The Luxury Fashion Industry Is Designed To Keep You Poor

#Wallstreetmillennial

Currently, the third richest man in the world is Bernard Arnault, the chairman and CEO of luxury fashion giant LVMH. Interestingly he is the only non-American in the list of top 10 richest people in the world. His wealth has skyrocketed over the past few years with the parabolic rise in LVMH’s share price. And it's not hard to see why they’re so profitable. It’s easy to make money when you can sell pieces of cloth for $5,000 each. While luxury brands build the perception of having the highest quality of clothing, for all practical purposes they’re not really any different than the clothes you would buy at Target or Gap. These brands are highly sophisticated marketing machines that employ every psychological trick in the book to make you believe the bag they’re selling you is worth $10,000.

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[tsundoku]

Before 2020, I was a young woman and every year I would put some or the other luxury brand logo on my yearly vision board. But a lot changed in that year for me - I am sure for many people. I woke up and realised what is real. Now when I look at luxury items, I say - hell no! It’s only healthy investments in myself. Now, my 2022 board consists of more travel and skill building. Girls, you may love Chanel but Chanel does not love you back. Remember that before you buy it.

[JoaoSilva]

1980 - it´s expensive because it´s very well made.
2022 - it´s expensive because people love paying 5.000 for a handbag.

[bufordmaddogtannen]

You don't necessarily need to recreate a sweat shop in Italy (although it happens). All you need to do to be able to apply a made in Italy label (and be compliant with the current Italian laws) is to finish the manufacturing process in Italy.
Basically you could manufacture 99% of a bag in China, bring everything to Italy for the "finishing touches" and the slap a "prestigious" made in Italy label once you are done.

[lindsay]

This is why I have decided to make my own clothes and bags. I design what I want and take the time to make it. The fabric won’t go to waste and I have a deeper appreciation for the piece.

[hsy]

My finance professor was from China. He once told our class that his friend back in China used to produce bags for one of the major European fashion houses. They were required to destroy excess inventory in order to maintain the brand's "exclusivity". Of course, instead of destroying the bags, his friend sneaked some of them out and sold them cheap to friends and family (including my professor, to give to his wife lol) 🤫

[danb]

My partner moved to Italy from Africa and worked as a seamstress at Dolce & Gabbana for years. During busy periods, like before fashion shows, she would work 10 or 12 hour shifts and six-day weeks for minimum wage on a 6-month rolling contract. She also required surgery to repair ligament damage from repetitive stress caused by overworking, which wasn’t covered by health insurance. These companies are shamelessly exploitative. Great video. Thanks 🙏🏽

[PatriziaCavaliere]

I resorted to tailoring and small, local businesses for leather goods. It’s the best decision I’ve ever made. Local Taylors create couture made for my body, so I don’t need to “fit into a size”. I feel comfortable and absolutely incredible wearing those high quality items that last generations. I choose the fabric and this determines the price, not their advertising and fashion shows. This business is paying their taxes in the country they live in, and respect certain working conditions. I support a small, local business. People constantly ask me from what designer my clothes and accessories are, so I assume they look quite good.

[Bnelen]

The fashion industry is one of the most psychopathic industries around.

[legslikewhoa]

The fact that the workers who craft these items are often living in poverty and work in horrible conditions, is enough for me not to buy them. The exploitation of workers is disgusting.

[tippytoe]

I’ve gotten to the point where I don’t want to buy anything these day and I’m really enjoying the peace.

[machoke]

I have a friend who's really into expensive fashion, he often can't afford traveling, eating out, and he lives with his parents. I can't wrap my head around it

[summernoir]

I’ve owned over a dozen Chanel bags in my early 20s and have sold some for more than I originally paid for, not too bad a deal. However most of my other designer pieces are lucky to hold 50% of original value. Regardless, I liked the designs, and also, let’s face it, many people treat you with more respect when you look expensive. It’s sad but true. However now that I’m older and actually more accomplished, I find myself very turned off by any excessive or big logos. And I don’t give an f about whether those people treat me with respect. People who need brand names to see i deserve respect is not worth my time. I put my money on things I deem as high quality irregardless of their price tag.

[thereIsaidit]

The sales people at the Hermes stores treat customers as if they were peasants; meanwhile they are paid min wage to sell purses

[johnpatrick]

A friend painted as a hobby for years and his wife wanted them out of the garage. He sold some at flea markets/swap shops for around $25. A street art festival was in town so he sold those $25 paintings for over $2500 each at the artsy-fartsy art festival.

[Morticia]

I'll never got this obession with Brands, I always found it silly and stupid. If I had the financial means to spend thousends on a dress, I would go to a bespoke Tailor and would let him make one for my body. I prefer quality and would never ever pay these overhyped companies to be there walkind add. I would rather burn my money than buy something stupid because of a label.
But luckily I can make my own clothes, so at least I know who's sewing them up and they also keep for years and years - I find fashion trends absolutely idiotic. The only reason to sometimes make changes in my wardrobe is if the season changes or somethings damagend beyond repair.

[monicajones]

Very good content👍 Pretty much on track with my college professor’s option of the luxury brand.”…Every time you wear a shirt with their logo, that’s free advertising… You bought the shirt and now you are willing to walk around as free advertisement…”
Another professor told us in class, “…If you have a $300 purse you should be able to go into that purse and bring out that same amount of money…”Two important economic lessons I learned, as an undergrad.

[cris]

when I was younger I cared a lot about luxury brands but I soon found out that possessing them didn’t make me any happier
Besides most people can’t tell the difference between luxury and common products

[AkweliParker]

If you’re trying to achieve financial freedom, buying luxury brands is counterproductive. Possible exception: If you also own enough of the luxury brand’s stock that your earnings exceed the cost of buying the products. But let’s be honest, most clout chasers aren’t even thinking about investing 😂

[Klingonmastr]

Even many luxury brands like Burberry and Armani have moved at least some of their production to China. They aren't trying to make high quality clothing. They're trying to maximize profits. Just about a decade ago the MSRP for a Burberry Polo was around $150-$200. Now They're $400. How did things get so expensive?

[KFG]

Sold my luxury items years ago and happily frugal and conscientious these days! Great video 👍🏻