Luxury Resale Weekly Round-Up

BCG reports is a highlight of the week

Keeping you updated on Luxury Resale & Circularity with a weekly best-of article curation.

The resale week in articles

1. Circularity is skyrocketing 🚀: Blackrock circular economy focused fund raised $900 Million since its launch a year ago with a starting seed of $20 Million (https://www.triplepundit.com/story/2020/blackrock-circularity/706226)
2. Secondhand consumption on the rise ♽: Armed with Data from Vestiaire Collectice, BCG made an insight packed report on Secondhand with a very positive outlook for the industry — “A new fashion and luxury market is growing fast: secondhand apparel, footwear, and accessories represent $30 billion to $40 billion in value worldwide” (https://www.bcg.com/publications/2020/consumer-segments-behind-growing-secondhand-fashion-market)
3. We’re talking big bucks on pre-owned🤑: Vestiaire, RealRead, Depop, Grailed, and Re-See all under the FT spotlight this week — “More seductively termed “resale” or “pre-loved”, they comprise a market currently worth $24bn, expected to rise to over $50bn by 2023.”(https://amp.ft.com/content/98c449dc-6403-4609-a214-cf9670d7632b)
4. Vogue telling you where to go 🧐: What are the platforms supporting the revolution? Vogue brings you 9 candidates. — “Platforms like Vestiaire Collective, Farfetch Second Life and Hardly Ever Worn It are championing the second-hand buying and selling model; all the while ensuring that quality remains paramount.” (https://www.vogue.co.uk/fashion/gallery/sustainable-shopping-rental-platforms-depop-rotaro-vestiaire-collective?image=5f85cc984798a99c4dc6a265)
5. What’s next for handbags?👜: Handbags is the uttermost demanded category for Luxury Resale. This week BoF brings a radar on what is selling and why — “Bags remain the easiest product to carry around to prove a point. When you carry a handbag from Louis Vuitton or Chanel, everyone's going to know what it is.” (https://www.businessoffashion.com/articles/professional/the-future-of-handbags -﹩premium article)

Thought of the week

Brands need to get in the pool! Circularity is touching every piece of the Luxury Fashion ecosystem, and when a spread becomes so big it can’t be ignored, the sleepy giant wakes up. Brands need to be in tune with their consumer’s preferences, and with that we will see more and more brands getting in the preowned play this year. There are different models to play with, so its a bit of a “pick your poison”, but everybody will come to the resale party in one form or the other.

The bottom line for brands is that the preowned market is here to stay. To fill their wardrobes in a sustainable way with unique, value-friendly items — consumers are shopping secondhand. They will continue to do so in the years ahead. For those brands that capitalize on this trend, the rewards are numerous. — BCG The Consumers Behind Fashion’s Growing Secondhand Market

This is it for this week! Stay tuned for the week ahead 😎

GG