I stopped spending with Chanel and LV because their products are no longer worth the prices. I have gone back to bicycling, and that is where I’m putting my fun money. Bicycles are expensive, but at least my health benefits from the expenditure.
I am Chinese, so thanks for saying all that Dacob, that's exactly how I feel, I live in Guangzhou, China, the city that has the headquarters of companies like Shein and Temu, but interestingly a lot of lux brands have their hardware made here as well, that's why China makes good fakes coz the real deals were made here as well. I will never buy any real lux items knowing all the truth behind the industry.
Seriously guys, all the dreamy Italian/French brands you've been wanting to own, all of them have their hardware made in my city, the people in Europe only put together the leather, that's it. You wanna use stuff made in China but bitch about the country on media... I mean, hello? We are not dumb.
What I can tell you is that normal people, lower middle class or even upper class in Europe, most of the time do not go to these luxury brands, first because wearing ostentatious luxury can be dangerous nowadays, second because there are local brands with better prices and better quality, the biggest market for millionaires buying without looking at the price or quality of this luxury is China, but China is going through something similar to what happened in 2008 in the West, the real estate crisis and no matter how much money is put into the economy to revive it, people go to buy the basic things and are more conscious of quality, money and the reason for their purchases. I can assure you that 90% of the European population does not usually go to buy clothes or accessories at these luxury places. One thing is to treat yourself occasionally, or even buy something small like a makeup palette, but these luxury houses do not survive thanks to the majority of European people who have enough to do with surviving day to day. And in the West they will speak better or worse of China, but I remind you that in China they also speak badly of the West, stereotypes and ignorant people, unfortunately you will find them everywhere.
@@ShiaMajer a few months ago Italian police raided Dior’s contractor and found they were using illegal Chinese immigrants and also got their hands on the accounting books, the contractor were selling Dior $56 Euro bags in which Dior turns around and sells for $3000 Euro in their boutiques. Chinese is the largest demographic for LVMH, Bernard Arnault must had a laugh that he was using Chinese to make bags and then turns around to sell back to them for a premium. So yeah I no longer buys luxury bags for my wife too, I have known luxury goods has high margins but didn’t know it’s that high, no way am I spending money on them again.
In reality some of them do talk about it; those that pretend nothing is happening shall see at some point in time a decrease in followers -people aren't stupid 😅
@@clau22431 What fascinates me is they keep on talking up the horrible and useless bags like the Capucine. It's a loser of a design. I personally love the Speedy and the Alma. But not a bag that fits nothing and isn't easily accessible.
I quit LV a few years ago when my Palm Springs had to have the same repair twice in 1 year, then it happened a 3rd time and I was given a store credit. I then bought a Métis that also needed a repair after about a month and had only used it like twice. I had them fix it and sold it to fashionphile. I did keep my vintage LV, but sold all the others. Sorry but Coach makes better product than LV at this point.
Dior and others fired thousands in Romania because we got a new minimum wage and they didn’t want to pay. Mind you minimum in my country adds up to 350 euros/pounds
Wonderful video, thank you. I’m a technical designer in the U.S. apparel industry and you are absolutely on to something. So happy to find you. Keep this up, please. Subscribed 🤙🧚♂️ Edit to add: the leaders of companies that own the brand licenses are making up these deals/collabs at the top with Costco and other stores, like Forever 21 (yuck.) As the brand design team, we are faced with no choice but to churn out crap as fast as as possible. Skilled patternmakers like myself are not valued because what we do takes time. Time is money, make that money. That’s what the investors care about. Buy a brand then spread it out and water it down until it’s a joke. Rinse and repeat. Sorry for the long add. It’s the truth. Thank you for reading. I still love what I do, and believe I was put on this earth to make beautiful clothes. Luxury-Shmugxury.
My stepmom has a 7 year old LV Palais bag that she bought in boutique in NYC. The lining of the bag is literally disintegrating with big ragged holes like dry rot and the canvas is cracked all around the piping at the sold color insets - I’m talking about a hundred little cracks. I was carrying my vintage 2004 LV Papillon 30 (made in Paris) yesterday. It still looks perfect - no cracks, fading, etc. My vintage Speedy is still perfect as well. Her canvas does not look or feel at all like my bag. Why would anyone pay thousands of dollars for her poor quality they are peddling today- and that includes both Chanel and LV?
Remember that stupid purchase limits they put out couple years ago? Lol they blacklisted a lot ppl back then, I wonder if they are texting them too 😂😂😂
Chinese buy goods that they believe will rise in value. LVMH and others understand this, so by artificially increasing the prices aggressively, they hope the Chinese consumers will be in FOMO while believing if they bought something 6 months ago, that same item already increased in value. BUT, Chinese also like to resell to make money, the preloved/second hand markets are not selling well either. Because the quality of these products are notoriously bad for those produced in recent years. So, the more of Chinese consumers making a lost, they become not interested to buy anymore. This is like Tulips 🌷 Mania in the 17th century except this is far worse, because LVMH and Chanel are selling us worse than fakes! Or worse than small leather shops in Italy. In Italy, there are beautifully made, high quality leather bags, I bought one recently at peanut 🥜 prices. My room smell of fresh quality leather for months still! I have stopped buying completely for years.
