[SOUND] Coinage, Life, well spent, presented by GEICO. Ever wonder how much money those shoes at the bottom of your closet are worth? The average American male owns approximately 11 pairs of shoes. While the average American woman owns 17 pairs. Male shoes have a median price of $65, while women pay an average of $85 for a pair. For the shoes that are currently in both gender's closets, men paid around $715 while women paid over $1445. However, this isn't the final price. Depending on where you live you are almost guaranteed to pay sales tax. Pretending you live in Houston, Texas, sale tax there is 8.25%. The total shoe bill for men would be over $770 while women would pay more than $1500. With the average American making around $24 per hour, it's estimated that a woman would have to work almost three weeks to pay off her shoe collection. Men on the other hand would only have to work a week to pay off their average. For each new pair added to your collection, both genders would have to add on an extra six hours of work to pay for their new shoes. Granted, this doesn't take into effect a person's designer shoe addiction If you have a preference for high-end duds, it's safe to assume that you'll work longer to pay off your collection, however, you might look mighty fabulous while walking into work. [MUSIC] Coinage. Life, well spent. Presented by Geico.
Big things are happening in the fashion world.
This morning, news broke that fashion designer Hedi Slimane will be taking on a huge new role at Céline, succeeding the beloved Phoebe Philo and leading the brand into previously uncharted territory. According to WWD, the 49-year-old French tastemaker has been hired as Céline's new artistic, creative and image director, a post he'll start on February 1.
Slimane is a big name in the world of high fashion, as he was previously the designer of Dior Homme between 2000 and 2007. Then, from 2012 to 2016, he worked as the creative director of Yves Saint Laurent, which he rechristened Saint Laurent.
Slimane won't just be taking the reigns of Céline's women's clothing, either. He'll also be leading the brand into the menswear, couture, and fragrance worlds.
“I have been a great admirer of his work since we collaborated on Dior Homme, which he launched to global acclaim in the 2000s," Bernard Arnault, chairman and CEO of LVMH, said in a statement. "His arrival at Céline reinforces the great ambitions that LVMH has for this maison. Hedi will oversee all creativity for both women’s and men’s fashion, but also for leather goods, accessories and fragrances. He will leverage his global vision and unique esthetic virtuosity in further building an iconic French maison.”
Slimane's first collections for Céline will be revealed during Paris Fashion Week in September, and we honestly can't wait.