Credit Suisse ‘merch’ and the rush to buy history
From hats to pendants, branded products from troubled institutions have a curious appeal
AS SHARES of Credit Suisse hover under US$1, the price of its memorabilia is on the rise. When the storied Swiss bank ceased to exist practically overnight, rescued in a US$3.25 billion deal by rival UBS, baseball caps, ski hats and other items bearing its logos were posted on auction sites and racked up bids, as collectors tried to grab pieces of fashion, and financial, history.
Credit Suisse knit hats with red, blue and white block stripes like a summer Popsicle are appearing on eBay and Swiss reseller websites such as Ricardo.ch. The retro, skiwear-like hats are being listed for more than US$100, a phenomenon first reported by Reuters. A branded gold pendant was listed on eBay and sold for US$250 within hours.
The appetite for clothes and accessories bearing the insignia of bygone corporations has been growing for years. Lehman Brothers tote bags, Bear Stearns hats and Bernard Madoff paperweights have long fetched high prices on resale sites, as brand-savvy millennials have become a dominant demographic in finance.