I think that during the pandemic many companies, from small supermarkets to luxury brands and many others in between that profited from the pandemic, got a bit greedy and thought that their pandemic sales increase would be their new reality for the future. They aligned their strategies according to their pandemic sales. In reality people were just saving money in many other areas and maybe even a bit bored. That was all, just a bubble. Now they should have adjusted their strategies back, but of course they are not willing to go that easy from a racing horse to donkey again.
I went to LV recently, they had a similar sandal to the Hermes izmir but it felt cheap and was more expensive than the Hermes' version.... I am at a loss of words and, Celine told me when i found out my purchase was defective that defects are "out of their control." LOL
Moet-Chandon champagne has gone down in quality. It has not been good since the white star vintages. It seems LVMH is “mainstreaming” the quality out of luxury while living on the name. This is history repeating itself from the late 80’s same tactics same result same companies.
LVMH management is delusional. They think they can get away with shafting consumers indefinitely, but the truly affluent look down on the label. Parisians hate it and know the quality sucks. To the young it represents a conglomerate that underpays workers and sells consumers a slick marketing dream. It's the marketing that costs the money the items are cheap to produce and anyone with a clue knows it.
As someone who got their first bag at 9 years old. My mum bought me a mini speedy cross body. I haven’t bought luxury in two years. I had slowed down 4 years ago. Luxury doesn’t appeal to me anymore but I’m using what I have, because I have it.
Im hoping this could be the start of a renaissance period for European fashion. The overhyped and over marketed ‘luxury’ brands have been syphoning creative talent and funding towards the productions of increasingly bland and low quality tat. In the short term the failure of LVMH could have a negative impact on the French economy considering it accounts for 1% of GDP and 4% of exports, but there are plenty of higher quality and more innovative brands in France that could fill this void. We’re already seeing more small and medium sized brands selling leather goods and clothing at more affordable price points with an emphasis on quality and local manufacturing in Europe. Viva la revolution!! 🎉
Thats one of the reasons i quit my job this year at LV.. "Clienteling" they would call it 🤙 Reacing out to local clients that we should propose new stuff to.. Ready to wear, new collaborations, launch of products ect. 22:51 Many of my colleagues dreaded this task. Sometimes It felt a little "cheap" and "pushy" to write to some of the clients. Especially if you knew they where not interested in buying. They have KPIs on how many reach outs you have made for local clients. And in periods that will make special potential clients list and you have to complete your lists. In times with not so much traffic in store, "clienteling" would be higher priority. I'm from Europe btw. Thank you Jacob for making this content. You are a fashion prophet.
🙏🏽 DacobDearest... please lets find new names for these brands ... they are no longer "Luxury" nor "quality" ... they are our mass delusion 😉 the vampires of a perpetual halloween 😻
First of all, Dacob, you look snatched in this video and second!!!….. sales are down in luxury cause it’s all UGLY oversized clothing. Nothing fits anymore, it’s gross. Also the shoes are wayyyyyyy too urban. They need to get back to beautiful fitted clothing and elegant shoes. The aspirational customers buying this ugly stuff is out of credit and now they are gonna have to get back to luxury styles ppl with money want to wear. Come on, Gucci!!… no one wants to wear Daffy Duck/cartoons on their clothes…. Gross. And my boyfriend, said “AND THATS ON PERIOD!!”
Dacob you are the most brilliant luxury youtuber and your insights are very valuable. thanks for speaking out and positively for my home country China, LVMH just likes to blame china for everything. loll they always need an escapegoat. Each launch is dumb and the quality now is laughable. I wish more chinese consumers would stop buying luxuries lolll i shop often pre-loved
What Chanel and Louis Vuitton don’t seem to understand is that real money does not want to be seen wearing the same brands as pretend money. People with real money can stomach these drastic price increases, but they no longer like these brands.
Arnold doesn’t “become” anything. He’s always been that way, if you read any industry notes or stories about the kreep. Couldn’t design his way out of a doghouse. Every decision he makes is to benefit his controlling interest in lvmh (48.6% of voting shares). Customers are cattle.
to be fair. the once lucrative chinese market completely collapsed due to high unemployment and rezession. Also the government declared luxury products to be an indecent display of wealth and it got dangerous to wear those things in public. the economy is in its worst shape since 30 years and people with formally high paying jobs can't even afford food or rent. so it is not that the chinese people finally woke up to the poor quality of luxury products, they simply can not afford them any longer. Xi single handedly destroyed china's economy with his stupid policies and it wont recover without a change of government.
I’m done with luxury unless it’s on the secondary market and at a great price. Most of my purchases this year ended up as regrets, and the loss if/when I sell will be extreme. I’m tired of the constant price increases, the inconsistent quality, and the inability to buy something because it sold out so fast (limited edition). The final straw was being told by Hermes that they wouldn’t help me get a simple SLG, and it was up to me to stalk the website. After the tens of thousands I spent there without even wanting a Birkin? Christmas is coming up, and the online selection sucks.
The definition of insanity is doing the same thing over and over again, and expecting different results. I smell a large crash coming and it’s much deserved. Their greed has gone too far!
