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I used to work at Hermès. I saw customers make the same 5 mistakes — especially when trying to get a coveted Birkin.

3 January 2025 at 09:43
Exterior of an Hermes store with a gold design on the door and gold plaques on the storefront next to the door
I used to work at Hermès and saw customers make the same mistakes over and over again.

Cristina Arias/Getty Images

  • As a former Hermès employee, I saw customers make some common mistakes when shopping in-store.
  • It's important to understand that most shoppers can't just walk in and buy a Birkin bag.
  • Customers should have a good relationship with their sales associate, but they shouldn't bug them.

I spent two years working in retail marketing and visual merchandising at Hermés.

The French fashion house has been around for nearly two centuries and specializes in leather goods, though it might be best known for its coveted Birkin bags.

These high-ticket items, which can cost thousands and are often carried by celebrities like Kim Kardashian and Jennifer Lopez, are offered to only a select number of the retailer's customers.

When I worked at Hermès, I learned a lot about the brand and how to score its most-coveted products. I've since transitioned to a career in sourcing luxury goods — and I'm no stranger to locating the brand's famous designer bags for my own clients.

Here are a few mistakes I saw customers make while shopping at Hermès.

Many customers think they can walk in and score a high-ticket item

A curvy wooden shelf holding a shoe display at an Hermes store
Most customers can't just walk into a store and buy a Birkin or Kelly bag.

WWD/Penske Media via Getty Images

Similar to other luxury brands like Porsche, Hermès uses scarcity marketing — a concept in which consumers value a product when there's a limited supply or availability.

This means most customers cannot simply walk into a boutique and purchase the brand's highest-ticket items, like a Kelly or Birkin bag.

Birkin bags are so sought after that even its Walmart lookalikes are selling out.

If shoppers want to increase their chances of being able to buy the real thing, they should "build a profile" or establish a consistent buying history with the store.

This can be done by making entry-level purchases and working with a single, designated sales associate over time. After all, sales associates can play a major role in deciding who gets one of these coveted bags.

I recommend buying items in a diverse mix of categories. In my experience, the highest-commission categories for sales associates include homeware, fine jewelry, elaborate textiles, and exotic ready-to-wear pieces.

Purchasing these items can enhance your profile and help you stand out to a sales associate.

Refrain from acting rude or indifferent, and remember to maintain a professional demeanor

At Hermès, entitlement and rude behavior are the biggest no-gos. I've even seen negative attitudes prohibit clients from future boutique visits.

I recommend keeping a positive attitude, cultivating curiosity when in a boutique, and engaging with a sales associate as you would with anyone in a professional setting.

I'd also be mindful that sales associates are there to make a living and provide an exclusive, luxury experience. After all, this is supposed to be a mutually beneficial relationship.

Don't put too much pressure on your sales associate

Navigating the Hermès shopping experience is much like managing a business relationship. In many boutiques, sales associates share their contact details with customers.

However, many people tend to take this as a sign to inundate them with questions. Instead, I recommend customers visit a boutique at their convenience and ask about the potential timeline for a high-ticket item as they shop for other goods.

If texting or calling is your only way to engage with a sales associate, use it to inquire about lower-ticket items you're interested in seeing once you visit.

I've found a lot of customers have unrealistic expectations

An Hermes store with a display of red, black, pink, and blue purses on shelves
I've seen many customers become focused solely on buying hard-to-get items.

WWD/Penske Media via Getty Images

Some customers come in focused solely on coveting the one high-ticket item they saw all over social media.

However, I think two key points are crucial in navigating the Hermès shopping experience. First, keep in mind that sales associates value clients who engage with the brand and show genuine interest in Hermès' heritage.

Secondly, in my experience, sales associates don't earn a commission on bags like the Kelly and Birkin. Therefore, it may be wise to explore lesser-known areas within the brand, such as home goods, fragrances, or equestrian items your sales associate recommends.

This way, you'll be putting commission money in your sales associate's pocket, and they may feel more inclined to help you work your way to a coveted bag.

