The revenge of premium. The soaring prices of luxury goods, the reduced spending power of consumers, together with the loss of panache (and often quality) of the offer, have opened up a market space. For small companies with a strong identity and a well-positioned product. This is demonstrated by the success of Maison Faret which, with just two years of existence, has already garnered the interest of brands such as Le Bon Marché in Paris, Saks Fifth Avenue in New York, Isetan in Tokyo and La Rinascente in Italy. We interviewed the brand’s president Gilles Cirelli at Pitti Uomo 107: he explained why “it is important to focus on the premium segment”.
The brand’s history
The brand is only two years old but has an older background: the grandfather of Daniele Faret (general manager of Maison Faret) founded the brand in 1907 to produce bicycles. And it was from his passion for two wheels that the idea of creating (unisex) bags in leather combined with other materials, for those who live on the move, was born. “We thought of launching a collection of bags around the concept of urban mobility”. Indeed, an identifying detail present in each product is the possibility of adding two leather straps to fasten the accessory to the waist or shoulder strap, or to attach the small luggage to the bike. “This is our hallmark”.
The new accessible luxury
“Our products are reliable and valuable. Their luxury essence lies in being handmade in a small workshop in Bordeaux, but at the same time the price is accessible”, explains Cirelli. “Because if we were targeted too high, we would be competing with brands like Hermès, Gucci, Prada, and that is not our goal. They use a lot of advertising and we cannot compete with them. But we also don’t want to be in a low-budget market”. So the mid-to-high end is the perfect solution.
“Some time ago we met some people from the Saks NYC department store”, the entrepreneur tells us, “who said they were a bit fed up with big brands, because they are too expensive. That’s why the luxury market is not growing. People, even if they have a lot of money, think about what they spend it on. Then there is the continuous increase in prices. Four years ago a Kelly by Hermès was 6,000 euros, now it is 10,000 per bag. It is too much. Hermès can afford it, or brands like Chanel, because, from the consumer’s perspective, it is an investment. They buy something that they can resell at an even higher price than when they bought it” – says Cirelli – “But the others don’t”.
A good start
“For a new brand to reach this product’s level is impossible”, says the president of Maison Faret. But by presenting yourself in a different market segment “having a history and a complete concept, it can work. If you simply present a new collection of accessories, forget about launching a brand. But if you have a philosophy, a lifestyle concept, and you ask customers to join your way of life, that’s a good start”.
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