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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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Entertainment

‘Grandpa robbers’ found guilty over ‘terrifying’ Kim Kardashian heist at Paris hotel

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'Grandpa robbers' found guilty over 'terrifying' Kim Kardashian heist at Paris hotel

Eight people have been found guilty of crimes connected to the gunpoint robbery of Kim Kardashian at a Paris hotel.

The theft targeting the TV personality, socialite and businesswoman in 2016 was carried out by a group the media dubbed the “grandpa robbers” as most were close to or of retirement age.

A six-member jury, led by three judges, reached a verdict on Friday following a four-week trial at Paris’s Palais de Justice.

The court found the ringleader and seven others guilty over the raid at the Hotel de Pourtales. Their sentences ranged from prison terms to a fine, but with time already served in pretrial detention, none of those convicted will go to jail.

The group were accused of pulling off one of the most audacious heists against a celebrity in modern French history, in the early hours of 3 October 2016 during Paris Fashion Week.

Wearing ski masks and disguised as police, the thieves stormed Kardashian‘s luxury hotel apartment, bound the star with zip ties, and stole jewellery worth an estimated $6m (£4.4m), including a ring given to her by then husband Kanye West.

You caused harm’

Chief judge David De Pas said the defendants’ ages – with the oldest being 79 and some others in their 60s and 70s – weighed on the court’s decision not to impose harsher sentences, and the nine years between the robbery and the trial was also taken into account.

He also told them the reality TV star had been traumatised by the raid, adding: “You caused harm. You caused fear.”

Some arrived in court in orthopaedic shoes and one leaned on a cane. But prosecutors warned observers not to be fooled.

Read more: Everything you need to know about the Paris trial

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Kim Kardashian’s testimony: What happened?

Ringleader Aomar Ait Khedache, 69, who arrived at court walking with a stick, was sentenced to eight years imprisonment, with five of those suspended.

His DNA, which was found on the bands used to bind Kardashian, was a key breakthrough that helped crack open the case. Wiretaps captured him giving orders, recruiting accomplices and arranging to sell the diamonds in Belgium.

Three others who were accused of the most serious charges got seven years imprisonment, five of them suspended.

‘Most terrifying experience of my life’

After the ruling, 44-year-old Kardashian, who was not present for the verdict, issued a statement, saying: “I am deeply grateful to the French authorities for pursuing justice in this case.

“The crime was the most terrifying experience of my life, leaving a lasting impact on me and my family.

“While I’ll never forget what happened, I believe in the power of growth and accountability and pray for healing for all. I remain committed to advocating for justice, and promoting a fair legal system.”

The court in the French capital found a ninth person guilty of illegal weapons charges, while a tenth person was cleared.

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Kardashian departing Paris court on 13 May

Kardashian ‘thought she would be raped and killed’

Five of the defendants, who were all aged between 60 and 72 at the time of the incident, faced armed robbery and kidnapping charges.

The remaining five defendants were charged with complicity in the heist or the unauthorised possession of a weapon.

During the robbery, Kardashian, who previously told the court she thought she would be raped and killed, was bound with zip-ties and left in the bathtub.

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She described the robbery as “terrifying” and said while she felt forgiveness, that in no way altered “the emotion and the feelings and the trauma,” adding “my life is forever changed”.

Two members of the group – Khedache, known as “Old Omar”, and Yunice Abbas – who wrote a book called I Kidnapped Kim Kardashian, admitted some part in the robbery, while the remaining eight denied the charges.

Prosecutors had requested sentences of up to 10 years.

Kardashian earlier this week completed her six-year legal apprenticeship in California.

Most of the jewellery, which is understood to have been sold in Belgium, was never found.

A diamond-encrusted cross, dropped during the escape, was the only piece ever recovered.

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World

’12 people’ injured in stabbing at Hamburg train station – as woman arrested

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'12 people' injured in stabbing at Hamburg train station - as woman arrested

A woman has been arrested after 12 people were reportedly injured in a stabbing at Hamburg’s central train station in Germany.

An attacker armed with a knife targeted people on the platform between tracks 13 and 14, according to police.

They added that the suspect was a 39-year-old woman.

Police at the scene of a stabbing at Hamburg Central Station. Pic: AP
Image:
Police at the scene. Pic: AP

Officers said they “believe she acted alone” and investigations into the stabbing are continuing.

There was no immediate information on a possible motive.

The fire service said six of the injured were in a life-threatening condition, three others were seriously hurt, and another three sustained minor injuries, news agency dpa reported.

The attack happened shortly after 6pm local time (5pm UK time) on Friday in front of a waiting train, regional public broadcaster NDR reported.

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A high-speed ICE train with its doors open could be seen at the platform after the incident.

Railway operator Deutsche Bahn said it was “deeply shocked” by what had happened.

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Four tracks at the station were closed in the evening, and some long-distance trains were delayed or diverted.

Hamburg is Germany‘s second biggest city, with the train station being a hub for local, regional and long-distance trains.

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Politics

US House members call for investigation into Trump’s memecoin dinner

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<div>US House members call for investigation into Trump's memecoin dinner</div>

<div>US House members call for investigation into Trump's memecoin dinner</div>

Members of the US House of Representatives called for the Justice Department to investigate Donald Trump’s May 22 dinner for his top memecoin investors, citing concerns about “foreign influence over US policy decisions” and “potential corruption and emoluments clause violations.”

In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution. 

Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges. 

“US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”

Congress, Donald Trump, Investigation, Memecoin
May 22 letter to DOJ official calling for investigation into Trump memecoin dinner. Source: Representative Sean Casten

The call for an investigation and a press conference asking Trump to “release the guest list” for the dinner both occurred hours before the event, which was held at the Trump National Golf Club outside Washington, DC. A group of protesters, joined by Senator Jeff Merkley, gathered outside the venue with signs stating “illegal crypto party” and “democracy is not for sale.”

Related: Who attended Trump’s controversial memecoin dinner?

Though some of the dinner attendees covered their faces with masks to conceal their identities, protesters and members of the media confirmed that Tron founder Justin Sun appeared at the event, as well as other Trump supporters who posted to social media. The complete list of attendees was not available at the time of publication. 

The memecoin dinner still has the potential to affect pending legislation in Congress

In addition to the call for a DOJ investigation, Democratic lawmakers in the House and Senate proposed legislation to address what they called “Trump’s crypto corruption” as Congress considered a bill to regulate stablecoins and a market structure bill. 

Several Senate Democrats who initially voted against advancing the stablecoin bill, called the GENIUS Act, later sided with Republicans to set up a debate in the chamber.

Representative Maxine Waters introduced a bill to limit the access of any US president, vice president, members of Congress and their families to cryptocurrencies. Members of the Senate will also propose an amendment to the GENIUS Act to address Trump’s connection to World Liberty Financial, a crypto platform backed by the president’s family that issued its USD1 stablecoin.

Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye

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