Luxury fashion has always come with high price tags, but lately they're skyrocketing while design nose dives into the abyss of homogenization. Every brand is making the same thing, the only major difference being the logo. For example, The Row's Margaux, a veritable It bag, has a Prada lookalike that’s curiously priced just $90 cheaper. Both will set you back just over $5K.

Brands are blaming steep increases on inflation and rising costs, but isn’t it just a positioning strategy? Everyone is clamouring to be the next Hermès or Chanel, with the latter even chasing the former’s coattails. Gucci bet big on Sabato De Sarno, wiping the slate clean with Zara-esque staples, but Kering’s Q1 forecast anticipates a 20% drop in revenue. Eek. Even Hermès, who sits atop the luxury throne, looks like they’re starting to lose touch with reality.

Hermès’s purported quota system makes their most coveted bags extremely difficult to snag, even for fans with a findom kink. One item currently raising eyebrows on hermes.com is a $10,400 wicker purse offered in colour: “random”. That’s right–buyers don’t get to pick what they get. The description specifies “the patterns and the colors of your product will be a surprise”–the wealthy can indulge in the blind box trend too!

Chemena Kamali’s lauded Chloé debut is bringing boho back, but one caramel chiffon dress is nearly opening price point for couture at $26K. Nevermind Loro Piana’s $12k sweater made with unpaid Peruvian labor, or a $2,600 Gucci skort made with less than a yard of fabric.

Per NYT, Bernstein analyst Luca Solca stated that the top 5% of luxury clients are now responsible for over 40% of luxury sales. Brands are rolling the dice on higher prices, targeting a smaller audience with deeper pockets, but are they buying? Based on Citi credit card data, US luxury sales have steadily declined since reaching a post-pandemic high.

With costs soaring globally, middle-class “aspirational shoppers” who once saved to splurge on select luxury pieces are getting left in the dust. A veneer of exclusivity has always been a pillar of luxury, but now it actually seems reserved for the 1%. Penny for your thoughts?