While most retailers are cutting prices and focusing more on essentials, a new Sabyasachi boutique in New York City is attracting buzz for its curated, high-priced luxury goods that one industry-watcher characterized as “maximalist.”
Thanks to the continued resilience and buying power of wealthy consumers, as well as a large, global social media following, designer Sabyasachi Mukherjee, the 48-year-old owner and creator of the Sabyasachi lifestyle and fashion brand, has been able to grow his brand well beyond the borders of his native India.
The latest example is the debut of his first physical store in the United States, featuring an eclectic mix of six- and seven-figure merchandise which Town & Country magazine called “a West Village boutique that’s a maximalist fantasy come to life,” noting that the emerging global brand has provided a “jolt” for the city’s retail scene ahead of the holiday shopping season.
“Each square foot of wall space, from floor to ceiling, soars with visual wonderment,” the magazine noted, while highlighting the array of pricey pieces on display, including signature ornamental bridal fashion and jewel-encrusted accessories.
A celebrity in India, Sabyasachi has used the power of social media — he has 5.3 million followers on Instagram — to connect with a global audience. The brand has also been helped by an increasing number of localized payment options that let shoppers make purchases outside their home country using their chosen currency.
The launch of the new store is also happening during a season that has seen a number of luxury brands speak to the continued durability of their customer base even in the face of record inflation. Last month, Hermes announced plans to raise prices in 2023 after reporting what it called “very good sales momentum” and ongoing buying power among its affluent shoppers.
“For the moment, we don’t see any sign of slowdown in any of our markets,” Hermes Executive Vice President of Finance Eric du Halgouet said at the time.
Hermes was one of a number of brands reporting earrings recently that — as PYMNTS noted in October — show that the world’s wealthy still have an appetite for luxury and “also still have the means on hand to buy five-, 10- or 20,000-dollar shoes, bags and gowns.”
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