![]() Professional estimates place the value of Charles’ original masters at about $25 million - on top of the $50 million he held in securities, real estate and other assets. In lawsuits filed against Charles’ former manager, several of his children have asserted that their father’s legacy has been mishandled by the manager and others associated with Ray Charles Enterprises, which holds the rights to his music, and the Ray Charles Foundation.Īt issue are not only money and the family’s standing but also the fate of thousands of musical recordings, videotapes and other artifacts produced during Charles’ long career. Charles exercised iron control over his music and recordings, but his legacy is in disarray, knotted up in legal disputes between the estate’s management and his family members, according to interviews, court documents and correspondence from the California attorney general’s office.īorn Ray Charles Robinson in rural Georgia in 1930, Charles died at 73 in Beverly Hills on June 10, 2004, after a long battle with cancer. The global luxury resale market last year was valued at $32.61 billion, and is likely to reach $51.77 billion by 2026.Īs a general rule, luxury bags do not hold their value nearly as well as high-end watches but the number of items that can be resold, occasionally even outstripping their original sale price, is growing.The confusion and contention that resulted from that family gathering, the only time so many of the children met with their father as a group, helps explain what has happened since. ![]() With stigma over buying second-hand items fading, and online trading platforms making those transactions simple, the sector is expected to grow an average of nearly 10% a year. “Interestingly enough, the resale market has I think created a comfort level with people in the luxury world that they can not only purchase and enjoy but they see value in the ability to be able to resell product,” he said. Idol shed some light on the unstoppable ascent of the price of luxury goods a few weeks earlier on the firm’s earnings call: the resale market. ![]() The resale market is pushing original retail prices higher “There will be more price increases for both Michael Kors and Jimmy Choo next year as well as we continue to elevate and get the positioning right for both of those brands,” said the CEO. Idol promises there is more price elevation to come. At shoemaker Jimmy Choo, prices began their upward climb at the end of last year. Over the past 2.5 years, accessory prices at Michael Kors have grown by about 25%. In the case of Michael Kors, it’s to correct its image which, especially in the US, had become very outlet and discount-oriented. Some Chanel handbag styles have reached $10,000, something that previously only Hermes had been able to command.Ĭapri’s other brands in the portfolio-Michael Kors and Jimmy Choo-are also getting high-end makeovers. ![]() Dior and Gucci, in contrast, are in the $3,000 to $5,000 tier. With these new changes, Capri said it’s very confident Versace can grow to $2 billion in annual revenue, up from the $1.2 billion it earned last year.Ĭurrently, most Versace bags are within the $1,000 to $3,000 range. It’s also been more of an apparel-driven brand in an industry where accessories are the real moneymaker.īut the rollout of the Fendace collection earlier this year, a crossover collaboration between Versace and Fendi, created a big stir, and a strong investment into accessories is underway. It was founded in 1978 versus some houses that are over a century old. For one, it’s a lot younger than those other brands. Although Versace is associated with an image of high glamor and has a number of cultural moments under its belt, it has always sat a tier beneath houses like Louis Vuitton, Chanel, Gucci, and Prada.
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