Always follow your intuition Dacob, you are so spot on and have been about everything! This is financial, but it's also cultural. Look at Hollywood tanking and all the music stars in prison - obscene wealth is becoming tacky, culture will grow again, but it'll all be different and not so financial. People are now starting to care about the quality of person one is - the world is changing before our eyes! 💕🙌
China did not cause Corporate Greed. Look to the upper echelon of these conglomerates for cost cutting, causing awful quality, while charging consumers rising prices. My last LV purchase was in 2017. I now patronize middle priced items with high quality leather and workmanship. I prefer quiet Luxury without flaws.😊
Upping prices when demand is lower is a tactic used in Thailand. The logic is that when demand is less, they need higher prices to maintain the income. It doesn't work, and those who are savvy don't do it.
so angry at dior these days. not only are they using semi-legal sweatshops in italy, and not only are they JACKING UP their prices, but if you look at the fabric composition of so much of their clothes (their sweaters especially), WHY SO MUCH POLYESTER?! there's no excuse for not 100% wool or even 100% cotton, other than cheap materials = more profit
The truth is most of us are incredibly dumb. We just have less money to throw away at the moment. Once we have fresh cash in our hands again, these brands will move right back up. Notice when the sales started going up.
I was in Honolulu a few weeks back and all of the boutiques were completely empty. Some days there were 10 staff members and not a single customer in the stores.
I think this is the end for the “luxury” brands. But there is so many smaller businesses that make amazing luxury bags, I’ve got a Teddy Blake for a fraction of a price of an Hermes. And they are amazing, the quality is great, and I had all the luxurious experience. You for sure are paying for the product and not for a status or a brand.
A while ago the Chinese government cracked down on influencers who flaunted their wealth. I wouldn't be surprised if the people of China will be more careful about luxury spending going forward. I haven't watched the whole video yet, and that might be included in the video?
We talked about it long long time ago I’m so happy that it’s finally happening they definitely need to learn to appreciate us before we will start to think about going back spending our money in there stores
The problem is that LVMH and other luxury brands put all of their eggs in the Asia basket. Like the rest of the world post pandemic economies slowed down, with China facing a larger downturn. The rapid expansion into this market, which also meant a decrease in quality, created a perfect storm that has now crashed into the luxury market.
I always wonder at the cost and desire of many brands. Especially Hermes, and its exaulted image, when there are so many available second-hand. The prebuy, the wait, the mania even. Does that add up?
I love my LV bags. They’re now considered vintage! I don’t think I’ll be purchasing anything new anytime soon. I’m back on the Coach train. I’m loving all that they have to offer me. It feelslike Quality .❤
Why do we have to CARE about LVMH ? These BILLION people will NOT be STARVING for 50 to 100 years . Im NOT related or a share holder. But thank you for the UPDATE !! And what EFFECT does the MAJOR THEFT of these Luxury Goods have ? Mr. ECONOMIST ?
they lie all the time to keep the share price up! I no longer buy luxury aka poor quality expensive products. excuses excuses! gotta love luxury is ending.
Thank you for talking about this topic! Ive always grown up seeing both sides from the UK and I go back to Hong Kong, frequently crossing the border to China to places like Shenzhen and Guangzhou super often and ive seen the HUGE change that China has grown from! Back then I remember Shenzhen was ROUGH! (this was when i was a child, and now I am super amazed at what a tech city it has become and it definitely feels safer to be there! I do 100% relate to the "blame everything on China" and i have been incredibly lucky to have grown seeing both sides from the western world vs inside China to see that the narrative here is so skewed. I loved seeing the new tech, beauty and fashion there and its honestly out of this world!! quality is at the top, just in brand names that we wont see outside of China. Great video Dacob!! xx
They do even worse. There was a scandal where brands such as Louis Vuitton and Armani have they're production, yes, in Italy, but have way under paid chinese workers. These workers were treated like slaves getting paid 2 euros per hour. And I know these mini factories exist 'cause I accidentally saw one with a door open inside a building that scammingly look like abandoned from the outside, but inside it was clear white with many steaching machines and, yes, chinese workers. It was hiding in plain sight since the abandoned building was in a residential zone not that far from outside the rich area of Rome. The one I saw was at an old and abandoned looking "palazzo" or building in Pigneto.
Sorry if I missed it, but could you share the link to the article(s) you referenced? Great analysis and saying what many of us have been thinking recently. The constant stream of releases has become tiring and feels more like fast fashion than luxury.
I think LV price increases are not as horrible than Chanel but I wished they had maintained their quality. I have superb customer service with LV but my fave Multi-pochette has some curling of canvas at the bottom. Over all personal experience though, my LV bags are still the most hardworking lux bag in my collection.
Your mention of LV at Costco just reminded me that I've seen Gucci weekender backs at multiple Winners locations here in Canada (same company as Marshalls in the US)
just trying to catch up because i’ve only been reading news. is the elephant in the room for this video the fact that Dior was exposed along with “other brands” that were never mentioned for being part of the scandal of the knock offs being made in the same Chinese factories? paying their Chinese workers a mere 26 per bag? and what of the “made in italy “ leather goods that are made by the migrant Chinese workers that have established themselves their for years. in short , if I was Chinese and was publicly humiliated like this i’d be on strike too….
Genuinely, I think they raised the prices to price gauge Chinese and Russian nationals trying to extract their cash. But they have no interest in lowering prices once those people caught on. You see it with stock market money, there are people out there with lots of money but not a great understanding of English just pumping companies that say AI during an earnings call. These companies are fleecing the new rich. It's wild.
