Victoria’s Secret and post-recession luxury

If you though a pair of $795 Tron heels (a marketing tie-in with the upcoming Disney movie sequel) were something of a luxurious and frivolous spend, you should probably look away now.

Victoria’s Secret, the leading luxury US lingerie brand, famous for both its Angels and high profile catwalk events, has unveiled it latest Bombshell Fantasy Bra - with the real bombshell being the $2M price tag.

The luxury garment had its first outing in New York, modelled by Victoria’s Secret Angel Adriana Lima, who will also be modelling it on Tuesday November 30th during the Victoria’s Secret Fashion Show.

The luxury lingerie item - created by Daimani - took 1,500 man-hours to complete, with each of the 3000 brilliant cut white diamonds, 60 carats of diamonds and 82 carats of sapphires and topazes hand set into 18-karat white gold.

Adrianna refers to it as the “most fantastic bra Victoria’s Secret have ever made”, but in truth it isn’t. Back in 2008 the brand developed a $4.7M bra, and prior to that they created a bra worth $6.7M. We’re not saying Victoria’s Secret are necessarily cutting back on expenditure here, as $2M is still a hefty price tag, However it does say something about the slide of the luxury market over the last few years.

Agent Provocateur saw a pre-tax loss of £1.M in the year ending March 2009, whilst Rigby & Peller – corsetier to the Queen - fell into the red by £214,000 this year after disappointing sales of £9.8M.

That said a new report by Bain & Co highlights a renewed surge of interest in the luxury sector since the recession took hold, with the global luxury market now projected to rise by 10% in 2010, almost reaching the peak levels achieved in 2007 thanks to encouraging US sales and strong growth in China.

For Victoria’s Secret maintaining an air of luxury is paramount to the success of the company, and as ever this also means aligning with entertainment icons. This year Katy Perry and Akon will grace the annual VS Catwalk show alongside the models - following in the footsteps of The Black Eyed Peas and The Spice Girls - as the lingerie brand continues with its strong line of musical ambassadors.

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