For years, owning a Hermes Birkin bag was about more than carrying an expensive handbag. Its limited availability made it a status symbol, while the prospect of selling it at a substantial profit turned it into an alternative investment for some buyers. That equation, however, is beginning to change.
How the Birkin’s resale market is changing
London-based reseller Cai Baochun, who began selling Birkins online and through social media in 2020, has stopped stockpiling the bags as second-hand prices weaken. “I don’t want to lose money,” he told Reuters.
According to Reuters, the resale value of unworn Birkins has fallen by more than $6,000 from its 2022 peak, reflecting a market where increasing availability is putting pressure on the premium buyers once paid to secure the coveted handbags.
The change is particularly visible in the Birkin 25, one of the brand’s sought-after models. Its unworn black version now sells for around £24,000 on the resale market, according to luxury reseller Antoinette Hunter, founder of Lilac Blue.
That is approximately £4,000 below its 2022 price. Cai puts his asking price for the bag at around £20,000, while the same model retails for £9,390 in Britain, Reuters reported.
Why scarcity mattered to Hermes
The Birkin, named after the late British-French actor Jane Birkin, has long been central to Hermès’ luxury positioning. Access to the bag has often been linked to a customer’s wider spending at the brand, including purchases of scarves, clothing and shoes.
Six resellers told Reuters that this practice remains common, although arrangements vary by region and store.
Two resellers estimated that customers might spend between $10,000 and $20,000 on other Hermès products before being offered a Birkin or a Kelly, another sought-after handbag. The company says crafting a Birkin takes 15 hours, but it does not disclose production numbers or its selling policies. Hermes declined to comment to Reuters.
For years, the arrangement benefited both the fashion house and the resale market. Customers had an incentive to spend more, while resellers could command substantial premiums from buyers unwilling or unable to obtain a bag directly.
Sarah Davis, founder of California-based Fashionphile, described the arrangement as a “win-win”. The company said its Birkin listings have increased 32-fold over 15 years, illustrating how much larger the resale market has become.
More bags, weaker premiums
The expansion of online resale platforms such as Vestiaire Collective and The RealReal has made it easier to buy and sell pre-owned luxury goods. Hermès has also gradually increased production, opening an average of one workshop a year.
Together, these developments have made Birkins easier to find on the secondary market. Of nine resellers interviewed by Reuters across the United States, Europe and Asia, six reported falling resale prices over the past year, while five said demand had softened.
Brokerage Bernstein said Birkin 25 resale prices averaged around 1.7 times retail in the third quarter, down from 2.6 times at their 2022 peak. UBS analysts, meanwhile, estimated that listings for Birkin and Kelly bags worldwide were six to seven times higher than before the pandemic.
The shift matters because Hermès’ leather goods division accounts for 44% of group revenue. Its shares had also lost nearly 40% of their market value in 2026, Reuters reported, as investors assessed slower growth and questions about the durability of its scarcity-led strategy.
Is the Birkin losing its appeal?
Not entirely. Hunter added that demand for the most exclusive Hermes bags remains strong, even as reselling them becomes less profitable. She did however warn that falling resale prices alongside rising retail prices could eventually make buying directly from the brand less attractive.
“If Hermes continues to raise the prices, and the prices on the resale market continue to drop, that margin gets squeezed, and perhaps it will become less appealing,” she said.
Hermes chief executive Axel Dumas has previously pointed to the limits of expanding production, citing the availability of highly trained artisans and quality leather. Some resellers also report firmer prices for certain bags, suggesting the market is not moving uniformly.
The Birkin remains a recognised luxury symbol. However, the question is whether, despite shifts in resale and supply demand, the iconic Birkin can maintain its aura.