Well said and so true. I recently received an email from LV offering to help with any purchase. Makes me think 🤔 hmmm. Also since when does Lv send PR. Lastly neverfull was not attended to be an inside out bag. But since it’s been said multiple times they’ve decided to promote it to increase the price
Times must change, am renovating a home and see the availability of tiles is low, most sold out, prices huge in aud, and a pathetic greyish most of what is on offer. Decent Hans Grohe swan neck tap is 1900 aud and might be 76 euros in euroland. Have to see and kickback here in these luxe items.
I purchased my first luxury bag (LV all-black Capucine) in Rome last week. I know prices are high, but I wanted to own a new bag knowing it’s authentic. I don’t see any obvious flaws, and hopefully it’ll be fine. I can’t afford LV or any other uber-luxury after this, so I’ll go back to my Cuyana and Demellier now. I enjoy your videos, very informative.
23:04 WELL SAID 👏. It seriously makes no sense supporting these luxury brands any longer. Can't think of anything to justify spending ridiculous amounts of money on a decline of quality and customer service. As much as I love LV for its heritage, I will definitely not buy any more. 💔
The reversible is such a scam, it just looks like an inside out bag, only young kids might miss that if they don’t know what the old bags look like inside. And the canvas being manipulated like that when inside out!
Frankly, there are many people who don''t know about China's labor policy and how international companies' requirement on factories around the world. International brands conduct annual on-site audit of those factories (including China factories) to ensure there is no child labor, no excessive overtime, etc. They assign their auditing firms or send their own staff to do the audits. Some of these audits are even unannounced audits. Most factories who can do exports for global brands can usually meet these requirements. If they fail, then these factories could be terminated by the client. Secondly, people don't understand China's labor law. They have very strict labor laws now, and their labor laws stipulate minimum wage in each province and definitely no child labor. Those factories who fail to comply the law can be forced to shut down. Honestly, forced labor in any part of China is really a joke because it is impossible to happened. If anyone knows history of the Communist Party in China, they should know that its foundation of support in the early days are farmers and blue collar workers, and until today, it still is.
I stopped spending with Chanel and LV because their products are no longer worth the prices. I have gone back to bicycling, and that is where I’m putting my fun money. Bicycles are expensive, but at least my health benefits from the expenditure.
Health is wealth honey
Health, good sleep, a place to live, good friends, and peace are luxury to me these days.
I am Chinese, so thanks for saying all that Dacob, that's exactly how I feel, I live in Guangzhou, China, the city that has the headquarters of companies like Shein and Temu, but interestingly a lot of lux brands have their hardware made here as well, that's why China makes good fakes coz the real deals were made here as well. I will never buy any real lux items knowing all the truth behind the industry.
Seriously guys, all the dreamy Italian/French brands you've been wanting to own, all of them have their hardware made in my city, the people in Europe only put together the leather, that's it. You wanna use stuff made in China but bitch about the country on media... I mean, hello? We are not dumb.
What I can tell you is that normal people, lower middle class or even upper class in Europe, most of the time do not go to these luxury brands, first because wearing ostentatious luxury can be dangerous nowadays, second because there are local brands with better prices and better quality, the biggest market for millionaires buying without looking at the price or quality of this luxury is China, but China is going through something similar to what happened in 2008 in the West, the real estate crisis and no matter how much money is put into the economy to revive it, people go to buy the basic things and are more conscious of quality, money and the reason for their purchases.
I can assure you that 90% of the European population does not usually go to buy clothes or accessories at these luxury places. One thing is to treat yourself occasionally, or even buy something small like a makeup palette, but these luxury houses do not survive thanks to the majority of European people who have enough to do with surviving day to day. And in the West they will speak better or worse of China, but I remind you that in China they also speak badly of the West, stereotypes and ignorant people, unfortunately you will find them everywhere.
😊I bought a GORGEOUS “Birkin” made there! It was still a bit pricey but not like buying from the boutique.
Enjoy your bag.@@ohthankg-dforthebourgeoisi9800
@@ShiaMajer a few months ago Italian police raided Dior’s contractor and found they were using illegal Chinese immigrants and also got their hands on the accounting books, the contractor were selling Dior $56 Euro bags in which Dior turns around and sells for $3000 Euro in their boutiques. Chinese is the largest demographic for LVMH, Bernard Arnault must had a laugh that he was using Chinese to make bags and then turns around to sell back to them for a premium. So yeah I no longer buys luxury bags for my wife too, I have known luxury goods has high margins but didn’t know it’s that high, no way am I spending money on them again.
Dacob you are the only one talking about this. Sick and tired of other fashion RUclipsrs NEVER talking about this. The writing is on the wall
In reality some of them do talk about it; those that pretend nothing is happening shall see at some point in time a decrease in followers -people aren't stupid 😅
@@clau22431 What fascinates me is they keep on talking up the horrible and useless bags like the Capucine. It's a loser of a design. I personally love the Speedy and the Alma. But not a bag that fits nothing and isn't easily accessible.
They all want them to sponsor them when everyone knows they would never.
I quit LV a few years ago when my Palm Springs had to have the same repair twice in 1 year, then it happened a 3rd time and I was given a store credit. I then bought a Métis that also needed a repair after about a month and had only used it like twice. I had them fix it and sold it to fashionphile. I did keep my vintage LV, but sold all the others. Sorry but Coach makes better product than LV at this point.
