The artistic director of Hermès explained why he thinks their $10,000 bags aren't 'expensive'

• Luxury brand Hermès is best known for its handbags, which can start at around $10,000.
• Its artistic director, Pierre-Alexis Dumas, said they were not "expensive," but "costly."
• Expensive is "a product which is not delivering what's supposed to deliver," he told "60 Minutes."

Would you call a $10,000 bag expensive? Pierre-Alexis Dumas, the artistic director of the luxury brand Hermès, would disagree.

In an interview on "60 Minutes" that aired Sunday, Dumas said the 186-year-old luxury fashion house's bags weren't "expensive" but "costly."

Hèrmes is perhaps best known for its Birkin bag, a tote the brand introduced in the 1980s that starts at around $10,000 but, in some variations, can cost six figures.

Expensive means "a product which is not delivering what it's supposed to deliver, but you've paid quite a large amount of money for it, and then it betrays you," Dumas, 58, said.

He said a "costly" product is priced highly because it is made "properly, with the required level of attention, so that you have an object of quality."

Dumas, who became artistic director of Hermès in 2005 and whose father was CEO of the Hermès group, said each bag the company sell is hand-sewn with its saddle-stitching by artisans trained for the task for years.

The limited resources and time required to complete a product contribute to the final price, which can also depend on size and materials.

Even the rich struggle to get their hands on Hermès bags

Even if Hermès clients have the money to splurge on a Kelly (named for Grace Kelly) or a Birkin (named for British actor Jane Birkin), they might have to wait years for it.

Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told Business Insider Hermès' brand identity is centered on the scarcity of its product.

Roll said this strategy was critical to the brand's longevity and ability to withstand tougher economic cycles, such as the slumping demand in China that is hitting the luxury industry.

"They know very well that, like all the luxury brands, Hermès could run the risk of being over-saturated," Roll said, adding that the brand's continued family ownership is also an advantage.

"You have that stability in the ownership," he said. "And you have leadership stability."

On "60 Minutes," Dumas dismissed rumors that Hermès artificially drums up the scarcity of its product, saying, "That would require a marketing department, which the Maison doesn't have."

"I always like to say Hermès is an old lady with startup issues," he said.

He also denied that the brand withholds bags to add to their scarcity.

"Whatever we have, we put on the shelf, and it goes," he added.