Why are it-bags M.I.A?

It has been a couple of seasons since the last it-bag was crowned, and to be honest, it is even a bit difficult to recall which bag was the last truly viral phenomenon that was everywhere. Excluding the luxury sector, the nylon bag from Uniqlo is undoubtedly the only model in recent years that has achieved such success as entering the collective imagination. And yet, even in that case, we are talking about a craze at least three years old for the crescent-shaped shoulder bag (which remains an essential and functional accessory but no longer holds that “must-have” aura). As for luxury Maisons, the last bags that truly left a mark on the fashion landscape already have a few seasons behind them. Consider the Cagole by Balenciaga, the Jackie by Gucci, or the Jodie by Bottega Veneta. This does not mean there has been a lack of new launches; a prime example is the new Beau and Aventure by Miu Miu, which have been beloved among fashion insiders during fashion weeks but have not managed to truly break into the mainstream. How can we tell when a model transcends the insider circle? Just look for the so-called flood of dupes: if there isn’t a replica at Zara or other Inditex chains, we are probably not looking at the next supreme handbag. Among the few strong contenders for the title of it-bag is the Margaux by The Row, immediately replicated by Cos, Zara, Reformation, and even Coach. However, its price of €5000 to €6000 makes it inaccessible to most consumers, relegating it to a niche audience (and leaving dupes as the only viable alternative). So why does it seem like no new it-bags are emerging that can conquer all market segments?

As expected, the main “culprit” behind the lack of new hit handbags is the soaring prices. The more economically inaccessible an item becomes, the less likely it is to transform into a mass phenomenon. Unsurprisingly, a recent study by The Independents predicts that luxury handbag purchases will drop by 13.69% in the next two years. This figure reflects a major shift: while luxury handbags once symbolized status, today, that status is increasingly tied to experiences and less to a simple price tag. This doesn’t mean that materialistic values have suddenly disappeared, but rather that there is a growing desire for a more “cultured” form of luxury, which may manifest in alternative investments such as art, travel, and fine dining. On the other hand, rising prices have never been a well-kept secret in the industry. Business of Fashion reported that between 2019 and 2024, the Galleria Saffiano by Prada increased by 111%, the Speedy 30 by Louis Vuitton by 100%, the GG Marmont by Gucci by 75%, and the 2.55 (large version) by Chanel by 91%. Making matters worse are not just the price hikes but also the constant expansion of collections—from two to as many as five or six per year, as highlighted by The Atlantic—which has made the market highly fragmented. The relentless release of new models disorients consumers and creates a sense of saturation. When every season brings a new variation or restyle, it becomes harder to form an emotional connection with any one model and consider it truly “timeless.”

Skepticism toward luxury handbags is clearly reflected in financial performance. Fashion United reports that in the third quarter of 2024, the Fashion & Leather Goods division of LVMH recorded declining sales (9.2 billion euros, compared to 10.3 billion in the second quarter and 10.5 billion in the first). Kering is no different: in its 2024 semi-annual report, it noted a slowdown in the Shoes and Leather Goods categories of its secondary brands (Alexander McQueen, Balenciaga, etc.), due to lower consumer spending power in certain markets. Unsurprisingly, to find new revenue streams, brands have recently focused on alternative segments, such as small leather goods: bag charms and mini accessories that have gained traction on social media thanks to trends like “birkinification” and “chaotic customization.” According to Vogue Business, those purchasing small luxury items (such as a keychain, lipstick, or cardholder) still want to feel special and not like “second-tier” customers. This focus on experience is precisely what keeps a brand like Hermès unbeatable: every customer—whether buying a Kelly bag or a beauty product—receives the same one-on-one attention, leaves the store with the signature orange packaging, and enjoys an exclusive moment. In other words, those engaging with luxury brands want to feel part of that world at any price level.

The revival of past it-bags is another strategy that brands have been adopting in recent years to try to shake up the market. From Prada’s Re-edition Nylon 2005 to Saint Laurent’s Tote Y, a multitude of brands are trying to evoke nostalgia to convince consumers to buy. Among the latest examples is Balenciaga, which recently relaunched its Le City Bag (or the early 2000s Motorcycle Bag), presenting it through campaigns that capture the iconoclastic spirit of Y2K: Paris Hilton, paparazzi, and the City Bag. As The Atlantic points out, nothing is coincidental— in an industry where creativity seems somewhat stalled, drawing from the past is a way to generate immediate sales without taking too many risks. However, there is a downside: many consumers, tired of logos and repetitive designs, are exploring the vintage market, where they can find truly unique models or historical pieces that recall the era of the real it-bags (such as the Baguette or the Birkin).

Not that the iconic handbag is destined to disappear— it’s more accurate to say that, in today’s context, it has become increasingly difficult for a single model to rise to global phenomenon status as in the past. With ever-rising prices, an oversaturated market, and a more disillusioned consumer, the it-bag struggles to emerge, and when it does, it risks fading quickly. Meanwhile, brands are trying to ride the wave of nostalgia— perhaps by reissuing historic designs at even higher prices— or creating “mini-luxuries” to appeal to those who can no longer (or no longer want to) spend four-figure sums. Perhaps this isn’t the end of the concept of a desirable handbag, but it is certainly the end of an era when a single model could become the universal symbol of status. Today, the idea of status is more multifaceted and manifests in different ways, especially in a luxury landscape where experiences, art, and niche goods are becoming the true markers of the elite. And who knows— maybe the next it-bag will be launched during this very fashion month.