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Herms’ highly coveted Birkin handbag becomes even more coveted after it leaves the store — doubling in value in as little as five years, according to a luxury expert.

James Firestein, founder of luxury resale and authentication platform OpenLuxury, told Fortune that the steepest price increase he has ever witnessed when a Black Togo 30 Birkin doubled in value in five years.

For reference, the price of the Black Togo 30 widely varies on resale platforms due to the bag’s condition, type of hardware metals and the year it was purchased from Herms, going for anywhere from $30,500 for a “like new” bag on Sotheby’s to $10,925 on The RealReal or roughly $8,000 on eBay.

More commonly, however, it takes a decade for the price of a Birkin to surge two-fold.

“I know several instances where people have doubled their money based on buying it 10 years ago, and reselling it today in pristine condition,” Firestein said, per Fortune.

“The resale value of particularly the Birkin and Kelly bags over the past 10 years has outpaced gold, he added.

In 2020 alone, while when the luxury market ground to a halt during COVID, Birkin bags saw impressive returns of 38%, according to a report from Credit Suisse and Deloitte.

As a result, Firestein estimates that 25% of Birkin buyers keep the bag in storage as investments while the remaining 75% actually use the bags, Fortune reported.

Most shoppers look to the second-hand marketplace to buy Birkin bags, mostly because buying a luxurious piece of eye candy directly from Herms can be a time-consuming process that doesn’t guarantee customers get the exact style they want.

Herms allows stores and boutiques around the world to purchase a select number of Birkins per season, though the color and size of the bags are rarely known ahead of time, according to Sotheby’s.

And for aspiring Birkin owners who don’t already have an existing relationships with retailers, it can be even harder to ensure that a staffer will try and reserve the bag you want, Sotheby’s said.

As a result, Birkins, more often than not, sell for well beyond their $12,000 sticker price.

The pricing mostly comes down to scarcity principle, per Sotheby’s, which sold a Himalaya Birkin 30 encrusted with diamonds for $450,000, though the more common leather styles in fresh condition generally go for between $25,000 and $30,000, according to the auction house.

Herms has been accused of making it too difficult for the everyday shopper to acquire a Birkin of their own.

Two California plaintiffs alleged in a class-action lawsuit earlier this month that the French fashion house uses unfair business practices,” including requiring customers to buy other ancillary products such as shoes, scarves, belts, jewelry and home goods  before getting the opportunity to buy the coveted, chronically unavailable handbag.

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To be allowed to purchase a Birkin, the suit claims, customers must have accrued a sufficient purchase history with the luxury brand.

Once achieved, customers who are deemed worthy are then offered a Birkin — which is allegedly not on public display but rather in a private room, the suit claims.

The unique desirability, incredible demand and low supply of Birkin handbags gives defendants incredible market power, attorneys wrote in their filing.

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UK

Fireball at Southend Airport after small plane crashes

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Fireball at Southend Airport after small plane crashes

A small plane has crashed at Southend Airport in Essex.

Essex Police said it was at the scene of a “serious incident”.

Images posted online showed huge flames and a large cloud of black smoke, with one witness saying they saw a “fireball”.

A police statement said: “We were alerted shortly before 4pm to reports of a collision involving one 12-metre plane.

“We are working with all emergency services at the scene now and that work will be ongoing for several hours.

“We would please ask the public to avoid this area where possible while this work continues.”

Fireball after plane crash at Southend Airport. Pic: Ben G
Image:
A huge fireball near the airport. Pic: Ben G

It has been reported that the plane involved in the incident is a Beech B200 Super King Air.

According to flight-tracking service Flightradar, it took off at 3.48pm and was bound for Lelystad, a city in the Netherlands.

One man, who was at Southend Airport with his family around the time of the incident, said the aircraft “crashed headfirst into the ground”.

John Johnson said: “About three or four seconds after taking off, it started to bank heavily to its left, and then within a few seconds of that happening, it more or less inverted and crashed.

“There was a big fireball. Obviously, everybody was in shock in terms of witnessing it. All the kids saw it and the families saw it.”

Mr Johnson added that he phoned 999 to report the crash.

Southend Airport said the incident involved “a general aviation aircraft”.

Four flights scheduled to take off from Southend this afternoon were cancelled, according to its website.

Flightradar data shows two planes that had been due to land at Southend were diverted to nearby airports London Gatwick and London Stansted.

Smoke rising near Southend airport. Pic: UKNIP
Image:
Plumes of black smoke. Pic: UKNIP

Essex County Fire and Rescue Service said four crews, along with off-road vehicles, have attended the scene.

Four ambulances and four hazardous area response team vehicles are also at the airport, as well as an air ambulance, the East of England Ambulance Service said.

Its statement described the incident as “still developing”.

Fire engines at the scene at Southend Airport
Image:
Fire engines at the airport

David Burton-Sampson, the MP for Southend West and Leigh, posted on social media: “I am aware of an incident at Southend Airport. Please keep away and allow the emergency services to do their work.

“My thoughts are with everyone involved.”

Local councillor Matt Dent said on X: “At present all I know is that a small plane has crashed at the airport. My thoughts are with all those involved, and with the emergency services currently responding to the incident.”

This breaking news story is being updated and more details will be published shortly.

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World

Meredith Kercher’s killer faces new trial over sexual assault allegations

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Meredith Kercher's killer faces new trial over sexual assault allegations

The man convicted of the murder of British student Meredith Kercher has been charged with sexual assault against an ex-girlfriend.

Rudy Guede, 38, was the only person who was definitively convicted of the murder of 21-year-old Ms Kercher in Perugia, Italy, back in 2007.

He will be standing trial again in November after an ex-girlfriend filed a police report in the summer of 2023 accusing Guede of mistreatment, personal injury and sexual violence.

Guede, from the Ivory Coast, was released from prison for the murder of Leeds University student Ms Kercher in 2021, after having served about 13 years of a 16-year sentence.

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Since last year – when this investigation was still ongoing – Guede has been under a “special surveillance” regime, Sky News understands, meaning he was banned from having any contact with the woman behind the sexual assault allegations, including via social media, and had to inform police any time he left his city of residence, Viterbo, as ruled by a Rome court.

Guede has been serving a restraining order and fitted with an electronic ankle tag.

The Kercher murder case, in the university city of Perugia, was the subject of international attention.

Ms Kercher, a 21-year-old British exchange student, was found murdered in the flat she shared with her American roommate, Amanda Knox.

The Briton’s throat had been cut and she had been stabbed 47 times.

(L-R) Raffaele Sollecito, Meredith Kercher and Amanda Knox. Pic: AP
Image:
(L-R) Raffaele Sollecito, Meredith Kercher and Amanda Knox. File pic: AP

Ms Knox and her then-boyfriend, Raffaele Sollecito, were placed under suspicion.

Both were initially convicted of murder, but Italy’s highest court overturned their convictions, acquitting them in 2015.

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Politics

RWAs build mirrors where they need building blocks

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RWAs build mirrors where they need building blocks

RWAs build mirrors where they need building blocks

Most RWAs remain isolated and underutilized instead of composable, DeFi-ready building blocks. It’s time to change that.

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