Its their own fault, any clown could have told them that increasing prices + decreasing quality = very dissatisfied customers.
GREED is the operative term. And the issue is Bernard Arnault's rapacious approach.
Don’t forget about treating your customers like trash. Making them beg for items they actually want to buy.
How can something truly luxurious be mass-produced? 🤡
Excellent question! Fast Luxury Fashion is what I call it. 🤷🏾♀️🤷🏾♀️
"No, honey, your prices are dropping because you're a greedy mofo..." I *LOVE* how you tell it exactly like it is, Dacob!!!! 😄💜
Dior and others fired thousands in Romania because we got a new minimum wage and they didn’t want to pay. Mind you minimum in my country adds up to 350 euros/pounds
Shame on Dior for doing so 😢
I ‘am so sorry to hear that honey 😳! They are absolutely pathetic!!!
LV is borderline MK to me at this point.
yeeesshhhh
@@bnb0510 ouchhh
Idk, MK doesn’t have as many quality issues.
Wonderful video, thank you. I’m a technical designer in the U.S. apparel industry and you are absolutely on to something. So happy to find you. Keep this up, please. Subscribed 🤙🧚♂️
Edit to add: the leaders of companies that own the brand licenses are making up these deals/collabs at the top with Costco and other stores, like Forever 21 (yuck.) As the brand design team, we are faced with no choice but to churn out crap as fast as as possible. Skilled patternmakers like myself are not valued because what we do takes time. Time is money, make that money. That’s what the investors care about. Buy a brand then spread it out and water it down until it’s a joke. Rinse and repeat. Sorry for the long add. It’s the truth. Thank you for reading. I still love what I do, and believe I was put on this earth to make beautiful clothes. Luxury-Shmugxury.
Omg!!! I got a Chanel text! An SA I haven’t spoken to in five years messaged me. Wow!!!
They desperate.
My tiny catch-all mini Pochette was purchased with $350 right around the pandemic and now it’s selling for $760!
My stepmom has a 7 year old LV Palais bag that she bought in boutique in NYC. The lining of the bag is literally disintegrating with big ragged holes like dry rot and the canvas is cracked all around the piping at the sold color insets - I’m talking about a hundred little cracks. I was carrying my vintage 2004 LV Papillon 30 (made in Paris) yesterday. It still looks perfect - no cracks, fading, etc. My vintage Speedy is still perfect as well. Her canvas does not look or feel at all like my bag. Why would anyone pay thousands of dollars for her poor quality they are peddling today- and that includes both Chanel and LV?
I’ve heard this too! The vintage is different and very telling of the quality decrease 😢
Remember that stupid purchase limits they put out couple years ago? Lol they blacklisted a lot ppl back then, I wonder if they are texting them too 😂😂😂
I read an article in the NYT a few months ago that the Chinese are looking for Chinese designers to support. Ouch.
That’s great!! Support one’s own
Chinese buy goods that they believe will rise in value. LVMH and others understand this, so by artificially increasing the prices aggressively, they hope the Chinese consumers will be in FOMO while believing if they bought something 6 months ago, that same item already increased in value. BUT, Chinese also like to resell to make money, the preloved/second hand markets are not selling well either. Because the quality of these products are notoriously bad for those produced in recent years. So, the more of Chinese consumers making a lost, they become not interested to buy anymore. This is like Tulips 🌷 Mania in the 17th century except this is far worse, because LVMH and Chanel are selling us worse than fakes! Or worse than small leather shops in Italy. In Italy, there are beautifully made, high quality leather bags, I bought one recently at peanut 🥜 prices. My room smell of fresh quality leather for months still! I have stopped buying completely for years.
Definitely agree. I'm back from Florence with Coccinelle and The Bridge bag and pouches, Farmacia SS. Annunziata perfume... in love with my purchases.
Aaaaahahahaha I AM BATHING IN CHAMPAGNE RIGHT NOW KNOWING LV IS GOING DOWN !!!!!! BATHING DAAAALIN'
😂
I think that during the pandemic many companies, from small supermarkets to luxury brands and many others in between that profited from the pandemic, got a bit greedy and thought that their pandemic sales increase would be their new reality for the future. They aligned their strategies according to their pandemic sales. In reality people were just saving money in many other areas and maybe even a bit bored. That was all, just a bubble. Now they should have adjusted their strategies back, but of course they are not willing to go that easy from a racing horse to donkey again.
100%
So true!!
Fabulous video Dacob. It’s so interesting being a lover of all this stuff but being aware of these nasty details. Always appreciate your perspective.
I went to LV recently, they had a similar sandal to the Hermes izmir but it felt cheap and was more expensive than the Hermes' version.... I am at a loss of words and, Celine told me when i found out my purchase was defective that defects are "out of their control." LOL
Out of their control 😂😂 Ok. We can keep our money , Ty.
Such a good video!! Where is all the stock going to go? Perhaps in the next decade we may see an LV outlet !Thumbs up 👍 enjoyed it ❤
Thanks Jess 🥰🥰💖💖🎉🎉
So much of what they do is URRRGLY as my French grandmother would say...URRRGLY!
@@SuperDacob You're on fire today!
Moet-Chandon champagne has gone down in quality. It has not been good since the white star vintages. It seems LVMH is “mainstreaming” the quality out of luxury while living on the name. This is history repeating itself from the late 80’s same tactics same result same companies.
