LuisaViaRoma launches a resale platform in collaboration with second-hand dealer Vestiaire Collective.
The Italian fashion company will enable its customers to sell used clothing from over 40 of its luxury brands, including Balenciaga and Dior, and receive vouchers that can be redeemed in the online shop. The platform will first be launched in Italy before being launched internationally.
“Supporting positive, innovative and circular initiatives is another important step in LuisaViaRoma’s journey towards sustainability. We are proud to partner with Vestiaire Collective and to see the shopping experience with different eyes,” said Alessandra Rossi, CEO of LuisaViaRoma, in a statement.
Customers upload photos of their garments via a digital interface and receive an offer within 48 hours. The items are then shipped to one of the Vestiaire Collective centers. The customers receive the payment four days after the goods have been checked.
“We are excited to partner with LuisaViaRoma to provide our service and to share interest in the circular economy, a fundamental element towards a more sustainable fashion system and strengthening the impact of resale,” said Maximilian Bittner, CEO and President of Vestiaire Collective.
Second hand reduces overconsumption
According to Vestiaire Collective’s sustainability report, published in April, 70 percent of items bought on the platform avoid an alternative first-hand purchase. The Paris-based company claims that 85 percent of second-hand shoppers help reduce overconsumption by choosing fewer, higher-quality items.
The booming resale market share is expected to double from 9 percent to 18 percent between 2020 and 2030, capturing a €38 billion market.
According to McKinsey, industry observers are forecasting an annual growth rate of 10 to 15 percent for the next decade. The growth is partly due to the success of specialized digital commerce platforms as well as changes in consumer behavior. While 75-80 percent of luxury consumers still only buy new products, many consumers are considering used products. For the watch market, McKinsey predicts that sales of used products will reach thirty percent by 2025.
In March, Vestiaire Collective acquired Tradesy, a US-based fashion resale retailer. While the financial terms of the acquisition have not been disclosed, the combination of the two companies brings with it a membership community of 23 million users, a catalog of five million items, and a gross merchandise value of over $1 billion.
This translated post previously appeared on FashionUnited.uk.