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Business Times
21-05-2025
- Business
- Business Times
From vintage to vogue: The boom in restored designer handbags
[SINGAPORE] The hottest trend in luxury fashion is not a new bag. Instead, it is an old one – meticulously restored. As prices for designer handbags climb to unprecedented highs – with classics such as the Chanel flap bag now retailing easily over S$10,000 – restorers offering refurbishment services to breathe new life into their worn staples are doing a roaring business. In Singapore, high-end ateliers have reported an increase in demand, citing customers drawn mainly by both sustainability and the desire to preserve the sentimental value in the luxury pieces they already own. In a post-pandemic economy where conscious consumption is in vogue, restoring a beloved Birkin or Dior Saddle bag has become both a practical and stylish choice. Retail players told The Business Times that demand is led by women aged 28 to 50, who see bags as long-term investments, but interest is also growing among Gen Zs, men and eco-conscious consumers. Over the past year, premium artisanal leather and bag restoration service Dr Bags has clocked a 15 to 20 per cent increase in demand for its services. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Lynn Kee, co-founder and director of Dr Bags, started the company more than a decade ago, when she and her friend noticed a lack of readily available luxury bag restoration services in Singapore. 'We couldn't go to the shoe smith or laundromat when our bags were spoiled. There was a huge gap in the repair industry back then,' she said. Founded in 2014, Dr Bags handled just 50 to 80 bag orders a month that year, with most customers opting for basic cleaning services; few at the time understood or requested more advanced treatments such as colour restoration or protective coatings. But that has changed drastically. Today, the company manages between 1,000 and 1,500 orders monthly, and offers an expanded suite of services including cleaning, restoration, repair and protection. Lynn Kee, co-founder and director of Dr Bags, started the company in 2014 to fill a gap in luxury bag restoration services in Singapore. PHOTO: DR BAGS Refurbishment gains ground as luxury prices soar While business grew steadily over the years, it was during the Covid-19 pandemic that brought Dr Bags its biggest surge in demand. 'With more time at home, many people began decluttering and rediscovered forgotten bags and shoes – often damaged, mouldy or discoloured. That drove a surge in restoration requests,' Kee said. She noted that in that year, luxury bag prices had risen significantly, and customers became more inclined to maintain what they already owned. Brand-new Chanel classic Flap bags now retail at around S$16,000 to S$19,000 – way more than in 2014, when the bag cost S$6,000. Prices of bag refurbishment services range from S$100 for basic cleaning and repair services to above S$1,000 for advanced restoration craftsmanship. This is just a portion of what it would cost to purchase a brand-new designer bag, making refurbishment an increasingly appealing option for many. Post-pandemic, Dr Bags – which has been profitable through the years – expanded its reach with islandwide home-delivery services; a new outlet opened in Clementi Mall on May 16. Another bag refurbishment service provider, Honest Crafters, has fielded more enquiries and seen demand for its services jump by as much as 30 per cent post-pandemic. Year-on-year growth has been steady since. The skyrocketing prices of the new bags have reduced their affordability, and pushed people away from a 'buy-and-throw-away' mindset, said Eirene Ong, Honest Crafters' senior manager for business development and operations. 'We see a big interest in people trying to understand what they can do to restore the bag to its original shape,' she added. Founded in 2017, Honest Crafters achieved profitability within a year and has seen steady year-on-year growth since the Covid-19 period. The company is hiring more staff to handle the growing demand for its services; it hopes to franchise the brand in the future, though no timeline has been finalised. Sustainability and sentimentality drive the shift These restorers expect such trends to continue. For many customers, parting with their bags – no matter how worn – is not an option. These pieces often carry deep sentimental value, and restoring them to their former glory helps 'keep their stories alive', Honest Crafters' Ong said. Others believe in adopting sustainability practices, aware of the upside of creating a zero-waste, circular economy exemplified through the luxury brands. 'Some opt for vegan leather instead because the designers themselves have started using more sustainable-friendly materials, such as recycled fabric,' Ong noted. 'It's about understanding the trend, the material, and how best to restore it.' Honest Crafters offers services such as cleaning, repair and restoration of luxury bags. It recorded a 30 per cent rise in demand for its services post-pandemic. PHOTO: HONEST CRAFTERS The way Chan Yew Leathers' director Chan Wei Wen sees it, consumers are becoming more conscious of their environmental impact – and so are brands. 'Everyone wants to do their part', he says. Offering repair services to extend the life of bags makes Chan Yew Leathers a green business, he adds. 