LVMH management is delusional. They think they can get away with shafting consumers indefinitely, but the truly affluent look down on the label. Parisians hate it and know the quality sucks. To the young it represents a conglomerate that underpays workers and sells consumers a slick marketing dream. It's the marketing that costs the money the items are cheap to produce and anyone with a clue knows it.
Such a treat after work here to lie back
and listen to you Dacob. Thank
you ❤🎉
Thank you Caroline 🥰💖🎉
As someone who got their first bag at 9 years old. My mum bought me a mini speedy cross body. I haven’t bought luxury in two years. I had slowed down 4 years ago. Luxury doesn’t appeal to me anymore but I’m using what I have, because I have it.
Im hoping this could be the start of a renaissance period for European fashion. The overhyped and over marketed ‘luxury’ brands have been syphoning creative talent and funding towards the productions of increasingly bland and low quality tat. In the short term the failure of LVMH could have a negative impact on the French economy considering it accounts for 1% of GDP and 4% of exports, but there are plenty of higher quality and more innovative brands in France that could fill this void. We’re already seeing more small and medium sized brands selling leather goods and clothing at more affordable price points with an emphasis on quality and local manufacturing in Europe. Viva la revolution!! 🎉
Thats one of the reasons i quit my job this year at LV.. "Clienteling" they would call it 🤙 Reacing out to local clients that we should propose new stuff to.. Ready to wear, new collaborations, launch of products ect. 22:51
Many of my colleagues dreaded this task. Sometimes It felt a little "cheap" and "pushy" to write to some of the clients. Especially if you knew they where not interested in buying. They have KPIs on how many reach outs you have made for local clients. And in periods that will make special potential clients list and you have to complete your lists. In times with not so much traffic in store, "clienteling" would be higher priority.
I'm from Europe btw.
Thank you Jacob for making this content.
You are a fashion prophet.
🙏🏽 DacobDearest... please lets find new names for these brands ... they are no longer "Luxury" nor "quality" ... they are our mass delusion 😉 the vampires of a perpetual halloween 😻
First of all, Dacob, you look snatched in this video and second!!!….. sales are down in luxury cause it’s all UGLY oversized clothing. Nothing fits anymore, it’s gross. Also the shoes are wayyyyyyy too urban. They need to get back to beautiful fitted clothing and elegant shoes. The aspirational customers buying this ugly stuff is out of credit and now they are gonna have to get back to luxury styles ppl with money want to wear. Come on, Gucci!!… no one wants to wear Daffy Duck/cartoons on their clothes…. Gross.
And my boyfriend, said “AND THATS ON PERIOD!!”
😂😂 It’s Donald Duck but I so get your point 😂
Dacob you are the most brilliant luxury youtuber and your insights are very valuable. thanks for speaking out and positively for my home country China, LVMH just likes to blame china for everything. loll they always need an escapegoat. Each launch is dumb and the quality now is laughable. I wish more chinese consumers would stop buying luxuries lolll i shop often pre-loved
What Chanel and Louis Vuitton don’t seem to understand is that real money does not want to be seen wearing the same brands as pretend money. People with real money can stomach these drastic price increases, but they no longer like these brands.
Arnault has become too greedy.
Arnold doesn’t “become” anything. He’s always been that way, if you read any industry notes or stories about the kreep. Couldn’t design his way out of a doghouse.
Every decision he makes is to benefit his controlling interest in lvmh (48.6% of voting shares). Customers are cattle.
Arnault is called " the wolf in cashmere"
Thank you for the in-depth economic class on the luxury market, conglomerate greed and how we, the consumer, should be treated.
Proud of us all. We need to show these greedy fudgers we are not idiots.
REVERSE THE PRICES NOT THE BAGS!!! 😁
👏👏👏👏👏Bravo!!! Perfect analysis.
I saw the bag and it looks stupid. I wonder why would ppl buy that.. it’s fugly 😂
to be fair. the once lucrative chinese market completely collapsed due to high unemployment and rezession. Also the government declared luxury products to be an indecent display of wealth and it got dangerous to wear those things in public. the economy is in its worst shape since 30 years and people with formally high paying jobs can't even afford food or rent. so it is not that the chinese people finally woke up to the poor quality of luxury products, they simply can not afford them any longer. Xi single handedly destroyed china's economy with his stupid policies and it wont recover without a change of government.
I’m done with luxury unless it’s on the secondary market and at a great price. Most of my purchases this year ended up as regrets, and the loss if/when I sell will be extreme. I’m tired of the constant price increases, the inconsistent quality, and the inability to buy something because it sold out so fast (limited edition). The final straw was being told by Hermes that they wouldn’t help me get a simple SLG, and it was up to me to stalk the website. After the tens of thousands I spent there without even wanting a Birkin? Christmas is coming up, and the online selection sucks.
We’d rather spend our money on experiences and creating memories travel etc, life is short and precious after all! That’s my version of Luxury! 😊
The definition of insanity is doing the same thing over and over again, and expecting different results. I smell a large crash coming and it’s much deserved. Their greed has gone too far!
Brilliantly put darling! 😘Adore you to the moon and back!!! Thank you for your unwavering integrity and sharing 🙏🏻❤️!
the only thing thats worth reversing is couch cushions when one side wears...and those are getting harder to find...hence more junk in landfills..
