Exclusive: Meet the man who spent $10 million on the original Birkin bag

In an intense 10-minute bidding war at Sotheby’s Paris on July 10, Valuence made history by acquiring the first-ever Birkin, once used daily by the late  British-French actress and singer Jane Birkin, for a record-breaking $10 million (Dh36 million), cementing its place as the most valuable handbag ever sold. We spoke to Shinsuke Sakimoto, CEO of Valuence Holdings Inc., about the big win and what it means both for him and for the Japan-listed company known for trading exceptional pre-owned items, including accessories, watches, jewellery, and rare collectibles.

“Winning the bid for the original Birkin was a personal milestone — and a defining moment for Valuence,” he explained. “This isn’t just about a record purchase; it’s about honouring the legacy of one of fashion’s most iconic pieces. For me, it was about ensuring this masterpiece would be in the hands of a company that truly values its story, and will share that story with the world. We’re proud, humbled, and deeply excited about what’s ahead,” he said.

The bag itself is steeped in history — for one thing, it was created during a moment of serendipity, when Hermès executive Jean-Louis Dumas and Jane Birkin met on a plane and began to discuss the lack of a leather bag that suited Birkin’s needs. Dumas over the course of the flight sketched out the design that would become the iconic carry-on. (When the bag was first released in 1984, it cost about $2,000, according to Sotheby’s. As of May 2025, the price of the smallest Birkin Togo leather bag has shot up to $12,700 at Hermès boutiques in the US).

Bags like the Birkin are heritage pieces, often passed down from one generation to the next, and thought of as investment pieces. The idea resounds with the fundamental pillars of Valuence. Shinsuke explained: “At Valuence, we’re driven by the belief that luxury should transcend time. Our mission is to give iconic pieces a second life, making legacy, sustainability, and authenticity core to everything we do.”

The Tokyo-based company, founded in 2011, has since turned into a million-dollar business proud of contributing to the realisation of a sustainable and circular society.

Redefining luxury

“We’ve built a company that doesn’t just resell luxury — we redefine what it means to own it. Our goal is to become a global innovation leader in the circular economy by 2030, positioning ourselves as a ‘Circular Design Company’, rooted in values of culture, and conscious consumption. Currently, we operate in 15 countries including the UAE, and our mission is to give valuable items a second life — empowering people to focus on what truly matters in life,” he said.

It is because of this commitment to sustainability that the Birkin acquisition made so much sense, he explained. “Acquiring the original Birkin wasn’t just a business decision — it was a symbolic one. It represents timeless craftsmanship and cultural significance. This acquisition was not intended for mere purchase or resale of a rare luxury item. Rather, we view it as a socially significant act — one aimed at preserving and sharing a piece of global cultural heritage with the world. By carefully conserving and, when appropriate, showcasing it — we aim to fulfill our responsibility as a cultural steward. Through this initiative, we hope to share the values we hold dear — circularity, authenticity, and sustainable prosperity — with a broader global audience. This isn’t just about a bag. It’s about shifting the narrative from ownership to stewardship,” he said.

Valuence Japan Inc.’s business is diverse — from purchasing to retail and auction, and from cars to technology and sports. It is listed on the Tokyo Stock Exchange and has offices in Hong Kong, Singapore, the US, France, the UK, China, and the UAE. With 189 stores across the globe and growing, Valuence is one of the industry leaders in the preloved luxury space globally. In the Middle East, it operates via its subsidiary, Valuence International MEA Trading L.L.C, in Dubai, and under the brand name “ALLU”, which has stores in Dubai and Abu Dhabi, Qatar (Doha), Saudi Arabia (Riyadh), and Turkey.

Valuence mainly purchases pre-owned luxury items from customers through its stores across the globe. The categories include branded watches, bags, jewellery, precious metals, art and antique items. It also operates a B2B online auction platform, Star Buyers Auction. It has an impressive line-up of luxury brands including Rolex, Audemars Piguet, Gucci, Louis Vuitton, Hermes, Chanel, and now, the OG Birkin (it also has an extensive range of the prized bags).

Highlighting history

So, how does the brand plan to integrate Birkin’s luxury identity within its existing portfolio? Are there plan to re-sell it? Sakimoto said the acquisition was less about re-selling and more about highlighting history. He added: “The world’s first-ever Birkin Bag — a one-of-a-kind piece is now a part of our story. Our goal is to spotlight its story — it is not positioned as a commercial product, but rather as a one-of-a-kind cultural archive that embodies the historical and symbolic value of luxury. Rather than integrating it into our existing reuse business, we consider it a symbolic asset that strongly represents our commitment to a circular society and the preservation of authentic value. Without compromising the brand’s integrity, we intend to honour its historical significance by leveraging it for educational and cultural initiatives. Long-term, we see it inspiring curated experiences along with deeper brand storytelling. We see this acquisition as a catalyst for fostering global dialogue around sustainability and responsible ownership- to elevate it’s legacy — this is where we believe the true synergy lies.”

While the purchase of Birkin at a whopping $10 million has elevated the company’s profile and market value ever since the news went viral, Shinsuke is of the opinion that Birkin will play a big role in overall strategy and growth. “The original Birkin bag we acquired plays a symbolic role in Valuence’s mid- to long-term strategy, serving as a catalyst for shifting perspectives on luxury and cultural value… This acquisition is not intended to generate short-term financial gains. Instead, we view it as a strategic investment that will support our long-term branding and global engagement. In particular, we see strong potential in using this cultural icon to communicate our values such as sustainability, authenticity, and responsible ownership. It also allows us to open more conversations in the global markets, where legacy and heritage are deeply valued, especially in markets like the Middle East and Europe, where cultural awareness and conscious consumption are on the rise. It is now a part of our identity, and it will continue to shape our growth.”

Why preloved is popular

Shifting focus to the broader luxury landscape, we asked Shinsuke about the growing concern of counterfeit goods, and how he sees it affecting legitimate businesses. “We believe that the expansion of counterfeit markets will further increase the relative value of trusted platforms that guarantee authenticity,” he explained. “Demand is expected to grow for businesses that can ensure transparent sourcing, professional authentication, and strong customer trust. The pre-loved luxury market is also gaining broader recognition as a sustainable choice — especially among Gen-Z and millennials — pointing to steady mid- to long-term growth. At Valuence, we are committed to shaping the global standard where authenticity and circular value go hand in hand,” he said.

The company is also taking rigorous measures to minimise environmental impact and maintain ethical standards during transport and storage. “Moving forward, we remain committed to advancing sustainability while connecting this legacy icon to future generations,” Sakimoto concludes.