The 'investment piece' framing implies durable value. For most luxury fashion, the depreciation is real and the cost-per-wear maths favours mid-tier brands. Few categories genuinely earn back the investment.
Where 'investment' framing works
Heritage luxury bags (Hermes, certain Chanel) hold value reasonably. Fine jewellery and watches. Specific classic shoe brands (Russell & Bromley, Tricker's). Most other 'investment pieces' depreciate at 50-80% within 5 years.
Where mid-tier wins
Daily-wear bags. Coats. Knitwear. Tailored trousers and jackets. £200-400 mid-tier pieces in these categories often outlast £1,500+ luxury equivalents and don't carry the loss when fashion shifts.
Buy luxury for genuine love (and the experience). Don't buy it for 'investment' — the maths usually doesn't support it.