'If a strap breaks, we fix it, and that means less waste and longer use.' Even as Dr Bags and Honest Crafters enjoy an uptick in business from individual customers, Chan Yew Leather is also seeing growth in its business-to-business space. About 80 per cent of its orders come from corporate clients, including luxury retailers, and demand continues to grow. Founded in 1941, Chan Yew Leathers is a family-run business that has evolved from a tannery into a key restoration partner for luxury brands. Since Chan Wei Wen took over as director in 2012, revenue has more than doubled; growth has been steady, except during the Covid-hit year of 2020. In tropical climates such as Singapore's, the climate itself is a key factor driving demand. High humidity levels can cause mould, discolouration and deterioration of adhesives – issues that often prompt customers to seek professional restoration to preserve their bags. 'One of the biggest surges we saw was in January this year,' said Dr Bags' Kee. Apart from it being the holiday season, 'it was raining heavily for weeks, and that prolonged moisture led to a lot of mould and dirt on leather and fabric. Our revenue that month jumped by about 75 per cent year on year.' Chan Yew Leather, a family business, has been led by three generations. Since Chan Wei Wen (left) took over as director in 2012, revenue has more than doubled. PHOTO: CMG Proper bag care is necessary Although sending a bag for refurbishment would prolong its lifespan, bag owners have a responsibility to care for it as well, said Chan. 'Just like how people maintain their skin or service their cars regularly, the longevity of a bag depends on how often you clean, rotate or refresh it. Leather is skin, after all. If you take care of it properly, it can last decades – but if you neglect it, wear and tear will show, no matter the climate.' Even as consumers become more educated about proper bag care, the demand for professional restoration is unlikely to wane, Chan said. 'As long as there is a demand in the luxury bag market, there will always be a place for what we, bag refurbishers, do.'
Hypebeast
21-05-2025
- Business
- Hypebeast
Chanel's Sales Slid 4%, Forcing the House To Ease off of Price Hikes
Summary Chanel's sales have taken a fall for the first time since 2020, sliding 4.3% to $18.7 billion USD last year. The French luxury company saw operating profits decline 30% to $4.5 billion USD and with the slowdown, Chanel is now re-evaluating its price hikes. Previously gung ho about increased prices on its products, specifically its classic handbags, Chanel is expected to ease off of the price increases as well as investments into new markets like India, Mexico and Canada. BOFhas reported that CEO Leena Nair and CFO Philippe Blondiaux spoke about the 'challenging' luxury market as it tries to revamp its image under new creative directorMatthieu Blazy. According to Blondiaux, the decline in sales still puts Chanel in a 'very health level' as it gears up for a rebrand under the artistic direction of Blazy. Nair said, 'This performance followed a period of unprecedented growth in which revenues nearly doubled over the previous three years. It's a challenging time in the world…and it continues to be challenging.' Chanel still plans on opening 48 new boutiques this year. Nair said, 'We remain committed to our investments because we always take a long-term approach. We've navigated many ebbs and flows in these 100 years that we've been around, and we're using this moment always to focus, to double down on what makes us uniquely 'Chanel.'' The decline in sales have been largely in due to the lag in leather goods. While other sectors like watches and fine jewellery have seen a 'dynamic growth,' Chanel relies heavily on its leather goods category. Over the years, Chanel's sharp price hikes have been criticized by consumers for its steep incline that saw its iconic medium Flap handbags nearly double its price in 2019. The company has agree to pull back on the price increases with Blondiaux stating, 'The average pricing effect we had for fashion was 3% last year, which I'm sure you will agree was perfectly in line with global inflation, if not less than that. We intend to maintain more or less the same policy, which is to monitor our prices in line with global inflation in 2025.'
Business Times
21-05-2025
- Business
- Business Times
New life for old luxe: Restoration becomes the luxury trend to watch
[SINGAPORE] The hottest trend in luxury fashion is not a new bag. Instead, it is an old one – meticulously restored. As prices for designer handbags climb to unprecedented highs – with classics such as the Chanel flap bag now retailing easily over S$10,000 – restorers offering refurbishment services to breathe new life into their worn staples are doing a roaring business. In Singapore, high-end ateliers report an increase in demand, citing customers drawn mainly by both sustainability and the desire to preserve the sentimental value in the luxury pieces they already own. In a post-pandemic economy where conscious consumption is in vogue, restoring a beloved Birkin or Dior Saddle bag has become both a practical and stylish choice. Retail players told The Business Times that demand is led by women aged 28 to 50, who see bags as long-term investments, and interest is growing among Gen Zs, men and eco-conscious consumers. Over the past year, premium artisanal leather and bag restoration service Dr Bags has clocked a 15 to 20 per cent increase in demand for its services. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Lynn Kee, co-founder and director of Dr Bags, started the company more than a decade ago, when she and her friend noticed a lack of readily available luxury bag restoration services in Singapore. 