Nick Martell

They want mystique, not memes, because that maintains the margins.

Now, Shibuzee is obviously not the only thing to blame here.

Most of luxury is down, not just handbags.

But back in 2023, 44% of Hermes sales were handbags.

Because Hermes was so dependent on the handbag, the stock is down 25% since.

And Jack, 77% of Bottega Veneta sales are currently handbags, which is why that stock is down 30%.

But besties, this peak handbag phenomenon, it actually has a lesson for every status symbol out there, doesn't it, Jack?

So Jack, what's the takeaway for our buddies over in fashion, honey?

Is it a palace or a pineapple?

Yetis, back in the 1600s, the pineapple was a rare exotic delicacy.

It became a symbol of wealth.

Because only wealthy aristocrats could afford to import that exotic fruit from Hawaii or wherever else it was produced.

They even added the pineapple to their family crest to show it off.

On the other hand, for much longer than the pineapple, palaces have been a signal of wealth

too.

Some people did put pineapple statues around the grounds of their palaces to like double make clear how wealthy they were, Jack.

But eventually trade made the pineapple commonplace.

So it lost its status symbol.

You're not going to pineapple Walgreens.

But real estate remains scarce.