Over the past few months, I’ve written at length about the rise of secondhand shopping and the many associated benefits, be it financial, environmental, and beyond.
As a refresher, what I learned was quite eye-opening. Today’s shoppers are more concerned with sustainability and recycling than ever before. Think of it as the “rise of the conscious consumer,” as thredUP, the world’s largest online thrift store, coins it. With that comes consignment, which satisfies the two biggest demands of shoppers today, according to thredUP’s 2019 Resale Report. It allows them to be frequently seen in new styles, as well as maintain their stance as “conscious consumers.”
Suffice to say, we’re living in a golden age of sorts for resale, projected to reach $41 billion by 2022, according to thredUP. Fashionphile, a similar online fashion resale website specializing in women’s luxury items, is on track to sell $200 million worth of goods in 2019, up 50 percent from a year ago.
With that comes the concept of ‘renting’ or testing out a designer handbag. Specifically, some of the biggest consignment companies, including Rebag and Fashionphile, offer six-month buy-back programs.
What exactly does that mean? Simple. Purchase a bag in January for $1,000, and come June, just about six months later, you can sell back that same bag for anywhere from 50 to 80 percent of what you paid. (Percentages vary from site to site.) The best part is, certain sites, including Fashionphile, will actually give you the cash back, versus a store credit to spend on a new bag. Keep in mind, there are terms to this agreement, such as what kind of condition the bag must be returned in.
Either way, this kind of program gives handbag buyers the chance to try a bag without the risk. Not sure if that flap you’re eyeing is practical enough as an everyday bag? Wondering if that tote is a little too large for you to carry long-term? Buy and return six months later, and it’s as if you’ve rented the bag without losing much in the process.
Of course you have to be comfortable with losing some of the funds you originally invested in the bag when you paid for it. However, the same rings true when renting anything, from cars to designer dresses. Not to mention, this also takes the hassle out of a potential future consignment.
I personally haven’t taken advantage of a buy-back program yet, though a few of the bags in my collection were purchased from Fashionphile, which gave me the option to sell back the pieces within six months. I’m curious to hear from any readers who have opted to sell back their bags. Anyone out there? If not, would you consider trying this out for yourself?
As handbag prices continue to rise (We’re looking at you, Chanel.), I’d say this is a great way to experiment with your ultimate dream bag without feeling like you’ve got no way out if you ultimately decide the bag isn’t for you. (Trust me, we’ve all been there.)
It’s a cool idea, but at the end of the day you spent money but have nothing in your hands. I’d rather buy a bag I love, and then if I get tired of it, sell it off. The loss that I will inevitably take will be considered my “rental fee.”
I purchased a bag from Fashionphile and at 6 months returned it for 70% (their cash buyback rate). I felt it was a win/win because the bag was pristine, but cost much less than the Department store (which is not always the case at Fashionphile). Of course, the bag had to be returned in sellable condition, but I am very careful so it wasn’t even an issue. However, if they are projected to make $200 million, it’s really no surprise. I sent them pix of a pristine, never used Hermes Lindy bag purchased for $8K, only to be offered $2,500.00? No, that is insane! However, the prices they offered for my pristine L.V. and Chanel bags were in line with what I paid so at least I recovered my costs, but that’s all.
I have also purchased several pieces from Fashionphile and decided against keeping one item I’d carried a few times. I was able to recover 70% of my purchase price, which is more than I would have recovered trying to sell it on my own (especially with the fees on ebay, Poshmark, etc.). I’ve been pleased with this model. I find I tend to tire of bags quickly and want to try something else, so it’s a win for me.
The deal with Fashionphile is a bit of a ruse you guys. Say I buy a bag from FP for 5000. The seller of that bag has gotten 70% of 3k (2100) plus 85% of the remainder (1700) for a total of 3800. If I give the bag back to them in 6 months they will give me $3500 vs $3800 they gave the previous seller. There are times I have changed my mind on something I’ve bought from them and sold it back to them for higher than what I paid the first time. So say you’re buying that same Chanel classic for 5k. You don’t beat it up. Chances are you can still recoup the 3800 they paid the first person, but because you are now at only 70% (instead of the combo 70% & 85%) you’re actually getting $300 less. They will still turn right around and sell it for that same $5k tho 🙂 I never do the buyback. I always submit as a new quote.
Also anyone remember bagborroworsteal? Their entire platform is purely renting things on a monthly basis…it was a novel concept at the time, and I guess they are still around. But it wasn’t quite as successful as they’d hoped.
