Time for a Pop Quiz...
Do you know what Gucci, Yves Saint Laurent, Alexander McQueen, and Balenciaga have in common?
Apart from their reputation for exclusivity and prestige, they are all part of the same French luxury group, Kering.
Interestingly, Kering led a $216 million investment round in the French secondhand marketplace, Vestiaire Collective.
You might be wondering why a luxury group would invest in a secondhand marketplace for clothes.
Well, here’s why-
Rising consumer demand- The growing popularity of pre-owned clothing is due to a shift in consumer mindset towards extending the lifespan of their clothing and reducing the environmental impact of fast fashion. According to ThredUp's 2023 resale report, 1 in 3 apparel items bought in the last 12 months was secondhand and by 2027, the global secondhand apparel market will reach $350 billion.
Expanding reach for brands- Luxury brands are hesitant to offer discounts on their new items as it dilutes their brand. However, with resale, they can tap into a new customer base that couldn't afford their products otherwise. Resale also allows a single item to generate revenue for the brand multiple times.
Closing the loop- By participating in resale platforms, luxury brands can gain valuable insights into which colors and designs have enduring appeal and fine-tune their product offerings. This enables them to break away from the linear take-make-waste system of the fashion industry and establish a more circular fashion economy.
Maximizing brand transparency- Luxury brands can enhance transparency, boost customer satisfaction and protect their image by taking control of the resale market. They can ensure accurate authentication and provide detailed information about the history and materials of their products.
Circular fashion movement- Brand’s involvement in the secondhand market shows their commitment to sustainability and encourages others to follow suit, leading to a reduction in the fashion industry's carbon emissions and promoting a circular fashion economy.
We think it’s a win win win solutions for the brands, consumers and the planet. Brands earn extra revenue, consumers can shop consciously and afford luxury brands and the planet doesn’t have to deal with the discarded cloth.
Have you heard of any brands with new resale offerings?
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Join us every week as we demystify the world of resale. We'll share the latest Beni news, insider tips for shopping secondhand, and guide you through the trends shaping the future of fashion.
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