Where To Start Investing In Luxury Fashion

While many of us have always dreamt of a luxury wardrobe the size of Carrie Bradshaw's, with every 'it girl' and blogger flaunting their Chloé bags and Gucci belts left, right and centre, many of us can't help but crave a slice of that luxury life. But what these Instagram pictures fail to mention is that, like Rome, these designer collections were not built in one day. These cultivated wardrobes often involved years of hard work, saving and careful planning, but they all had to start somewhere. So when every penny counts, how do you make the correct decision when it comes to investing in luxury fashion? 

Start Small
It's not often that someone starts off their designer collection with a Chanel handbag so when first dipping your toes into the luxury market you may want to start small. Not only do small items like accessories cost less and therefore pose less risk, you are also more likely to get more cost per wear from an accessory than a dress. For example you can wear the same sunglasses hundreds of times without anyone batting an eyelid but if you wore the same dress a hundred times you face being called out Lizzie McGuire style for being an outfit repeater. 

SLG
Small leather goods (or SLG's as they are more commonly known) are items such as purses and card holders. Not only are they practical but they are also a more affordable way of accessing the top end of the luxury market. While I may not be able to afford a YSL handbag, I can afford a YSL card holder allowing me to taste what it's like to own something from Saint Laurent.

Take Your Time
When you are spending a lot of money it is important to take your time when making your decision. Give yourself a couple of months to decide if possible and then use this time to figure out how your new piece would fit into your wardrobe. Try to plan at least 20 different outfits that you could wear the item with before considering making the ultimate commitment of purchase.

Avoid Trend Pieces 
While that Chloé bag with the massive circular handle is hot right now, will you love it just as much next season when the next 'it bag' has come along? Try to avoid trend pieces as they not only lose their value quicker than classic bags, but it is also more likely that you will go off your purchase when the trends change. When building your collection start off by investing in classic styles (items that are part of the permanent collection) and colours (such as nude, tan or black).

Investigate Re-Sale Value
Even if you don't plan on selling your goods on, it is always good to know that your purchase will hold its value, just in case you change your mind. So do a bit of research on sites like Vestiaire Collective to see how well your purchase will hold it's value, because even though you love it know there may come a time when you want/need to sell it.

So there you have my main tips on what to consider when purchasing luxury goods, don't worry though if you know what you want to buy but need some tips on how to save for it as I have a couple of different budgeting posts that you may find handy. For example save money by never paying full price for anything ever again or take a look at my budgeting beginners post, where I explain how I monitor my spending to make the most out of my finances. With hard work and some careful decision making you will be one step closer to a wardrobe that would make even Barbie jealous.

Eleanor xx