Don't switch between different sales associates or locations

Working your way toward a coveted bag at Hermès can feel like a high-stakes mental game. Customers often have to visit a boutique multiple times, so the path to owning these items can be lengthy.

Unfortunately, I've seen customers trying to game the system by visiting multiple boutiques or switching between sales associates in one location.

However, I recommend staying loyal to one associate and boutique, as some stores may prioritize their most devoted clients.

Read the original article on Business Insider

The Walmart 'Birkin' dupe is having a moment. These are the luxury handbags most likely to be faked.

31 December 2024 at 10:22
Hermès Kelly bag
Kelly bags by Hermès are a coveted second-hand purchase — and are also commonly ripped off.

Edward Berthelot/Getty Images

  • Viral Hermès Birkin dupes are selling out at retailers like Walmart.
  • Actual counterfeits, unlike the Walmart bag, have been infiltrating secondhand luxury.
  • These are the most commonly knocked-off styles to look out for, and some easy tells. 

An Hermès lookalike handbag available to buy from Walmart has gone viral.

People have been calling the bag a dupe, a term used to describe an item that's similar in appearance to a more expensive product. It does not claim to be from Hermès — and is not branded with the fashion house's name. But the bag, which looks a little like the iconic Birkin bag yet costs less than 1% of the price of a real one, is selling out as people seek the style of one of the world's most coveted handbags for under $100.

A real Birkin has a starting price of $10,000 and can run into the six figures. Buying one directly from Hermès requires establishing a relationship of purchases with the French fashion house and time spent on a waitlist, too.

For those who want an authentic Birkin — or any other luxury bag — the secondhand market has become pivotal, with its value rising to $50 billion last year, according to Bain & Company. With a limited supply of the most in-demand bags, some turn to resale to avoid the wait. Aspirational customers are also taking advantage of better prices as a gateway to luxury.

But the sheer volume of actual counterfeits demonstrates the dangers of buying on the secondhand market, which has been infiltrated by "dupe culture."

Business Insider spoke to Hunter Thompson, the director of authentication and brand compliance at secondhand luxury retailer The RealReal, earlier this year about the proliferation of increasingly convincing fakes.

"In 2024, if it can be faked, it's faked," Thompson said. "Someone wears something one day, and in a few weeks, it's been counterfeited."

Each month, The RealReal prevents about 5,000 fraudulent items from hitting the market and has kept more than 250,000 out of circulation since its inception in 2011. Some are sold by unwitting owners who have been misled, while others are part of a larger network of counterfeit suppliers seeking to make a buck from knock-offs.

"The level of sophistication there has definitely only increased," Thompson said, adding that wannabe sellers are even faking receipts, hoping that proof of purchase will sway someone to accept a rip-off.

Hardware — like the feet of a Birkin, zippers, and pulls — can indicate that something is off, as can discrepancies in logos and spacing. For less obvious inconsistencies, the company deploys a microscopic camera that compares the bag with thousands of others, looking at everything from the grain of the leather to the edges of a brand stamp.

Here are the bags that Thompson said are most commonly faked —and some tell-tale red flags to look out for.

"It changes and stays the same. There are always those bags that are going to be counterfeit," he said. "Anything that's popular is totally game for being counterfeited."

Hermès Birkin and Kelly
A purple Hermès Birkin bag with blue straps.
The Birkin bag is arguably Hermès' most exclusive handbag, costing at least $10,000 — sometimes much more — and racking up yearslong waitlists.

Edward Berthelot/Getty Images

If you're in the market for a secondhand Hermès Birkin — priced $6,200 to $350,000 on The RealReal — or Kelly — priced $5,000 to $165,000 — be sure to turn it upside down and check the small pieces of hardware on its bottom.

"If the feet unscrew, it's bad," Thompson said. "That's the first thing I'm checking."

And if it comes with an orange authenticity card: code orange. "Hermes does not issue those," he added.

The stitching is also a telltale sign: Hermès bags are sewn by hand, so it shouldn't actually be as uniform and perfect as a machine-made stitch.

