Meet the Woman Taking the ‘Blood Sport’ out of Buying a Coveted Hermès Birkin Bag

The impetus for Judy Taylor to start her luxury handbag and jewellery resale company Madison Avenue Couture dates back to her career in investment banking more than two decades ago. At the time, she was an avid shopper for high-end clothing and had built a sizeable collection of corporate wear from designer labels.

Taylor eventually took an extended break from banking to travel the world and decided to sell the clothing on eBay.

“I was surprised at the money I netted by selling these used items and realised the potential of the online resale market,” Taylor says. “Not being someone to let an opportunity pass, I began to buy and sell new and almost new luxury clothing, shoes and handbags and saw how much they were in demand.”

Hermès Birkin 25 Himalaya Niloticus Crocodile Diamond Encrusted Hardware, priced at $US500,000.
Courtesy of Madison Avenue Couture

Her homespun venture quickly grew into a full-fledged profitable business, and in 2010, she established Madison Avenue Couture. Today, the brand bills itself to be the largest online independent reseller of new and never-worn Hermès holy grail bags, primarily Birkins and Kellys that are nearly impossible to find. It also sells a selection of pre-owned collectible and vintage Hermès, Chanel, Goyard, and Louis Vuitton bags, Hermès and Chanel jewellery, and accessories and sought-after fine jewellery.

Taylor says that her company enables any consumer with the means to buy highly in-demand goods.

“You can’t just go into Hermès and buy a Birkin because there usually aren’t any available, and if they are, customers are limited to buying two bags a year,” she says. “Chanel has also limited purchases since Covid, and other brands have imposed restrictions.”

According to Taylor, these tactics have increased market demand and have enabled luxury labels to increase their prices. However, since supply cannot meet demand, consumers are increasingly reaching out to the resale market, including her company, for these items.

“Our business continues to grow, and we have an extensive network to source handbags and jewelry,” Taylor says. “Unlike much of the traditional resale market, our items are primarily new and never used and carry a premium over [the] retail price.”

Taylor, 59, speaks with Penta about her company and the luxury resale market overall.

Can you talk about how the luxury resale market for handbags and jewellery has evolved in recent years, especially since the pandemic?

About three weeks into the pandemic, we started getting orders. They were slow at first but then accelerated.

With retail stores closed and travel restricted, people turned online to shop. The only place to purchase new Hermès and Chanel handbags was online and from dealers on the secondary market. They became comfortable with buying these brands online. Sales increased by 60% in 2020 and doubled in 2021, compared to the prior years. Even after the brand boutiques opened and travel resumed, online sales continued their momentum. Our sales quadrupled from 2019 to 2023.23.

Who are your customers, and have they changed over the years?

Our clients are primarily those who have disposable income and love to spend it on beautiful things. Partners of hedge funds, investment bankers and law firms, self-made entrepreneurs, physicians and dentists, celebrities and socialites represent the bulk. But we always have the aspiring—those for whom buying a Birkin or Kelly is a bit of a financial stretch.

What are the advantages of buying a resale bag or piece of jewellery?

Hermès and Chanel do not offer their handbags online. While Hermès.com may offer one or a few small bags on occasion, they are sold out in seconds. The same goes for branded jewellery, notably Van Cleef & Arpels. Try purchasing a popular VC&A Alhambra piece online or in one of their stores to take home immediately—it is almost impossible.

Hermès Sac Faubourg Birkin 20 White Matte Alligator Palladium Hardware, priced at $US225,000
Madison Avenue Couture

The second is ease of purchase. Hermès has made getting a holy grail bag almost a “blood sport.” The machinations that someone goes through to get a Birkin or Kelly are anxiety-producing for most. First, you need to find a friendly sales associate. Then, a profile must be built, which involves spending on Hermès goods that are not leather handbags. The more the spend, the greater the chance of getting a handbag. Expensive furniture, fine jewellery, and watches have the greatest sway. Scarves or a pair of shoes won’t bat an eyelash. The amount needed to be spent is unknown, but we’ve heard it could be significantly more than the price of the bag. Plus, there is no guarantee that it will result in getting the bag of your dreams.

In the secondary market, you can pick the bag of your dreams without the hassle and stress of building a profile.

How do you source your items, and how are you able to guarantee their authenticity?

