In the world of luxury fashion, where handbags often carry significant price tags, Louis Vuitton’s latest accessory, the Millionaire Speedy bag, has garnered attention for its exceptional cost of $1,000,000.
Designed by musician, entrepreneur, and Louis Vuitton creative director Pharrell Williams, the Millionaire Speedy bag is presented in vibrant colors and adorned with crocodile leather, gold hardware, and diamonds. The bag, reportedly available on a made-to-order basis, deviates from the recent trend of subtle luxury and embraces a more opulent and logo-centric aesthetic.
The bag gained visibility when Pharrell Williams was seen carrying it at Paris fashion week, and recent information, courtesy of an Instagram post by basketball player PJ Tucker, suggests that it is now available for purchase. However, access to the bag seems to be restricted to a select group of vetted Louis Vuitton clientele.
While the Millionaire Speedy bag may be the epitome of conspicuous consumption for the privileged few, it has not escaped criticism. Orsola de Castro, co-founder of Estethica and Fashion Revolution, expressed concern, stating, “In a world full of horrors, a sunshine yellow $1m bag doesn’t shine, it hurts.” Fashion and identity commentator Caryn Franklin echoed this sentiment, describing the bag as an “insensitive declaration of global north privilege.”
Luxury fashion is undergoing scrutiny regarding the use of exotic skins like crocodile, alligator, and ostrich, especially as several prominent houses have banned fur. The bag’s launch coincides with a broader conversation about the nature of luxury fashion, addressing the delicate balance between accessibility, aspiration, and pricing.
Phoebe Philo’s recent debut collection, with prices ranging from £6,200 to £12,000, stirred discussions on luxury pricing. According to data from Edited, average luxury prices have risen by 25% since 2019.
Orsola de Castro suggests redefining luxury by prioritizing traceability in materials and transparency in costs. She advocates for a luxury that not only costs but also gives back to the people involved in its production. Caryn Franklin emphasizes making ethical and purpose-led purchases, highlighting alternatives such as a million-pound bag from the eco-luxury brand Elvis and Kresse, made from non-exploitative and recycled materials, with all proceeds going to charity.
