Fashionistas can add a touch of uptown style to any outfit with the addition of a new Michael Kors handbag. The designer’s coveted accessories come in a wide range of styles, finishes and price points. However, many of the brand’s bags are often priced well above the $400 mark. The high cost has been a challenge for the company, which is trying to revive slowing handbag sales in the face of changing consumer shopping habits and declining mall traffic.
The retailer has seen its bag sales decline for two straight quarters, and last week it reported a 6.4% drop in handbags sold at stores open at least a year, stripping out currency fluctuations and the impact of pulling back on promotions at department store Macy’s (M). Across the country, shoppers are shifting toward smaller crossbody purses that can be paired with jeans and a tee or a sleek blazer to work or play. The shift is hurting retailers such as Coach and Kate Spade owner Tapestry (COH) and Michael Kors parent Capri Holdings Inc (CAPR).
With a name synonymous with all-American luxury, Kors’ namesake brand launched in 1981. Drawing inspiration from classic European fashion houses and a jet set lifestyle, the designer’s collections exude sophistication and easy glamour. The brand has won countless accolades, attracted an A-list clientele and is beloved by women everywhere for its sleek and polished take on everyday wear.
But despite the decline in the brand’s handbag sales, the company isn’t giving up on its iconic wares. The label is ramping up craftsmanship and offering higher quality leather, hoping to convince consumers to pay more for its upscale designs. The strategy echoes one taken by Coach, which has also seen its own handbag sales fall as a result of the shift towards smaller crossbody purses.
In the resale market, Michael Kors bags are still incredibly popular. A look at Brand Alley, the online marketplace for pre-loved luxury items, showed a wide selection of the designer’s most popular bag styles at drastically reduced prices. A Michael Kors Brown Hamilton Legacy Medium Leather Messenger Bag, which typically costs PS415, was listed as a pre-loved item for just PS159. Similarly, a Michael Kors Jet Set Medium Pebbled Leather Backpack, which usually retails at PS390, was found for just PS109.
Whether you’re in the market for a small backpack or a large logo tote, the designer’s summer sale has something to suit every taste and budget. The sale runs until June 28, and already-reduced items have been marked down further by up to 50%, meaning that you can save hundreds of pounds on your favourite bag. Check out the full sale here. michael kors handbag sales