Louis Vuitton: from key chains to trunks
a woman carries a Louis Vuitton bag
Louis Vuitton bags — particularly those with the traditional "LV" print — are perennially faked.

Edward Berthelot/Getty Images

Anything Louis Vuitton — from key fobs to luggage — can be faked, Thompson said, with people perennially interested in the logoed bags.

For Louis Vuitton, the color is a dead giveaway, former employee Shelley Alvarado told Business Insider last year.

"There's a richness in color on the real product that doesn't appear obvious at first glance, but once you compare materials, you can absolutely tell the difference," she said.

Gucci's signature styles
Gucci Chain Horsebit bag
A Gucci Chain Horsebit bag — one of the brand's more popular styles.

Jeremy Moeller/Getty Images

"Gucci, it's across the board and that's one that it's always up there — it always ranks very high in terms of counterfeit percentage for us," Thompson said.

Signature styles like the Horsebit or the Jackie are more likely to be copied than niche ones.

Like with Louis Vuitton bags, the logos are a helpful tool in spotting a fake. For example, the spacing and edges of the letters may be off, or the shape of a monogram.

Prada re-editions
Prada Moon bag re-edition 2002
Prada re-editions, like the 2002 Moon bag, have grown in popularity in recent years.

Edward Berthelot/Getty Images

In recent years, Prada has been rereleasing some of its styles from the early aughts, which have become popular — and popular to fake.

The triangular metal Prada logo is an easy tell, Thompson said.

"We're able to see the etching deep in, so we could see if it's striated, for example. That's a big red flag," he said, adding that the company uses its microscopic Vision software to check. With "20/20 vision, you're not really going to see that."

The Row's Half Moon bag
The Row Half Moon bag
As quiet luxury becomes more popular, bags like The Row's Half Moon are more commonly counterfeit.

Courtesy of The RealReal

"There's the whole quiet luxury movement — those are even harder to spot," Thompson said, pointing to The Row, and specifically the brand's Half Moon, Alexia, and Sophia bags. "Things are more minimalistic, so there is a lack of identifiers."

Without logos, The Real Real zeros in on hardware, the grain of leather, and the stitching.

Celine's Luggage styles
Celine luggage tote
Celine bags, including the brand's luggage styles, have become more commonly faked over the past year.

Courtesy of The RealReal

Celine bags, like the brand's Luggage styles, are more likely to be faked than they were a year ago.

Read the original article on Business Insider

Walmès? Shoppers can't stop talking about the $78 Walmart bag that resembles a $10,000 Hermès Birkin.

30 December 2024 at 12:33
Walmart Burkin Dupe
Walmart is selling out of Birkin dupes listed by third-party sellers.

Walmart; Tyler Le/BI

  • Walmart has been offering a Birkin handbag dupe for under $100, sparking TikTok buzz.
  • The Hermès Birkin, a luxury status symbol, starts at around $10,000 for the real thing.
  • The "Walmart Birkin" raises questions about the accessibility and legality of similar-looking bags.

Attention, Walmart shoppers: You can own a lookalike of one of the most exclusive handbags in the world — and for less than $100.

The Hermès Birkin is coveted by many luxury shoppers, and the handmade bags start at around $10,000. The hefty price tag means it's available only to customers who have up to six figures to spare for a handbag (and who are savvy enough to get themselves in the queue).

However, TikTok is ablaze with users sharing a more affordable bag that looks like the Birkin and which is available for purchase online from Walmart.

The bags have been dubbed "Walmart Birkins" or "Wirkins," and they're providing shoppers with the look of luxury at a fraction of the cost. People have been calling the bag a dupe, a term used to describe an item that's similar in appearance to a more expensive product.

Their popularity has also opened up a larger conversation around access to styles that wealthy people are willing to pay tens of thousands of dollars to own.

On Thursday, TikToker Jessi My posted a video of her holding what looked like two Hermès Birkin bags. In the caption, My used the tags "#walmartbirkin" and "#walmart." Her video had eight million views as of Monday morning and thousands of comments from users praising how similar to the Birkin the "Walmès" bags look.

