Handbag makers cut back on designs
Innovation hit as strong dollar, global economic woes and terrorism fears take a toll on demand for US high-end products
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New York
HANDBAG makers are busy battling waning demand and markdowns at stores, and that may have diverted their attention from what could make them successful in the long run: creativity.
Michael Kors Holdings Ltd, Prada SpA, LVMH's Louis Vuitton and Burberry Group Plc all reduced the number of styles introduced last quarter, according to Edited, which provides fashion industry analysis. Though manufacturers and retailers are worried about being saddled with too much merchandise, the lack of innovation will make it tough to recapture the excitement of shoppers, said Milton Pedraza, a New York-based luxury consultant.
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