If you know a woman, you know that they are fashion diva. Most women will gladly pay a small fortune for brand-name goods. Handbags are no exception. Michael Kors has long been the go-to handbag and purse brand for fashion-conscious women. The question is, “Do women still salivate over Michael Kors?” You’ll discover the answer in this article.
Its Stock Price Has Tumbled in Value
Perhaps the best way to gauge the popularity of a particular brand is to analyze its stock valuation. Michael Kors’s stock price has tumbled by 37% over the past 12 months. That’s quite a dip in value. Perhaps the fact that women haven’t been snapping fashionable bags like they used to in recent years reflects that.
Michael Kors Isn’t Exclusive Anymore
People don’t get excited over Kleenex and Coca-Cola like they used to. The reason is that everyone can buy both name brands easily. That’s why you can buy a box of Kleenex tissues and a bottle or can of Coke for low prices.
When everyone has a brand, its perceived value decreases substantially. So, people want less of it because they can’t justify paying its price when more popular and valuable substitutes are readily available. Michael Kors has become a household name for women. So many women own a Michael Kors bag that it has lost much of its allure. Women buy brands that are popular because of their allure.
Michael Kors May Be Shooting Itself in the Foot
You can buy Michael Kors bags at various prices. This could be the brand’s Achilles Tendon. You can buy Michael Kors bags at thrift stores and at high-end stores like Nordstrom, the brand may be sending consumers mixed signals about its perceived value and status. That is part of what is contributing to its decline in popularity.
Michael Kors’s different price points at different stores may be contributing to its decline in popularity since it’s unleashing unhealthy competition among and between its different lines as well.
People Don’t Have Money
A well-worn phrase from Dr. Seuss’s book The Cat in the Hat, “Up, up, and up like a fish” can help you understand why women may not be as eager to buy Michael Kors products.” The price of everything just keeps on going up, up, and up like a fish.” Indeed, the notoriously high inflation in America erodes women’s purchasing power.
That combined with the fact that high-paying jobs are difficult to find explains part of the reason why Michael Kors bags just sit on store shelves for months at a time now.
Conclusion
Women in the post-pandemic world may not be as willing to pay a premium for designer brands. Perhaps that’s why they are flocking to thrift stores to buy second-hand brand names like Michael Kors handbags. That and the factors discussed in this article explain why sales of new Michael Kors handbags have tanked recently.