We purchase from individuals and other handbag dealers primarily. We usually get the original store receipt or a copy of it for most bags we purchase, which establishes provenance. Regardless of having the receipt or not, every bag goes through in-house and third-party authentication. We chose who we believe to be the best independent authenticators of Hermès and Chanel, which is where we find the most counterfeits.

What are some of the most in-demand brands and items for buyers who can afford them?

Hermès and Chanel handbags are generally in demand by professional and affluent women and men who give them as gifts. Goyard is popular because it evokes quiet luxury. In jewellery, we see the greatest demand is for Van Cleef & Arpels pieces, particularly the Alhambra series.

What advice do you have for people who want to find a specific piece from a source outside of the brand itself?

We recommend that people purchase only from dealers who guarantee authenticity and have a history of selling only authentic bags.

Furthermore, rely on a reseller that has its inventory on hand like us. We have already checked the condition, verified authenticity, and confirmed availability. Marketplaces, which aggregate different vendors, cannot know for certain if an item is available, in the stated condition or authentic. (Some authenticate after the item is sold, which delays getting the item.) Resellers that do not have an item in stock will source it, which can take weeks and may not be in the condition described.

This interview has been edited for length and clarity.

Reporting season has once again reminded investors that a strong profit does not guarantee a rising share price, and a large loss does not always trigger a sell-off. What matters most is how each result compares with expectations and, increasingly, what management says about the year ahead. During the August 2026 season, companies offering credible turnarounds or unexpectedly strong guidance were rewarded handsomely, while those flagging weaker margins, slowing demand or greater uncertainty were punished.

The following ranking draws on Morningstar’s review of 164 ASX-listed companies and measures each company’s share-price movement on the day it reported. This captures the market’s immediate response to the earnings announcement, before subsequent economic developments, dividends and company-specific news cloud the picture. Here are the five biggest winners, and the five hardest-hit losers, of the season so far.

The five winners

1. Bapcor (ASX:BAP): +41.0%

Bapcor delivered reporting season’s largest relief rally after presenting early evidence that its troubled automotive-parts business was stabilising. Although underlying revenue fell 1.8% to $1.92 billion and underlying NPAT collapsed 85% to $10.8 million, underlying EBITDA of $152.5 million exceeded guidance.

More importantly, working-capital initiatives released $68.5 million in the second half, lifting cash conversion to 109.4% and reducing net debt by 63% to $135 million. The statutory loss was $431.6 million, largely because of non-cash impairments. Investors focused on improving operational momentum, stronger liquidity and management’s expectation of modest FY27 revenue growth.

2. Zip Co (ASX:ZIP): +18.2%

Zip comfortably surpassed its FY26 targets, sending the buy-now-pay-later provider’s shares sharply higher. Transaction volume rose 23% to $16.7 billion, while cash earnings before tax, depreciation and amortisation jumped 58% to a record $268.9 million. Statutory profit climbed 46% to $116.4 million, and the cash operating margin expanded by 4.2 percentage points to 20%.

The strongest signal was guidance for FY27 cash earnings of $340 million—around 26% growth and above analysts’ forecasts. US transaction volume increased 42.5% and now represents three-quarters of group volume, offsetting weaker customer activity in Australia.

3. CSL (ASX:CSL): +17.3%

CSL’s result was hardly spectacular in isolation, but it cleared a market bar that had fallen dramatically following earlier downgrades and restructuring announcements. Underlying NPATA was US$3.1 billion, down 2% in constant-currency terms, while operating cash flow reached US$3.51 billion.

CSL maintained its full-year dividend at US$2.92 per share and completed a A$1 billion buyback. The real catalyst was FY27 guidance for approximately 5% underlying profit growth, compared with market expectations closer to 2%. After an extended period of earnings disappointments, investors interpreted the outlook as evidence that CSL’s core plasma business was approaching a sustainable recovery.

4. Judo Capital (ASX:JDO): +16.9%

Judo Capital demonstrated strong operating leverage as its specialist business-lending franchise expanded. Full-year profit before tax rose 34% to $168.1 million, while pre-provision profit increased 42%. Gross loans and advances grew 18% to $14.7 billion, reaching the top of the bank’s guidance range and comfortably exceeding broader system growth.