'We couldn't go to the shoe smith or laundromat when our bags were spoiled. There was a huge gap in the repair industry back then,' she said. Founded in 2014, Dr Bags handled just 50 to 80 bag orders a month that year, with most customers opting for basic cleaning services; few at the time understood or requested more advanced treatments such as colour restoration or protective coatings. But that has changed drastically. Today, the company manages between 1,000 and 1,500 orders monthly, and offers an expanded suite of services including cleaning, restoration, repair and protection. Lynn Kee, co-founder and director of Dr Bags, started the company in 2014 to fill a gap in luxury bag restoration services in Singapore. PHOTO: DR BAGS Refurbishment gains ground as luxury prices soar While business grew steadily over the years, it was during the Covid-19 pandemic that brought Dr Bags its biggest surge in demand. 'With more time at home, many people began decluttering and rediscovered forgotten bags and shoes – often damaged, mouldy, or discoloured. That drove a surge in restoration requests,' Kee said. She noted that in that year, luxury bag prices had risen significantly, and customers became more inclined to maintain what they already owned. Brand-new Chanel classic Flap bags now retail at around S$16,000 to S$19,000 – way more than in 2014, when the bag cost S$6,000. Prices of bag refurbishment services range from S$100 for basic cleaning and repair services to above S$1,000 for advanced restoration craftsmanship. This is just a portion of what it would cost to purchase a brand-new designer bag, making refurbishment an increasingly appealing option for many. Post-pandemic, Dr Bags – which has been profitable through the years – expanded its reach with islandwide home-delivery services; a new outlet opened in Clementi Mall on May 16. Another bag refurbishment service provider, Honest Crafters, has fielded more enquiries and seen demand for its services jump by as much as 30 per cent post-pandemic. Year-on-year growth has been steady since. The skyrocketing prices of the new bags have reduced their affordability, and pushed people away from a 'buy-and-throw away' mindset, said Eirene Ong, Honest Crafters' senior manager for business development and operations. 'We see a big interest in people trying to understand what they can do to restore the bag to its original shape,' she added. Founded in 2017, Honest Crafters achieved profitability within a year and has seen steady year on year growth since the Covid-19 period. The company is hiring more staff to handle the growing demand for its services; it hopes to franchise the brand in the future, though no timeline has been finalised. Sustainability and sentimentality drive the shift These restorers expect such trends to continue. For many customers, parting with their bags – no matter how worn – is not an option. These pieces often carry deep sentimental value, and restoring them to their former glory helps 'keep their stories alive', Honest Crafters' Ong said. Others believe in adopting sustainability practices, aware of the upside of creating a zero-waste, circular economy exemplified through the luxury brands. 'Some opt for vegan leather instead because the designers themselves have started using more sustainable-friendly materials, such as recycled fabric,' Ong noted. 'It's about understanding the trend, the material, and how best to restore it.' Honest Crafters offers services such as cleaning, repair and restoration of luxury bags. It recorded a 30 per cent rise in demand for its services post-pandemic. PHOTO: HONEST CRAFTERS The way Chan Yew Leathers' director Chan Wei Wen sees it, consumers are becoming more conscious of their environmental impact – and so are brands. 'Everyone wants to do their part', he says. Offering repair services to extend the life of bags makes Chan Yew Leathers a green business, he adds. 'If a strap breaks, we fix it, and that means less waste and longer use.' Even as Dr Bags and Honest Crafters enjoy an uptick in business from individual customers, Chan Yew Leather is also seeing growth in its business-to-business space. About 80 per cent of its orders come from corporate clients, including luxury retailers, and demand continues to grow. Founded in 1941, Chan Yew Leathers is a family-run business that has evolved from a tannery into a key restoration partner for luxury brands. Since Chan Wei Wen took over as director in 2012, revenue has more than doubled; growth has been steady, except during the Covid-hit year of 2020. In tropical climates such as Singapore's, the climate itself is a key factor driving demand. High humidity levels can cause mould, discolouration and deterioration of adhesives – issues that often prompt customers to seek professional restoration to preserve their bags. 'One of the biggest surges we saw was in January this year,' said Dr Bags' Kee. Apart from it being the holiday season, 'it was raining heavily for weeks, and that prolonged moisture led to a lot of mould and dirt on leather and fabric. Our revenue that month jumped by about 75 per cent year on year.' Chan Yew Leather, a family business, has been led by three generations. Since Chan Wei Wen (left) took over as director in 2012, revenue has more than doubled. PHOTO: CMG Proper bag care is necessary Although sending a bag for refurbishment would prolong its lifespan, bag owners have a responsibility to care for it as well, said Chan. 'Just like how people maintain their skin or service their cars regularly, the longevity of a bag depends on how often you clean, rotate, or refresh it. Leather is skin, after all. If you take care of it properly, it can last decades – but if you neglect it, wear and tear will show, no matter the climate.' Even as consumers become more educated about proper bag care, the demand for professional restoration is unlikely to wane, Chan said. 'As long as there is a demand in the luxury bag market, there will always be a place for what we, bag refurbishers, do.'
