The Hermès Shopper’s Investment ROI Guide Part 1: Birkins and Kellys
For Hermès collectors and first-time buyers alike, few handbags hold the same mystique—or market power—as the Birkin and Kelly. These aren’t just status symbols; they’re financial assets in leather form. Both have earned a reputation for outperforming most other luxury investments, with select styles selling well above retail on the resale market. But not every Birkin or Kelly appreciates equally. From leathers and colors to size and hardware, each specification affects long-term value. Below, we break down which versions deliver the strongest return on investment—and why the details matter more than ever.
👜 Birkin
Why It’s Important
This is a no-brainer. The Birkin remains the “benchmark” Hermès investment bag—very high demand, and very hard to get—especially for rarer sizes and specs. But as with any investment, not all Birkins are created equal.
Top ROI Specs & Sweet Spots
| Spec | Why It’s Valuable | Risks & Tradeoffs |
|---|---|---|
| Size: 25 cm, 30 cm | The 25 often delivers the highest percentage gains because its starting cost is lower and demand is most intense. The 30 is the “sweet-spot” size: still coveted by many, more practical, and with a wider buyer pool, but will resell for slightly less than a 25 in the same other specs. | Larger sizes (35, 40) often see smaller percentage gains; more wear risk. |
| Leather: Togo, Epsom, Chevre | Durable, relatively forgiving, highly desirable. Togo in particular is a perennial favorite. Chevre Birkins are harder to come by, so they can also earn a premium on the resale market. Epsom is also lauded for its durability, though some birkin lovers prefer a less rigid leather. | Softer leathers like Swift are more delicate and may suffer more marks over time. Some buyers tend to stay away from such delicate leathers. Clemence, although very similar to Togo, is sometimes seen as "too veiny" as well as "too slouchy" by some, and is also a bit heavier than togo. |
| Color: Neutrals, select pastels | Black, Gold, Etoupe, and Craie/Nata remain safest. But certain seasonal or archive pastels (Rose Sakura, muted grays) can spike in value. Also new, popular seasonal colors often have high resale value in the short-term due to novely factor, but can normalize in the long-term after there are more in the market. | Bold or vivid colors are riskier, as they have niche appeal. Shades of yellow and orange often sell for less on the resale market. Also special order styles with unique or clashing color combinations often have less resale demand. |
| Hardware: Gold or Palladium | Hardware in good condition helps with resale liquidity. Neutral, clean hardware is more sellable. Extra premium goes to birkins with stickers still in tact on hardware. | Mixed hardware or unusual finishes like rose gold can limit the buyer pool. Also, oxidized hardware is less desirable (but some don't mind it, and appreciate that it comes with a lower price point). |
| Exotic / Special Orders | Crocodile, lizard, Himalaya, ombré variants can generate auction-level interest. Especially those with diamond-encrusted hardware. | Exotics in more worn condition depreciate in value extremely quickly. |
Recent Data & Market Behavior
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The RealReal reports that Birkin (across specs) holds an average resale value of ~80%.
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Especially in rare specs, Birkins have sold for over double MSRP. Example: A Gold Togo Birkin sold for ~$21,000 when retail was ~$9,850.
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Birkins in exotics (e.g. crocodile, Alligator) continue commanding premium, but only if condition, provenance, and documentation are impeccable.
Advice for Buyers
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If you can get a Birkin 25 in a classic neutral leather like togo/epsom with gold or palladium hardware, that is a strong go-to spec.
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Don’t shy away from the 30—it's more marketable to everyday users, and less prone to fluctuations in resale price due to trends.
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In exotic territory: only purchase for investment purposes if you have deep knowledge and experience with how to keep exotics in pristine condition.
👜 Kelly
Why It's Important
The Kelly in its sellier style is more formal and structured than the Birkin, but in its retourne style feels more slouchy and casual. Some collectors even argue certain Kellys outperform Birkins under the right spec.
Top ROI Specs & Sweet Spots
| Spec | Why It's Valuable | Risks & Tradeoffs |
|---|---|---|
| Size: 25 cm, 28 cm, Mini Kelly, Kelly Pochette | Kelly 25 and 28 often sits at a “just-right” zone of desirability; minis & pochette versions are currently high-demand fashion pieces. | Very small versions limit usability for some buyers, so their appeal is more niche. As trending bag sizes change, so may their resale value |
| Construction: Sellier vs. Retourné | Sellier (rigid, structured) is often viewed as a premium style and can fetch higher prices in perfect condition vs a retourne bag in the same specs | Sellier edges show scuffs and general wear more easily. Retourné is more forgiving. |
| Leather: Epsom, Chevre, Togo, Box | Epsom and Chevre are fan favorites for sellier. There's also a niche market for box kellys in colors other than black, because they are so rare (marine blue, vert fonce, etc). Togo is a favorite for retourne kellys. | Similar to birkins, softer leathers like Swift require more care, and Clemence kellys can feel too slouchy for some buyers. |
| Color: Neutrals, Rose Sakura, Gris & seasonal pastels | Neutrals maintain baseline value and often fetch a premium; rarer seasonal/archival tones spike when retired. Whites, pinks, greys, blues, and other pastel tones also do especially well for kellys. | Very bold colors might limit resale buyer base. Again, colors like yellow, orange, and purple, along with outlandish special order color combinations, often resell for less. |
| Hardware: Gold or Palladium | Consistency is key; “safe” hardware options like gold or palladium improve liquidity. Also special order options like permabrass can also fetch a premium. | Same caveats as Birkins with regards to mixed or unconventional hardware limiting the potential buyer base. |
| Exotic / Special Editions | Just as with Birkins, exotic Kellys are extremely coveted. But they demand top condition and authentic provenance. | The overall market is narrower due to higher price, so will need to look for high-end buyers. |
Recent Data & Market Behavior
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Kellys reportedly hold ~92% resale value on average per The RealReal.
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The Mini Kelly / Kelly Pochette are currently surging in demand due to the enduring micro-bag trend.
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Exotic Kelly variants such as the beloved Himalayan often hit the collector circuit and can fetch extremely elevated auction prices.
Advice for Buyers
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Target a Kelly 25 sellier in a neutral tone, and in pristine condition.
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If you prefer more fashion-forward, go for a Mini Kelly or Kelly Pochette in seasonal or archival colors—high upside, but also potentially more volatile in the long-term.
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If you go exotic, treat it as an ultra-high-risk, high-reward bet.
Invest in Hermès the Smart Way
Whether you’re drawn to the architectural precision of the Kelly or the effortless allure of the Birkin, the key to a smart Hermès purchase lies in knowing the market’s quiet codes. The right size, the right leather, the right color—they’re more than aesthetic decisions; they’re financial ones. As prices continue to rise and access tightens, understanding which combinations hold or gain value turns luxury buying into something far more strategic: collecting with intention.
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