Saturday, March 18, 2006

FASHION
Bag it

Martin Hickman on how accessories have saved the ailing fashion industry

Designer handbags and the other frills and fripperies that go with a girl’s posh frock are being hailed as the saviours of the ailing fashion industry. The industry has been forced by stiff competition to savagely discount their prices — but accessories have been joyously bucking the gloomy trend.

Sales of hats, bags, belts and other accessories rose by 10 per cent last year — five times the rate of the rest of the fashion business, according to new research.

Market analyst Verdict says handbags — and in particular designer handbags — have been the star performer. While women may once have had just one or two handbags, many now aspire to own four or five, they say.

Bags by the likes of fashion houses Chloe, Mulberry and Balenciaga have been particularly fashionable in the past year, prompting shoppers to opt for bright colours and capacious styles.

"When you buy a beautiful bag, you feel you’re making an investment in something that will always look good and that you’ll have for ever," remarked Anna Garner, Selfridges’ head of fashion. "Customers look at accessories in a different way from the rest of fashion."

According to Verdict’s new research, British men and woman now spend £2.1b a year on accessories to match their wardrobe. Half of the spending goes on clothing such as hats, scarves and gloves and one fifth on jewellery and watches.

About £700m a year — 32 per cent of the total — is lavished on handbags, wallets and their less glamourous cousin, luggage.

However, while women may baulk at paying hundreds of pounds for a designer outfit they may only wear a few times, they appear only too happy to shell out hundreds of pounds for a handbag they can use every day.

"In clothing, people are questioning the price of designer outfits and there is a democratisation of fashion," said Maureen Hinton, retail analyst at Verdict.

She added: "Handbags really are the latest thing. If you spend £400 or £500, you can get a lot of wear from that bag. It doesn’t matter what size you are — and you can wear it with any outfit."

Along with bags, sales of belts and jewellery have been strong.

— By arrangement with The Independent