Over the past several weeks, I can't remember a conversation that didn't in some way allude to the impending JC for H&M sale this morning. And up until last night, when asked about their opinions of the lineup, girls have generally responded with a shrug and a sniff, something to the effect of, "M'eh. It's H&M. I dunno. It's alright, I guess." And while online critics have done nothing but drape the preview in adoration, my first impressions were not entirely positive. In fact, I admit calling them cheap at one point. And I feel some remorse at this statement only because it has connotations unbecoming of H&M's demographic. They are, after all, mass market. However, I have since changed my mind, because the past 24 hours have changed the very fabric of the lineup itself.
Most of the girls I know - those yuppy, maternal, and downright crazy, in their innate state of contradiction, can't help but patronize the ungodly dilution of the Choo brand, whilst privately obsess and salivate at what is clearly a good deal. Granted, I do find them cheap, because they are indeed inferior quality to that of regular choo shoes. Imposters to the throne, absent are the "little things" that make great Choos. The seamless threading, the "made in italy," the delicious trim and occasional hardware are to some extent missing.
But consider this: I cannot count the number of times I've stood one foot in the door way and one foot out the store muttering obscenities over the RE-DONK-ULOUS skyrocketing prices of high street shoes. They have easily doubled over the recent years for quality which has only marginally improved. Since when does it cost HK$7000 for quality? Honestly. There is something subconsciously unnerving, and almost sinful that tugs away at the heartstrings and shortens our breath when we toy with the temptation to just say "fuck it," I'll buy em now. Call it the voice of reason or what have you, but it saves us from shelling out rent money. And while granted, they are hand made, one could make a very compelling case of modern technology that has bestowed us with accessible luxuries like silk weave knits and linen-denim hybrids. So to say that they are CHEAP would be the same as acknowledging they are indeed a bargain. You still get the leather soles, the excellent curves native to Choo sole design as well as an impeccable flare for originality; but you don't have to pay the outrageous price.
On the other hand, everyone will know that they were the H&M version of the real thing. Again, imposters to the throne. It is a seething contradiction between societal bitchiness from those who could not wake up at 6am because they didn't want to look like the 16 year old wannabees and the genuine thrill seeking bargain hunters who truly know better. But what's wrong with that? What's wrong with wearing affordable luxury? Nothing - they'd tell me. But at the same time, would you wake up at 6am just to try em on? Oooh there's still a rub!
There are two more value-added points about this lineup: 1) they are limited edition, and 2) the hype and obsession alone has elevated them to what could be the most recognizable collection of 2009. Anyone with half a brain who sees someone from half a kilometer away with a pair of these will recognize them as the flagship electric blue heels, and it will trigger the memories of mass hysteria - and remember that they themselves could not find a pair for their life, not after 11/14. The shoes themselves have developed a legacy. And it is in their affordability in juxtaposition to their traditional brand value that drives their inherent value to explode overnight. Rolex experienced the same phenomenon with their Daytona (116520).
Rolex doesn't make much margin off the stainless steel because there are no precious metals, and so these units are released in limited supply. The limited supply coupled by the groovy "cheapness" of the watch (without sacrificing quality) lead it being an eventual icon for Rolex. It is now a staple in any serious watch collector's arsenal.
I'm not saying the electric blues will increase in value every year for the next 100 years, but in the near term (ie. for the fiscal season), they will be the hottest items and hardest to acquire heels bar none. This is the case where fundamental valuation goes out the window replaced instead by consumerist elevation. My one caveat is that there is a very slim chance that H&M's strategists forecasted for monolithic proportions, but considering this is more of a marketing push for Jimmy Choo rather than a profit generator, I suspect they are hoping for higher sales in their other lines while customers have been driven into their trap, and those unfortunate enough to come away with nothing will be compelled to make the best of their experience by buying the first trinket in sight.
Even as I check ebay now, the electric blue heels went from starting bid prices of $138 just an hour ago when I started writing this entry to $289 now - more than 100% in capital appreciation. You'll also note, that none of the other shoes in the same collection have shown the same level of price spike besides perhaps the black versions. I'll also point out that just an hour ago, there were 100 products listed selling products from this line, and now there are only 54. And the U.S. market has not even woken up yet. I expect that number to jump as stores in the U.S. open but then to fall as the affluent buy them off EBAY without revealing their own obsession to the 6am civilian.
My sister is on her way home now with her haul after wading through the mayhem of tai tais and teenagers at the Central, Queens Rd. branch. The lineup for the shoes rippled and folded inside the store and out the doors, a chain of sweaty and stressed out women clutching desperately to their treasure - batting away scavengers pretending to be harmless and friendly strangers. I have no doubt, she will come home with tales of glory and adventure.
No comments:
Post a Comment