My said she purchased it on the same day she came across a video by a creator named Imani. In the video, Imani shows off a Birkin lookalike inside a Walmart store. Since her purchase, My told Business Insider that she uses her "Walmès" bags for travel, work, and trips to the grocery store.

"When I received it and saw how great the bag was, I figured others needed to hear about it," My said.

The Birkin bag is a status symbol for the wealthy, and has extensive waitlists and a tricky buying process. Walmart customers can skip the line and purchase a "Wirkin" for $78 from third-party sellers. However, some have questioned how legal it is to sell bags that look extremely similar to the Birkin. As an analysis by The Fashion Law notes, the appearance of Hermès Birkin is protected under trademark laws.

However, Hermès' argument could hinge on it being able to prove that customers could easily mistake a fake for the real thing.

Dasein, the listed seller of one of the Birkin lookalikes, did not immediately respond to a request for comment by BI. Hermès and Walmart also didn't immediately respond. Many of the bags are described as "genuine leather" in Dasein's listings.

Hermès' Birkin and Kelly bags are among the most likely luxury bags to be faked, Hunter Thompson, director of authentication and brand compliance at secondhand luxury retailer The RealReal, previously told BI.

The bags are selling out on Walmart's website — making the cheaper option more difficult to own. Meanwhile, the retailer has real pre-owned Birkins on its website retailing for over $24,000.

Although customers are getting the appearance of luxury, fashion experts say there are clear signs to tell a fake Birkin from a real one.

The zipper design and placement, the undertones of its iconic gold stamp, and even the smell are ways an authenticator can tell your purse is authentic, vintage expert Koyaana Redstar previously told BI.

Correction: December 30, 2024 — An earlier version of the story incorrectly described the Walmart-sold bags as counterfeit.

Read the original article on Business Insider

This chart shows what a bad year 2024 was for luxury

27 December 2024 at 08:05
Gucci shopping bags
Luxury labels — including Gucci — struggled this year, leading to poor showings for their parent companies.

Artur Widak/NurPhoto via Getty Images

  • Luxury powerhouses struggled in 2024 as they faced macroeconomic headwinds.
  • The stock price of Kering, the owner of Gucci, has fallen more than 40% this year.
  • Two luxury companies, Hermès and Richemont, managed to buck the trend.

2024 was a bad year for luxury.

Many of the world's largest luxury companies saw their share prices decline this year as the market for high-end goods experienced a brutal slowdown.

"50 million luxury consumers have either opted out of the luxury goods market or been forced out of it in the last two years," Claudia D'Arpizio, who leads Bain's global luxury goods and fashion practice, wrote in a report last month.

"The negative environment predicted by many in the fashion industry this time a year ago has now materialized," a McKinsey report said earlier this year.

One chart — featuring some of the luxury's most notable companies — shows just how rough 2024 was through mid-December.

Only two companies — Hermès and Richemont, the parent company of Cartier and Van Cleef — managed to beat the STOXX Europe 600, an index that represents a mix of European stocks, this year.

Meanwhile, share prices for LVMH — the largest of the luxury conglomerates and owner of brands like Louis Vuitton and Christian Dior — and Burberry have fallen this year. (Prada and Moncler also slipped, though aren't pictured here.)

Kering, the company behind Balenciaga and Saint Laurent, fared the worst. Its stock price dropped more than 40% this year as its headline brand, Gucci, floundered.

While certain high-end lines suffered from specific pitfalls — Burberry priced their goods too high, Gucci spread itself too thin — the economy at large was to blame for a number of luxury's troubles.

"Many are navigating a momentary crisis, driven by macroeconomic pressures and a polarized customer base," Claudia D'Arpizio, who leads Bain's global luxury goods and fashion practice, wrote in a report.

An economic crisis in China, where real estate sales slumped and unemployment rose, meant a consistent group of luxury shoppers reined in their spending. In America, inflation squeezed the aspirational shoppers who had rushed to buy expensive goods during the post-pandemic spending boom. And in Europe, political uncertainty led consumers to hold off on big purchases.

