Luxury is no longer about buying and holding. Brand-conscious consumers are reselling their designer clothes and at the same time, buying more for less.
The market for pre-owned luxury goods – apparel, accessories, watches, and jewellery – is estimated at USD19 billion and rising rapidly, according to Claudia D’Arpizio, a partner at Bain & Co. The fastest growing segment is leather goods and clothing, which accounts for USD4 billion of the market.
Online platforms that enable consumers to buy and sell used luxury goods to each other while verifying authenticity are growing quickly and looking to expand. Now, Instantluxe, another French online reseller of second-hand luxury goods, has entered the Chinese market with the launch of a Chinese website on Friday. According to Instantluxe co-founder Yann Le Floc’h, the company is targeting aspirational middle class shoppers as well as wealthy consumers.
(Source: red luxury)