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:
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.
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?