2025 may be brighter for high-end companies, however.

HSBC analysts wrote in a December note that they believe the third quarter will be the "trough for the sector." Meantime, EMARKETER, a sister company to Business Insider, predicts that personal luxury retail sales will grow 4.1% next year — up from a low of 3.2% this year.

Read the original article on Business Insider

The artistic director of Hermès explained why he thinks their $10,000 bags aren't 'expensive'

16 December 2024 at 04:57
May Berthelot wears a white latte ribbed wool with brown buttoned sleeves pullover, a matching ribbed wool midi skirt, diamonds rings, a gold Serpenti ring from Bulgari, and a beige leather Birkin handbag from Hermès in Paris in March 2023.
There's a difference between "expensive" and "costly," Hermès's artistic director says.

Edward Berthelot/Getty Images

  • Luxury brand Hermès is best known for its handbags, which can start at around $10,000.
  • Its artistic director, Pierre-Alexis Dumas, said they were not "expensive," but "costly."
  • Expensive is "a product which is not delivering what's supposed to deliver," he told "60 Minutes."

Would you call a $10,000 bag expensive? Pierre-Alexis Dumas, the artistic director of the luxury brand Hermès, would disagree.

In an interview on "60 Minutes" that aired Sunday, Dumas said the 186-year-old luxury fashion house's bags weren't "expensive" but "costly."

Hèrmes is perhaps best known for its Birkin bag, a tote the brand introduced in the 1980s that starts at around $10,000 but, in some variations, can cost six figures.

Expensive means "a product which is not delivering what it's supposed to deliver, but you've paid quite a large amount of money for it, and then it betrays you," Dumas, 58, said.

He said a "costly" product is priced highly because it is made "properly, with the required level of attention, so that you have an object of quality."

Pierre-Alexis Dumas and Gwyneth Paltrow at Paris Fashion Week in 2020.
Pierre-Alexis Dumas and Gwyneth Paltrow at Paris Fashion Week in 2020.

Pascal Le Segretain/Getty Images

Dumas, who became artistic director of Hermès in 2005 and whose father was CEO of the Hermès group, said each bag the company sell is hand-sewn with its saddle-stitching by artisans trained for the task for years.

The limited resources and time required to complete a product contribute to the final price, which can also depend on size and materials.

Even the rich struggle to get their hands on Hermès bags

Even if Hermès clients have the money to splurge on a Kelly (named for Grace Kelly) or a Birkin (named for British actor Jane Birkin), they might have to wait years for it.

Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told Business Insider Hermès' brand identity is centered on the scarcity of its product.

Roll said this strategy was critical to the brand's longevity and ability to withstand tougher economic cycles, such as the slumping demand in China that is hitting the luxury industry.

"They know very well that, like all the luxury brands, Hermès could run the risk of being over-saturated," Roll said, adding that the brand's continued family ownership is also an advantage.

Jane Birkin and one of her decorated Hermès bags.
Jane Birkin and one of her decorated Hermès bags.

Jun Sato/Getty Images

"You have that stability in the ownership," he said. "And you have leadership stability."

On "60 Minutes," Dumas dismissed rumors that Hermès artificially drums up the scarcity of its product, saying, "That would require a marketing department, which the Maison doesn't have."

"I always like to say Hermès is an old lady with startup issues," he said.

He also denied that the brand withholds bags to add to their scarcity.

"Whatever we have, we put on the shelf, and it goes," he added.

Read the original article on Business Insider

The Waltons are once again the world's wealthiest family, beating out Gulf royalty and fashion dynasties

13 December 2024 at 06:03
Alice Walton (Jim out of focus)
Alice Walton (Jim out of focus)

REUTERS/Rick Wilking

  • The Waltons have reclaimed the title of the world's wealthiest family
  • The Walmart family fortune has grown by 66% since last year to a record $432 billion.
  • Jim, Rob, Alice, and the other Waltons are richer than the royal families of Abu Dhabi and Qatar.

The Waltons are once again the world's wealthiest family, ranking ahead of Gulf royalty, luxury fashion houses, and industrial dynasties.

