Well, well, well– I’d have thought major design houses would stay quiet and count their money during these turbulent times, but here’s something from Fendi:

Why Luxury Needs a Recession

Michael Burke, President and CEO of Italian fashion house Fendi, has always maintained that luxury should not be affordable.

“It cannot be, it shouldn’t be for everybody,” he insists. “The way the products are made, the quality and the works… luxury is not for instantaneous gratification. One should aspire for it.”

There has recently been far too much froth in an overcrowded marketplace, adds the executive, “too much fast luxury.”

“That’s why we need a recession so there is equilibrium and so we can return to the real values of luxury,” he says.

I don’t think we have ever quite lived in the times everyone seems a little nostalgic for: when luxury was for only the rich and the very rich. Plus, I’m not too sure if we’ll ever go back there again. Still, it’d be nice to see what society and the economy would look like.

Fendi, FW'09, Style.com

Fendi, FW'09, Style.com

Apparently the Middle East has taken rather well to the Baguette, which is why this article appeared in the Emirates Business 24/7. I’ve never quite paid that much attention to developments in the Middle East markets — all I know is that all the luxury goods are much more expensive there. Wonder how much money there really is in taking luxury away from the masses though: will it get past the executives?

This entry was published on June 27, 2009 at 4:34 pm. It’s filed under Uncategorized and tagged , , , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post.

4 thoughts on “F-F-Fendi

  1. ruebent on said:

    he certainly does not speak logically on such matters.thankfully he runs a fashion house, not the government. how will luxury goods bring the masses ‘instant gratification’? isn’t this a concept wasted on the noveau riche? they are the ones who know the price of everything but the value of nothing. it is the hoi polloi that tediously save up/chalk up credit for their first (genuine) speedy bag and preserve it like their family jewel. lastly his understanding of the mechanisms of the recession shows that his economic sense is no better than a certain bush. a recession results in the transfer of wealth top down, not the other way around. Fendi’s lucky he’s not the CFO.

  2. sarah on said:

    lol. coming from someone who slashed prices by 50% (not sure if that was the maximum discount or not…) I’d say Burke is not exactly walking the talk here.

    not that I’m complaining. 😉

    and I do wish that it would be possible to walk down the streets with looks straight off the runway without being given “wtf is she thinking” stares.

  3. saythefword on said:

    hi sarah– are you from singapore? i really get that too, but i think it might just be singapore sometimes. isn’t it just much easier to do such things in HK/ tokyo/ nyc?

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