Deposits increased 24% to $12.2 billion, return on equity improved by 1.1 percentage points to 6.4%, and earnings per share rose 29% to 9.9 cents. Reaffirmation of the FY27 outlook gave investors confidence that loan growth could continue without sacrificing margins or credit quality.

5. Super Retail Group (ASX:SUL): +15.8%

The owner of Supercheap Auto, rebel, BCF and Macpac reported record sales of $4.2 billion, up 3.2%, despite cautious discretionary spending. Profitability went backwards: normalised profit before tax fell 7% to $306 million and normalised NPAT declined 2.8% to $226 million as transformation spending weighed on margins. Nevertheless, the result exceeded subdued expectations, online sales grew 5.3% and membership across the group’s loyalty programs reached 13.1 million. Investors were also encouraged by positive early FY27 trading, stable gross margins and continued market-share gains. A fully franked 33-cent final dividend added to the appeal.

The five losers

1. Hansen Technologies (ASX:HSN): –21.2%

Hansen’s historic result met expectations, but investors recoiled from its outlook. The utility and communications software provider achieved an underlying EBITDA margin of 31%, exceeding its 30% target, while generating strong cash flow. However, management designated FY27 an “investment and transition year”, signalling a roughly five-percentage-point margin contraction as spending on products, sales capabilities and organisational changes increased.

Revenue had already been broadly flat, leaving investors concerned that the investment program would depress earnings before new growth appeared. Leadership changes, including the chief executive’s departure, added uncertainty. Management expects revenue growth and margins above 30% to return in FY28, but the market was unwilling to wait.

2. Life360 (ASX:360): –19.4%

Life360’s headline growth was impressive: quarterly revenue rose 38% to US$159 million, subscription revenue increased 31%, and adjusted EBITDA climbed 53% to US$31.1 million. Monthly active users reached 102.4 million and paying circles grew 27% to 3.2 million. The sell-off reflected expectations rather than a collapsing business.

Net income fell 18%, the net margin contracted from 6% to 3%, hardware shipments dropped 18%, and full-year EBITDA guidance was merely maintained. After a strong valuation run, investors wanted a larger upgrade and clearer evidence that heavy investment in advertising, international expansion and artificial intelligence would generate additional earnings.

3. PEXA Group (ASX:PXA): –17.0%

PEXA reported a 7% increase in continuing-operations revenue and 12% EBITDA growth to $152 million, accompanied by a two-percentage-point margin expansion. Free cash flow increased 39%, suggesting the core Australian electronic-conveyancing platform remained highly profitable. Investors instead concentrated on management’s warning that property-transfer volumes could decline, alongside regulatory uncertainty surrounding the fees PEXA can charge.

The company is also continuing to invest heavily in its loss-making international expansion. Morningstar considered the market reaction excessive, arguing that structural transfer-volume assumptions had not materially changed, but the combination of softer near-term activity and regulatory risk overwhelmed the respectable headline numbers.

4. SEEK (ASX:SEK): –14.3%

SEEK produced solid FY26 figures, including 10% revenue growth to $1.20 billion, a 15% rise in EBITDA and 28% growth in adjusted earnings per share. It also lifted its fully franked annual dividend by 13% to a record 52 cents. Those achievements were overshadowed by falling paid job-ad volumes and cautious FY27 assumptions.

The statutory accounts included a $201 million loss from the SEEK Growth Fund and $377 million of significant items, making the headline result considerably less attractive. Investors were particularly concerned that economic weakness could limit volumes while the company continued investing in platform integration and artificial-intelligence products.

5. JB Hi-Fi (ASX:JBH): –12.3%

JB Hi-Fi’s full-year result was broadly respectable, with group sales rising 5% to $11.1 billion and underlying earnings per share increasing 6% to $4.48. The damage came from its current-trading update. Australian sales were almost flat during the June quarter and deteriorated further in July, while earnings in the core Australian electronics business fell 3.6%.

Housing-related categories were particularly weak as higher living costs and interest rates constrained household budgets. With JB Hi-Fi entering the season on a demanding valuation, an in-line historic result was not sufficient: the loss of sales momentum prompted investors to rapidly reduce their expectations for FY27.

Overall, the season showed that share prices react less to whether profits rose or fell than to the gap between results and expectations. Bapcor was rewarded for being less troubled than feared, while several fundamentally profitable companies were punished because their outlooks failed to justify elevated valuations.