Yes, Fashionphile is a ruse because they offer extremely low ball offers on many items I have submitted that are pristine, never used. However, I tend to purchase classics so IDK.
Anyway, I purchased a bag from them and returned it within the 6 month time frame. I took pictures and submitted it as a new quote and they recognized it as a buyback and offered me the 70%. I’m wondering how and they accepted yours as a new quote? I’m not sure what I may have done wrong?
I do remember Bagborroworsteal. When I would go to their website whatever I wanted to rent was always “being borrowed” and the waiting list was too long. They also sell their bags once they are no longer able to rent them, but they are too beat up (in my opinion) to purchase.
Bagborroworsteal rebranded itself and was never the same since that I think!
BBoS originally was named Avelle, as I recall, from the early 2000s.
it’s for poors.
What an idiot you are. ? No, it’s for people who look at bags as disposable and who like to play with bags.
You are such a sad little person. ???
Idiot? Sad? Are you joking?
🙂
I guess I’m not the target customer for this business model. I prefer to buy bags and live with them for a long time. I don’t mind a few scratches in the leather (which I’m likely the only person to notice) and I stick to classic styles so I don’t think my bags look dated.
I feel the exact same way,plus I’m not a trend seeker.but I do love the fact that when things come back or if I want to bring them back I do so. since I don’t think that if you have true style,something may become dated example my very nice gold mini theda from Vuitton it’s a bag I love still wear and will always keep.so not the target but good the know
Pretty sure the website borrow bag or steal does this!
Yes, BBoS does rent bags. But BBoS also requires a ytou to submit to a HARD CREDIT CHECK soyou can rent their more-expensive bags. That includes trusting them with your social security number AND accepting the ding in your credit score from a hard inquiry!! No thanks. If BBoS can’t figure out another way to secure their rentals, I’m not risking my financial data to rent a handbag. Already had to clean up the mess left by a hacker using my cc info on therealreal that the website didn’t bother checking with me before shipping out the very expensive man’s watch to a bogus address. Not going there again.
I think ‘renting’ designer bags is a brilliant concept that allows the cultivation of conscious consumerism as well as promotes ethical shopping practice. That said, I prefer to buy a brand new bag that I will be able to use for several years or till I get bored of it. After which, I will have them consigned and the payment received will go towards my new bag. I just take the difference in the amount I had paid originally and I got from the reseller as ‘renting’. Moreover, I don’t do well with the six-month buy back time frame. It’s too short, IMO. I know a reputable website that offers only three months. By the way, I don’t just buy the classic. I invest on trendy bags as much. Despite that, I wouldn’t consider renting as an option. The notion of carrying a used bag hardly appeals to me no matter how much I want it and how coveted the bag is. I also feel the same way towards vintage bags, unfortunately. This may struck some people as odd but even when I purchase a new bag, I usually avoid those on display. I always ask for one that is in the stock room. Much like displayed shoes on shelves, the bags feel different to touch and in some cases, the signs of wear and tear are quite visible to the naked eye (I am looking at you, LV). If I can’t tolerate displayed items, I don’t see how I could rent one. Another thing I would like to point out is that the market of purchasing and/or renting a second-hand bag in Asia, which is where I live, is targeted at the lower middle class who simply can’t afford to buy brand new ones. Same goes for clothes and cars. As a whole, Asians are a materialistic society and conscious consumerism is far from our minds.
I hope you’ve never had to occupy a dwelling that has been lived in by someone else..the trauma!
A swelling? ?
OOPs!!!!
I think a “swelling” is a fancy name for a “dwelling”. ?
LOL!
It’s a very large dwelling!
How sad that you have been brainwashed this way.
I have purchased 2nd hand bags that are absolutely incredible!
Also, re: Asians “being materialistic…and conscious consumerism is far from our minds” then maybe it’s time to change your mindset. There are billions of people in the world and to remain so blatantly cavalier re: that your needs supercede the rest of the world is both selfish and self serving. Additionally, the impact this type of consumerism has on the planet is horrible. Basically you are implying that I need to maintain a conscientious lifestyle in order for you to go crazy and buy everything without consequence. Maybe, you’ll learn that everyone, including you and I, need to make changes re: how we live for the betterment of the rest of the planet.
