Greedy designer brands are forced to slash prices of most popular purses after bid to alienate middle class shoppers in favor of ultra-rich tanked profits Where did it all go wrong for Burberry? By Dominic Yeatman For Dailymail.Com Published: 15:57, 22 July 2024 | Updated: 16:01, 22 July 2024 e-mail View comments Luxury brands are quietly slashing the prices of designer handbags after getting ideas above their station. Brands including Burberry and Yves Saint Laurent have spent years ramping up the cost of their sought-after accessories in a bid to improve their cachet.
But Burberry has lopped 22 per cent off the cost of its medium sized Knight handbag, and YSL has cut the cost of its Loulou bag by 10 percent after discovering they had squeezed out the customers who keep them in business. 'When you move upmarket, you can't start with raising prices; you have to start with desirability,' said Pauline Brown, former chair of the LVMH which owns Louis Vitton. 'None of this happens overnight — you have to bring the consumer along with you.
' Supermodel Irina Shayk is among a legion of celebrity fans for Burberry's iconic handbags but the company is cutting prices after being accused of pricing out its loyal customers Yves Saint Laurent has also started cutting prices as its bid for exclusivity hit the bottom line There are around 2.5 million people worldwide who spend more than $20,000 a year on luxury goods, according to analysis by the Boston Consulting Group But they account f.