The heirs to the Walmart fortune have grown their wealth by 66% since last year to a record $432 billion as of December 5, meaning they've regained the No.1 spot on Bloomberg's annual list of the world's richest families.

That wealth figure exceeds the market value of some of America's biggest companies including Home Depot ($412 billion), Procter & Gamble ($402 billion), and Netflix ($396 billion).

Abu Dhabi's ruling family, the Al Nahyans, topped the ranking last year with an estimated $305 billion fortune that dwarfed the Waltons' $260 billion. The two clans switched places this year with the Al Nahyans now worth $324 billion, more than $100 billion less than the Waltons.

Qatar's ruling dynasty, the Al Thanis, placed third this year with $173 billion to their name. France's Hermès family, which includes the Birkin maker's artistic director and executive chairman, landed in fourth with $171 billion. Rounding out the top five were the Kochs, the legendary US industrialists worth an estimated $149 billion.

The richest families on the planet also include Saudi Arabia's rulers, candy dynasties Mars and Ferrero, and the Wertheimer family behind Chanel.

Family fortunes

Walmart founder Sam Walton's three surviving children — Jim, Rob, and Alice — have each grown about $43 billion richer this year, per the Bloomberg Billionaires Index.

The trio joined the $100 billion club in September and ranked among the 15 richest people on the planet as of December 12 with north of $112 billion to each of their names.

Lukas and Christy Walton, the son and widow of Sam's late son, John T. Walton, also feature on Bloomberg's rich list with net worths of about $40 billion and $18 billion each.

The five Waltons' combined fortune has ballooned by more than $150 billion this year, representing a big chunk of the 25 richest families' total wealth gain of $407 billion.

The Walton family's wealth bump has been fueled by a roughly 80% surge in the retailer's stock price this year. Sam Walton gave each of his four children a 20% stake in the family enterprise early on, and his three surviving kids each own upward of 11% of Walmart — now a company valued north of $750 billion — through a family trust. They've also raked in more than $15 billion from stock sales and dividends over the years, Bloomberg says.

Read the original article on Business Insider

New York City's Fifth Avenue has been dethroned as the world's most expensive shopping street — here's the new Top 10

20 November 2024 at 13:21
A red Ferrari parked outside of Dior and Burberry on Via Monte Napoleone.
Earlier this year, Gucci owner Kering spent $1.4 billion to acquire one of the largest buildings in Milan's Via Monte Napoleone.

GABRIEL BOUYS/AFP via Getty Images

  • Milan has dethroned New York City as home to the world's most expensive street in retail.
  • Via Monte Napoleone boasts annual rents of $1,959 per square foot, per a new report.
  • Luxury giant Kering recently purchased a $1.4 billion building in the elite district.

New York City's Fifth Avenue has been dethroned as the most expensive shopping street in the world, according to a new report from a global real estate firm.

Milan's Via Monte Napoleone has taken the crown — marking the first time a European city has topped a list compiled by property consultancy Cushman & Wakefield.

The report assessed annual rents globally for 138 luxury shopping districts — from Tokyo to Paris to Zurich.

"Despite challenging market conditions and the dynamic development of e-commerce, the demand for physical retail space in the best locations remains unbroken," Cushman's head of retail investment, Andreas Siebert, said in a statement.

Earlier this year, for instance, Gucci and Saint Laurent owner Kering spent $1.4 billion to acquire one of the largest buildings in Via Monte Napoleone from Blackstone.

Luxury giants are placing billion-dollar bets on physical storefronts, Business Insider previously reported, even as online shopping surges.

That said, it's been a challenging season for the luxury sector — though some players, like Hermès, are bucking larger trends.

Here are the 10 most expensive shopping streets worldwide, according to Cushman & Wakefield.

1. Milan: Via Monte Napoleone
A shot looking up from the street at via Montenapoleone, with buildings ornamented with Christmas decor in 2018.
Via Monte Napoleone, the world's most expensive shopping street, at Christmastime.

