Kering’s Alexander McQueen recently became the first to start working with Vestiaire Collective on the platform’s new “Brand Approved” programme, under which sales representatives proactively contact their clients to see if they have items they want to sell. It will also go to develop a new way of working directly with brands to help them put in place “resale as a service” in their stores and with their customers. People can sell on the platform from 50 countries, and buy from 70.Ĭhief executive Maximilian Bittner said the fundraising would be used to expand in new markets, as well as hire more technology experts and programmers. Vestiaire Collective declined to provide revenue figures but said its transaction volume had grown more than 100 per cent year-on-year, and that it now had some 11m members. In the US, several have gone public including Poshmark in January and The RealReal in June 2019. Those companies that have moved the traditional consignment shop on to the web have grown rapidly, but all have struggled for profitability. But it remains a tiny part, just 2 per cent, of the broader fashion and luxury market. Switzerland’s Richemont bought a watch resale website Watchfinder in 2018, while US department store Neiman Marcus in 2019 took a minority stake in Fashionphile, a shopping site for second-hand luxury handbags and accessories.īoston Consulting Group estimates that the global resale market is worth as much as $40bn, and forecasts it will expand at a compound annual growth rate of between 15 per cent and 20 per cent over the next five years. It is also a sign that the luxury industry’s traditional wariness about second-hand sales, which weaken their control over distribution and pricing of their brands, looks to be fading.
The vote of confidence from Kering, which will have a seat on the board of Vestiaire Collective, comes as the online resale market has boomed during the Covid-19 pandemic, with housebound shoppers looking for deals on second-hand clothes. “On the contrary, we want to embrace it because we think it’s a big opportunity for u s to provide an additional service to our clients.
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