You are offended. But hey, we Asians bear the brunt of fossil fuel emissions from the numerous factories that manufacture products for the American and European corporations. Bags, shoes, clothing and household appliances, to name a few. In other words, developed countries get less pollution while the people living in the third world breathe increasingly toxic air pollutant. And don’t get me started on the harzadous waste dumped on our lands and rivers by the same factories to fulfill your wants and needs. Talk about self-serving and selfishness LOL. So yes, let us be mindful of what we consume. That way, maybe my asthmatic friend would suffer less attack and the rest of the population predisposition to health risks and diseases induced by said environmental conditions will substantially decline.
Offended? No, I’m a consciously aware consumer. You stated: “Asians being materialistic…and conscious consumerism is far from our minds”, but shouldn’t it be in the forefront of your minds?
We can discuss the rate of consumption, fossil fuel emissions, hazardous waste, etc. ad nauseam and point fingers, but it’s increasingly becoming more alarming worldwide. The only way to reduce toxic pollutants, etc. is for everyone to be “conscious consumers”. It’s irresponsible to live with the attitude that it is “far from your minds” because it should not be.
The responsibility and/or burden belongs to everyone, no matter where they live or what they consume. But, to say that you cannot buy secondhand, even if it’s pristine, because it’s below your social and economic status is elitist. Also, bags need to be brought out from the storage room since you can”t buy if they’ve been handled by another person? You do realize, I hope, that these have been handled and packed by a human being, right?
My point is that everyone needs to protect our planet. If we don’t what will it matter if a bag or any other product is “pristine, never been handled” when our basic needs, according to Maslow’s Hierarchy of Needs, cannot be met? I don’t know how old you are, but over time people come to realize the mistakes of their youth. For myself, I realize I made mistakes re: consumerism. The only thing I can do is learn from my mistakes, be more aware and make a smaller carbon footprint. People everywhere, regardless of where they live, or their perceived economic and social status, need to be more responsible, not just you and I. Thx!
I honestly don’t get why you are being defensive when I was merely stating the fact about Asians, as a general, being irresponsible consumers (and that those of us who can afford to buy designer handbag would not consider renting/purchasing pre-loved which explains why the market of renting/purhasing pre-owned bag in Asia aims at the lower middle class).
I never stated that I condone excessive buying nor do I agree with it. I also never said that we were right in doing so. And I definitely never opined that we should remain the way we are instead of changing our mind set.
Furthermore, I did not point fingers. You did. You blatantly said that we are selfish and self-serving. That alone denotes that you hardly know anything about Asian culture. For if you did, you would not have gone on the offensive. Instead, you would have understood where I was coming from.
For the record, wastefulness does not merely apply to the items you wear and use. They apply to food as well. Although many Asians may not practise awareness when it comes to buying goods, we avoid wasting food and eat every bite on our plates. It is inherent in our culture.
Speaking of which, if you are such a conscious consumer, why buy a pre-loved bag at all? You could have just carried a recycled bag and used it for the rest of your life. Now, that would be doing our beautiful planet a huge favour.
Re-read what I wrote. I was referencing what you said re: Asians and their consumerism. Maybe it’s only my opinion, but I feel that what you said about Asians, as a whole, is incorrect. I personally know that not all Asians are as you describe. However, to reiterate my point I said that EVERYONE ( yes, I know that all caps is “yelling”) needs to change their purchasing, etc. habits. All consumers need to be more conscious about their impact on our planet. We, as a group, are not making good decisions, which has a negative long lasting impact on our planet, and this needs to change. There is no debating the fact that we are ALL destroying our planet. Would you agree that we can ALL do better? I’m hopeful that we can. Thx!
I don’t have any issue with this. I’ve bought a few bags on Fashionphile but haven’t done the buy back.. yet. I think this is great for people who can’t get their hands on a bag to even look at in person. I just went to my local store and they don’t sell Prada anymore. I’m not driving 6 hours away to look at a Prada bag. So I could just buy it and use for a few months and then sell it back. Or return from the get go. I just bought a Hermes and debated returning or using for 6 months. I think it is growing on me and I may not even sell back. I think that is probably what happens more often than not.
I think maybe this is for people who just want to carry seasons it bag and need constant change . I usually buy my bags as a collection and permenant addition to my closet . I don’t usually worry about resale value since no one is going to profit from selling a bag. It’s not real estate. Only on purseblog and purseforum , there is huge concern about resale value . You buy a bag to enjoy it and part of the thrill is unpacking brand new bag and enjoying it .
I love Fashionphile…I have been purchasing and selling with them for many years….