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Last night, we popped by the launch of Rebecca Minkoff's "Delight" bag: A $60 black studded handbag made exclusively for mark. At the event, Minkoff sat down for a Q&A, where she explained why it was important for her to make a bag that costs about $465 less than her staple, the "Morning After."
Put quite simply, she explains: "Not everyone can afford to buy a handbag, and I want to be able to offer them something." Back when the recession first hit, Minkoff had the same strategy: She lowered her prices by 25%. "We decided to listen to our consumer during the recession and so we knew that things were tough."
One other thing she casually mentioned was that she started her fashion empire with the help of side jobs typical of sixteen-year-olds. Speaking of when she first moved to New York, she said:
I started with nothing. I had saved $10,000 that I had gotten through my batmitzvah and babysitting and serving ice-cream, and that's what I moved here with. My parent's were like, 'You're on your own, if this is what you want to do we're not funding this activity.'"Good news, for anyone who's had a handful of summer jobs and had enough foresight to stash the cash in the bank.
· Rebecca Minkoff Delight Bag [mark]