Mairo Cinquetti/NurPhoto via Getty Images

Milan's Via Monte Napoleone boasts annual rents of $1,959 per square foot, according to the report, up 11% over last year.

One factor contributing to its ascendance? The street is "very short" compared to others on the list, which has driven up rents, Cushman's head of retail for Italy, Thomas Casolo, told CNN.

Chanel and Gucci both opened new locations in the area within the past year, according to the Financial Times.

2. New York City: Upper Fifth Avenue
A group of tourists crossing the street on 5th Avenue in 2017, with luxury stores ornamented with American flags.
New York's Fifth Avenue has been supplanted, though an overhaul of the area is in the works.

Andrew Lichtenstein/Corbis via Getty Images

While North America posted the strongest rental growth of any continent, according to Cushman, Upper Fifth Avenue came in second this year, with annual rents priced at $1,913 per square foot.

Last month, The New York Times reported city officials are plotting a $350 million overhaul of Fifth Avenue that will make it more walkable — not unlike its European counterparts.

3. London: New Bond Street
Three people strolling in front of the Hermes store on Bond Street in London on a sunny day.
Hermes, pictured here on New Bond Street in London, is bucking the trend of a luxury downturn.

Mike Kemp/In Pictures via Getty Images

London's New Bond Street rose one spot to No. 3 on this year's list — marking a 13% increase over last year, according to Cushman & Wakefield.

The elite shopping district now boasts annual rents of $1,685 per square foot, according to the report.

4. Hong Kong: Tsim Sha Tsui
Pedestrians in front of the Louis Vuitton store at Tsim Sha Tsui.
Pedestrians stroll in front of the Louis Vuitton store at Tsim Sha Tsui. Parent company LVMH said sales dropped during the third quarter.

Li Zhihua/China News Service/VCG via Getty Images

Hong Kong's Tsim Sha Tsui slipped one spot, according to the report, with annual rents of $1,537 per square foot.

5. Paris: The Avenue des Champs-Élysées
The Bvlgari boutique on the Champs-Elysees, as tourists stroll the streets at sunset.
The Bvlgari boutique on the Champs-Élysées at sunset.

: Apaydin A/Andia/Universal Images Group via Getty Images

The Avenue des Champs-Élysées remained the fifth most expensive shopping boulevard globally — even as annual rents in the Parisian hot spot rose 10% to $1,226 per square foot.

6. Tokyo: Ginza
The Chanel store in Giza, with bright blue window displays.
Tokyo's Ginza district is home to top luxury shops like Chanel.

: Dukas/Universal Images Group via Getty Images

Annual rents in the Ginza district of Tokyo are priced at $1,134 per square foot, according to Cushman & Wakefield.

7. Zurich: Bahnhofstrasse
Bahnhofstrasse covered in snow, with pedestrians walking along grey streets.
Snow-covered Bahnhofstrasse marks Switzerland's most elite luxury hub.

Jan Woitas/picture alliance via Getty Images

Annual rents in Zurich's Bahnhofstrasse are priced at $939 per square foot, according to the report.

8. Sydney: Pitt Street Mall
A deserted Pitt Street Mall in Sydney during Christmas 2020, with the ground apparently shiny with rain.
Pitt Street Mall in Sydney was deserted at the height of COVID during Christmas 2020.

David Gray/Getty Images

Annual rents in Sydney's Pitt Street Mall district are priced at $767 per square foot, according to the report.

9. Seoul: Myeong-dong
A woman with an umbrella and a face mask walks through the Myeongdong shopping district in Seoul in 2021, holding an Ecco bag.
Seoul's Myeong-dong shopping district.

JUNG YEON-JE/AFP via Getty Images

Annual rents in the Myeong-dong district of Seoul are priced at $658 per square foot, according to Cushman & Wakefield.

10. Vienna: Kohlmarkt
Kohlmarkt in Vienna pictured in 2013.
Kohlmarkt in Vienna, lit with holiday decor.

Imagno/Getty Images

Kohlmarkt in Vienna maintained its same position as last year, with an annual rent in 2024 of $529 per square foot, according to Cushman & Wakefield.

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