Does The “It Bag” Remain Relevant In 2016?

An “It Bag” is a vernacular term created by the fashion industry to define a brand or type of high-priced designer handbag by manufacturers such as Chanel, Hermès or Fendi that became popular best-sellers. These handbags were also known as status bags and offered women a status symbol which they saw as being very significant. The “It Bag” was perceived to be the must-have fashion accessory by celebrities and fashionistas who yearned to be seen as the stylists of the time.

The term “It Bag” gained popularity during the 1990’s and 2000’s. But, by 2008 the acceptance of the "It bag" was reported to be in decline. By May 2011, whilst acknowledging that there would always be a market for exclusive status bags, Celia Walden reported that the idea of the must-have "It Bag" was no longer fashionable.

Now, in 2016, brands must be ready and willing to diversify as a recipe for success in the current market. Brands have not given up on the desire to create an “It Bag”. They are always looking to design that one bag which will become the one that everyone is talking about, but realistically they are conscious of the fact that they can no longer put all their eggs in one basket. So does the “It Bag” remain relevant In 2016?

The history of the ‘It Bag”

One of the original designers accepted with fashioning the concept of a distinguishable "It Bag" was Giuliana Camerino who started the Venetian fashion house Roberta di Camerino in 1945.  Her handbags were distinct due to their artisan-made hardware and characteristic use of fabrics previously kept only for clothing. Her ideas had an influence on later luxury brand designs including 1) in 1946, bags patterned with a trellis of R's (predecessor of Gucci’s G's); 2) in 1957, woven leather bags (predecessor of Bottega Veneta); and 3) in 1964, she designed a handbag with a unique articulated frame (a design later used by Prada).

Long before the notion of the "It Bag" became popular, many fashion houses such as Hermes, Chanel and Louis Vuitton had by this time fashioned handbags that became well-known in their own right. For instance, in 1935 Hermès created a top-handled leather handbag called a “sac à dépêches“, as part of their leather goods range. In 1956 this same handbag was renamed “the Kelly” when it became one of Grace Kelly’s favorite bags. In February 1955 (2/55), Coco Chanel designed her luxury quilted-leather Chanel 2.55 handbag, which was inspired by the straps found on soldiers’ bags, in order to free up her hands. In 1984, the infamous Birkin was created by Hermès who adapted another of their bags, the Haut à Courroies (originally created around 1900) to craft a bag for the actress and singer Jane Birkin. The Birkin has ever since become one of the most desirable, most extensively recognized bags ever made.

Devised in the 1990's, the term “It Bag” became prevalent with the rapid growth of the handbag market. Fashion houses strove to come up with a distinctive, recognizable flag-ship design which would become that season's must-have bag, likely to sell in large numbers. This required skillful marketing and endorsement by the fashion media. And obviously, as with “the Kelly”, one of the most sought after marketing advantages was for the bag to be seen being carried by a celebrity.

The 2000's

Since the 2000’s, fashion trends have been driven more and more by social media. An “It Bag” goes viral when pictures of celebrities carrying a particular brand are shared by fashion addicts, leading to a huge demand in the latest handbag design. But often this demand these days is short-lived and superseded when the next trend goes viral.

Designers such as Bottega Veneta, Chanel, Fendi, Hermès, Prada, Gucci, Vuitton, Chloe, Mulberry continue to be seen as creators of status bags. But the release of many of their newest designs creates a waiting list for orders, leading to impatient clients to knowingly buy fake copies. As well, must-have bags for the current season are often targeted by thieves and stolen to order, to be sold for considerably reduced prices to folks who want an “It Bag” without paying the true price for it.

In the 2000’s many inexpensive more contemporary brands moved into the market making designer handbags more affordable. But as the market for handbags becomes more crowded and competitive, some luxury brands are taking a more balanced, diversified approach to their product categories, rather than focus on an “It Bag”. They are looking at the more high-margin, low cost-per-wear status symbols that have been increasingly driving the luxury goods market for the last decade.

Despite the fact fashion accessories (which are typically made up of handbags) still accounts for almost 30 percent of the total luxury market, the handbag sector is now producing fewer and fewer “It Bag” designs. Many brands such as Valentino and Vetements, do not even have an “It Bag”.

Very few bags now earn iconic status symbol rights such as the Birkin and Chanel 2.55 did.  The lifecycle of a handbag is now shorter and brands are relying less on an “It Bag” to drive sales. Many brands are relying more on their “ready-to-wear” clothing categories as well as shoes and jewelry as revenue drivers.

Now-a-days, fashion consultant, Julie Gilhart says that there is a greater trend to build a full brand, and there is a shift in thinking away from a depending on an “It Bag”. She says “What's a best seller now may have a short life, and then what? Smart brands know to grow holistically and broad. They have to build a business through all categories.”

 An "It Bag" is an investment 

If you are fortunate enough to own an "It Bag", be thankful because it is a good investment.  They do keep their value and can even increase in price. The most expensive bag to ever sell at auction was a Birkin by Hermeswhich sold for over US $200k. It is made of bright pink (fushia) luxury crocodile skin and features an 18 karat white gold clasp and lock which is encrusted in real diamonds. The Birkin bag, which was designed in 1984 by French fashion house Hermès and named after the actress Jane Birkin, is seen as a fashion classic.