I feel like luxury shopping is over. The price hikes are to meet the lower demand, and in turn drive up a false sense of profitability… allegedly 🤪
Thank you Dacob! For telling the truth.
Always follow your intuition Dacob, you are so spot on and have been about everything! This is financial, but it's also cultural. Look at Hollywood tanking and all the music stars in prison - obscene wealth is becoming tacky, culture will grow again, but it'll all be different and not so financial. People are now starting to care about the quality of person one is - the world is changing before our eyes! 💕🙌
we are done aspiring to be the rich, they are all awful people
@@traumaqueeen We are aspiring to be rich within ourself :)
Rich = community + family + nature + healthy food + beautiful art
China did not cause Corporate Greed. Look to the upper echelon of these conglomerates for cost cutting, causing awful quality, while charging consumers rising prices. My last LV purchase was in 2017. I now patronize middle priced items with high quality leather and workmanship. I prefer quiet Luxury without flaws.😊
Upping prices when demand is lower is a tactic used in Thailand. The logic is that when demand is less, they need higher prices to maintain the income. It doesn't work, and those who are savvy don't do it.
so angry at dior these days. not only are they using semi-legal sweatshops in italy, and not only are they JACKING UP their prices, but if you look at the fabric composition of so much of their clothes (their sweaters especially), WHY SO MUCH POLYESTER?! there's no excuse for not 100% wool or even 100% cotton, other than cheap materials = more profit
The truth is most of us are incredibly dumb. We just have less money to throw away at the moment. Once we have fresh cash in our hands again, these brands will move right back up. Notice when the sales started going up.
Great video Dacob! You couldn't pay me to shop at Louis Vuitton- designs terrible and over saturation. Am selling all my pieces as we speak
I would never ever spend my money with sales associates that treat their customers like 💩. Ps I’m a boomer and could afford too
I was in Honolulu a few weeks back and all of the boutiques were completely empty. Some days there were 10 staff members and not a single customer in the stores.
What a lovely background.
I think this is the end for the “luxury” brands. But there is so many smaller businesses that make amazing luxury bags, I’ve got a Teddy Blake for a fraction of a price of an Hermes. And they are amazing, the quality is great, and I had all the luxurious experience. You for sure are paying for the product and not for a status or a brand.
Dacob do you think Hermès is throwing shade at LVMH by making their inside out Birkin for SS25? 😂😅
Dacob, you were early in responding to problems in these luxe companies. Well done.
A very pointed video with revealing details for those who can think objectively. Well done and thanks.
I guess I'll be picking up a suitcase the next time I need some eggs. Shame on you LV 🤣🤣
You’re the best to get the message to those greedy guys! You’re our hero!❤️❤️❤️you!
Can't wait to see Chanel and LV at the cheap stores I frequent.
Excellent explenation! Thank you Dacob.
A while ago the Chinese government cracked down on influencers who flaunted their wealth. I wouldn't be surprised if the people of China will be more careful about luxury spending going forward. I haven't watched the whole video yet, and that might be included in the video?
We talked about it long long time ago I’m so happy that it’s finally happening
they definitely need to learn to appreciate us before we will start to think about going back spending our money in there stores
The problem is that LVMH and other luxury brands put all of their eggs in the Asia basket. Like the rest of the world post pandemic economies slowed down, with China facing a larger downturn. The rapid expansion into this market, which also meant a decrease in quality, created a perfect storm that has now crashed into the luxury market.
Hermes is also lacking as most of their leather goods are machine sewn. Only some products like birkins and Kelly’s are hand saddle stitched.
100% I don’t have the time to reverse bags or jackets
Whom those that follows Dacob are NEVER FOOL by LVMH
I remember you saying: “When you keep buying luxury products, the brand lose power over you.” I think that’s what’s happening in the Chinese market.
I always wonder at the cost and desire of many brands. Especially Hermes, and its exaulted image, when there are so many available second-hand. The prebuy, the wait, the mania even. Does that add up?
Another informative video thanks for all you do Dacob ❤❤❤
Thank you so much Aysh 🥹💖💖💖🎉
I love my LV bags. They’re now considered vintage! I don’t think I’ll be purchasing anything new anytime soon. I’m back on the Coach train. I’m loving all that they have to offer me. It feelslike Quality .❤
I have stopped buying new LV.
It just got way too expensive. The quality is not what it used to be.
I use my old LV bags :)
Why do we have to CARE about LVMH ? These BILLION people will NOT be STARVING for 50 to 100 years . Im NOT related or a share holder. But thank you for the UPDATE !! And what EFFECT does the MAJOR THEFT of these Luxury Goods have ? Mr. ECONOMIST ?
they lie all the time to keep the share price up! I no longer buy luxury aka poor quality expensive products. excuses excuses! gotta love luxury is ending.
Such great points in the vid Dacob.
Thank you Andy 💖
Thank you for talking about this topic! Ive always grown up seeing both sides from the UK and I go back to Hong Kong, frequently crossing the border to China to places like Shenzhen and Guangzhou super often and ive seen the HUGE change that China has grown from! Back then I remember Shenzhen was ROUGH! (this was when i was a child, and now I am super amazed at what a tech city it has become and it definitely feels safer to be there! I do 100% relate to the "blame everything on China" and i have been incredibly lucky to have grown seeing both sides from the western world vs inside China to see that the narrative here is so skewed. I loved seeing the new tech, beauty and fashion there and its honestly out of this world!! quality is at the top, just in brand names that we wont see outside of China. Great video Dacob!! xx
Thank you for this. As an Asian, I really appreciate your opinion.
