Fact: Recessions have an effect on fashion buying. Another fact: economists and journalists feel the need to theorise this effect. Enter the Lipstick Effect, the pseudo-scientific idea that during a recession women will substitute expensive purchases with small, cheaper ones. It has the thrill of the buy minus the guilt of the price.

The Yves Saint Laurent arty rings are a perfect example of a small, quality buy which is guaranteed to make its little effect on both the wearer and the people around her. It is costume jewellery at his best: interesting design, strong colours and more importantly the knowledge that you are wearing an item from one of the most prominent fashion houses. It also has an entry level price tag. Depending on the ring, it ranges between £50 and £105, with the cuff from the same collection sold for £117 at Matches. The enamel and gold ring is one of the cheapest of Net-a-Porter rings selection. Yves Saint Laurent allegedly declared that “All one needs is a black turtleneck sweater, black trousers or skirt, and lots of chic and fun accessories!” Those rings are the perfect example of an accessory which makes or breaks an outfit.
Costume jewellery is a prominent fixture of French couture. Coco Chanel’s style, all in long necklaces and big brooches springs to mind. The YSL jewellery line owes a lot to Loulou de la Falaise, friend and muse of the couturier. She designed many iconic jewels and now has her own collection, Maison de Loulou. The line died down under Tom Ford’s sexy aesthetics, to make a come back with Stefano Pilati during the 2007 fall resort collection.

Neither the ring collection nor its price are an effect of the recession. They made most “Christmas stylish buys for less than £150” wish lists in the glossies last winter. They have been drooled over by bloggers for the past three years. In every occasion, both the lively mix of colours and the art deco inspired design have received very positive reviews. Rather then reflecting the gloomy mood, the rings exist in a series of turquoise, coral and exotic blue.

At a time where Bulgari’s earnings have fallen more than 45%, leading to store closures, YSL can count on revenues from those rings. Accessible accessories are a classic feature of luxury houses. They act both as an introduction to the brand for new customers and as a steady source of revenues. Nina Ricci recently tried to balance the very fashion forward collection of Olivier Theyskens with the house’s first collection of handbags. François-Henri Pinault, of the PPR group which owes YSL, recently said on CNN that luxury brands consistency have “real impact in term of brand awareness in the mind of customers”. He believes that only the strongest brands will survive the economic climate, and a strong strategy on both the cosmetics and accessories side is an integral part of a healthy business sheet.
Whether or not the Lipstick Effect has anything to do with it, these rings have been a major hit over recent seasons and they’re set to stay.