“The obsession with the brand name — that’s passe. People don’t want to spend the extra money for it.”
Quoted in a Boston Globe story about how luxury stores are trying to lure middle-class shoppers back to the racks—albeit in less extravagant fashion compared to 2007. More from Simon, whose company is planning on undercutting designer label jeans by introducing a private line of denim starting at $89 a pair (still six or seven times what I pay for jeans):
“Three years ago, people spent $500 on a designer dress like it was nothing. Those days are gone. And they are not coming back.”