milly” Smith and Andrew Oshrin started Milly in 2000. Prior to starting Milly, Michelle lived in Paris and worked for the likes of Hermes, Vuitton and Dior. Her designs tend to span the generations and can be found in the closet of a high school senior closet as well as socialite’s wardrobe room.

    Sharper Image vacated the desirable location in 2007 and filed for bankruptcy in 2008. Despite the attractive 45 feet of Madison Avenue frontage the space remained vacant because it remained expensive despite the downward shift in local real estate.

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    Neiman Marcus Last Call

    Neiman Marcus is closing out the summer season with fantastic discounts. A great selection of clothing and shoes are already marked down 65% but the additional 25% brings the total discount to about 70% off.

    Check this out: A Thakoon dress worn by Michelle Obama to a Cinco de Mayo reception at the White House was $1600 but is now $535!

    We also found a pair of floral Louboutins for $300 from $900. A blue and red bondage Alexander McQueen dress is $600 from $1790. A Jean Paul Gautrier graphic top is $200 from almost $600.

    This Last Call sale runs through Tuesday. We suggest browsing online but really putting in some face time at your local Neiman Marcus or Bergdorf Goodman. The discounts are usually steeper and the selection broader.

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    Alexis Bittar Sale

    Alexis Bittar is hosting a huge sale in stores and online. Prior season bracelets, earrings, necklaces and baubles are all 50% off.

    Check out these gold abalone earrings for $128 from $255, or these art nouveau Lucite hinge bracelets are $262 from $525 and this four strand chysoprase necklace $262 from $525.

    They are all perfect for spicing up your August wardrobe and a lot less expensive than buying bigger diamonds. Right?

    Alexis Bittar
    1100 Madison (btw 82nd and 83rd)
    212- 249-3581

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    Project No.8 Sale

    We aren’t even going to pretend like we are cool enough for Project No. 8 but imagine that many of our readers are. The Lower East Side boutique, carries brands like Boudicca, Siki Im and Margiela and is discounting the summer collection up to 50% off.

    Those of you who are permanently planted on the Upper East Side or beach side can browse through the store’s online boutique. For the fresh from the cobbler’s feel, go for Maison Martin Margiela’s ankle boot, which are marked with the size and punched with holes to add to the authenticity ($497 from $756). Christian Wijnats dotted silk top is $238 from $475, a Bless butterfly dress is $305 from $610 and a Siki Im men’s blazer is $925 from $1850.

    Don’t you feel cooler from just browsing their online store? For now, we’re going to go back to sticking our head in the sand.

    Project No. 8
    138 Division Street
    212-925-4271

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