Bags : an Illustrated History

Handbags have never been more important in fashion: the "must-have" bag of the season is a much-lusted-after designer item that can make or break a fashion house.

For women, the handbag is an intimate extension of the body, a kind of mobile home for all the items indispensable for daily life, and at the same time an indicator of her fashionability - be it Prada, Vuitton or Chanel.

Author Caroline Cox traces the development of the bag from its origins in the nineteenth century with reticules (essentially pockets with handles) and Louis Vuitton's revolutionary Noe bag for the female traveller, via Art Deco clutch bags moulded in Bakelite and the Hermes Kelly bag endorsed by Princess Grace in the 1950s, right up to the accessory of the moment, the Mulberry Roxanne.

Luxury goods makers feel chill of recession
By Elizabeth Rigby and Norma Cohen in London and Adrian Michaels in Milan

Signs that even the world’s richest consumers are falling prey to fears of recession gathered pace yesterday as two big luxury goods makers said demand from Japan and the US for Cartier watches, designer handbags and expensive jewellery was slowing.

Richemont, the world’s second-largest luxury goods company, said underlying growth slowed to 10 per cent in December – against 14 per cent for the full quarter – as demand waned from consumers in two of the world’s biggest economies.

EDITOR’S CHOICE
Opus bonds weigh in at £125,000 - Dec-15Waitrose brings back caviar for Christmas - Dec-14Wealthy’s desire for luxury rises unabated - Dec-10D & G in $17m US makeover - Dec-04Luxury brands fail to make ethical grade - Nov-29Clarins says it is not for sale - Nov-28The news sent shares in the maker of Cartier watches and Montblanc pens down 6.65 per cent to SFr58.25. The group narrowly missed forecasts with an 8 per cent rise in group sales to €1.67bn ($2.44bn).

Coach, the largest US maker of designer handbags, also said underlying sales in its US retail stores had fallen during the second quarter and were down 1.1 per cent as consumers cut back on visits to stores. When they made a purchase they were opting for lower-priced items.

The drop in same-store sales in 2007 compared with a 25.7 per cent increase in the holiday period in 2006. Coach said the drop in transaction sizes had been “unexpected”. “My own view is that we’re already in a consumer recession,” Lew Frankfort, chief executive of Coach, told Reuters. “We do need a tax stimulus package,” he added, suggesting that this week’s cut in US interest rates was not enough alone to boost spending.

Tiffany, the US-based jeweller, this month also lowered its quarterly earnings forecast after achieving disappointing holiday sales. The Italian luxury goods sector has not yet reported signs of a slowdown, in spite of expectations that consumer confidence is waning. Aeffe, the holding company behind Moschino, Alberta Ferretti and other fashion brands, said this week there had been “no negative signs” in the US over the Christmas period or this month so far. Armani, which is private, said on Wednesday that 2007 had been another positive year.