They do even worse. There was a scandal where brands such as Louis Vuitton and Armani have they're production, yes, in Italy, but have way under paid chinese workers. These workers were treated like slaves getting paid 2 euros per hour. And I know these mini factories exist 'cause I accidentally saw one with a door open inside a building that scammingly look like abandoned from the outside, but inside it was clear white with many steaching machines and, yes, chinese workers. It was hiding in plain sight since the abandoned building was in a residential zone not that far from outside the rich area of Rome. The one I saw was at an old and abandoned looking "palazzo" or building in Pigneto.
Sorry if I missed it, but could you share the link to the article(s) you referenced? Great analysis and saying what many of us have been thinking recently. The constant stream of releases has become tiring and feels more like fast fashion than luxury.
By cost cutting they will cut staff not the product #justsaying
I love that you’re drinking from a witchy potion glass 😂❤
I think LV price increases are not as horrible than Chanel but I wished they had maintained their quality. I have superb customer service with LV but my fave Multi-pochette has some curling of canvas at the bottom. Over all personal experience though, my LV bags are still the most hardworking lux bag in my collection.
Your mention of LV at Costco just reminded me that I've seen Gucci weekender backs at multiple Winners locations here in Canada (same company as Marshalls in the US)
27:27 HAHA that's so true!! NO ONE reverses reversible bags and jackets. I did reverse them maybe once? and the picked the side I prefer! 🤣
just trying to catch up because i’ve only been reading news. is the elephant in the room for this video the fact that Dior was exposed along with “other brands” that were never mentioned for being part of the scandal of the knock offs being made in the same Chinese factories? paying their Chinese workers a mere 26 per bag?
and what of the “made in italy “ leather goods that are made by the migrant Chinese workers that have established themselves their for years.
in short , if I was Chinese and was publicly humiliated like this i’d be on strike too….
We may see some divestment - like UBS, LVMH is too big to fail. My humble opinion 😊
Genuinely, I think they raised the prices to price gauge Chinese and Russian nationals trying to extract their cash. But they have no interest in lowering prices once those people caught on. You see it with stock market money, there are people out there with lots of money but not a great understanding of English just pumping companies that say AI during an earnings call. These companies are fleecing the new rich. It's wild.
❤❤❤ thank you Dacob for giving the folks back their sovereignty and power 👊👊👊
Well said and so true. I recently received an email from LV offering to help with any purchase. Makes me think 🤔 hmmm. Also since when does Lv send PR. Lastly neverfull was not attended to be an inside out bag. But since it’s been said multiple times they’ve decided to promote it to increase the price
Times must change, am renovating a home and see the availability of tiles is low, most sold out, prices huge in aud, and a pathetic greyish most of what is on offer. Decent Hans Grohe swan neck tap is 1900 aud and might be 76 euros in euroland. Have to see and kickback here in these luxe items.
Haven’t bought any LV in yrs and am not goin too. Their stuff looks very cheap. I question myself why the canvas cost so much. 🙄
“Awwwww. Bless.” Hahahahaha
I have lost interest in their products they are way overpriced and no warranty their quality is really bad
I purchased my first luxury bag (LV all-black Capucine) in Rome last week. I know prices are high, but I wanted to own a new bag knowing it’s authentic. I don’t see any obvious flaws, and hopefully it’ll be fine. I can’t afford LV or any other uber-luxury after this, so I’ll go back to my Cuyana and Demellier now. I enjoy your videos, very informative.
5:30 and you did it at my birthday dinner!
Thank you Dacob for putting light on the truth!
Yup…How dumb do you think we really are !! That’s it…
23:04 WELL SAID 👏. It seriously makes no sense supporting these luxury brands any longer. Can't think of anything to justify spending ridiculous amounts of money on a decline of quality and customer service. As much as I love LV for its heritage, I will definitely not buy any more. 💔
The reversible is such a scam, it just looks like an inside out bag, only young kids might miss that if they don’t know what the old bags look like inside. And the canvas being manipulated like that when inside out!
Sorry, but that LV print has always been so fug. lol I cannot believe it’s been so popular.
I stopped buy it when they started pushing nylon goods over leather or other quality materials. Knew it was a money grab scam for awhile.
Frankly, there are many people who don''t know about China's labor policy and how international companies' requirement on factories around the world. International brands conduct annual on-site audit of those factories (including China factories) to ensure there is no child labor, no excessive overtime, etc. They assign their auditing firms or send their own staff to do the audits. Some of these audits are even unannounced audits. Most factories who can do exports for global brands can usually meet these requirements. If they fail, then these factories could be terminated by the client. Secondly, people don't understand China's labor law. They have very strict labor laws now, and their labor laws stipulate minimum wage in each province and definitely no child labor. Those factories who fail to comply the law can be forced to shut down. Honestly, forced labor in any part of China is really a joke because it is impossible to happened. If anyone knows history of the Communist Party in China, they should know that its foundation of support in the early days are farmers and blue collar workers, and until today, it still is.