"A 1.36 Million Won Rag"... Balenciaga's Destroyed Hoodie Jacket Sells Out in 24 Hours—What Makes It So Special? [Luxury Price Story]

[Financial News] French luxury brand Balenciaga has unveiled a hoodie jacket in a distressed and tattered style, which drew attention after selling out within 24 hours of its release.

According to India's NDTV Profit and other sources on the 31st of last month (local time), Balenciaga's recently launched 'Destroyed Model Jacket' sold out its first batch within 24 hours.
This hoodie jacket, featuring a heavily damaged and worn-out design, is priced at $950 (approximately 1.36 million won).
Ken Kuang, a contributor to The Wall Street Journal (WSJ), posted a video of the product on social media, stating, "The first batch of Balenciaga's Destroyed Model Jacket has completely sold out."
The video he shared shows a model zipping up the torn red jacket and putting on the hood.
The product features frayed cuffs, a large gaping hole in the center as if the fabric has been ripped apart, and multiple holes scattered throughout.
Balenciaga has previously released similarly unconventional products.
In 2022, the brand sold a hoodie with holes for £950 (about 1.6 million won), and earlier this year, it introduced a $1,190 (about 1.6 million won) hoodie designed with graffiti-like writing resembling lipstick scribbles.
In response to Balenciaga's latest move, consumers around the world have reacted negatively, saying, "A $950 rag? That's absurd. Where have the standards of beauty and value gone?" and "There are plenty of clothes like that for cleaning floors."

On the other hand, a fashion expert told the fashion media outlet Soy Carmín, "By selling damaged, worn-out clothes at high prices, Balenciaga is showcasing the 'ironic appeal of rebellion' that challenges traditional definitions of wealth and perfection." The expert added, "This highlights the vast absurdity of consumerism and the vicious cycle of fast fashion, positioning high fashion as a form of social commentary."
The expert continued, "Outraged people post on various social media platforms, providing millions of dollars' worth of free publicity—Balenciaga is a genius at outrage marketing."
newssu@fnnews.com Kim Soo-yeon Reporter