If you follow luxury fashion, it should not surprise you that the resale market is booming. In fact, it’s not just booming; it’s on fire, with growth that shows absolutely no signs of slowing down. While just ten years ago, the luxury secondary market was dominated by The RealReal, one of the pioneers of online luxury resale, these days, the options are nearly endless, and for a good reason. The luxury secondhand market is growing four times faster than the primary luxury market, and it seems that many retailers are hearing our cries, opting in to get their own piece of the secondary market-pie.
Though it’s no doubt beneficial to the consumer to have more options when it comes to resale, the brands themselves, of course, benefit as well. The secondhand marketshare is expected to double by 2030, growing at a faster rate than any other sector, ThredUp’s 2021 resale report stated. Thus, there’s a huge financial gain potential, and LuisaViaRoma is the latest retailer to tap into that potential.
LuisaViaRoma x Vestiaire Collective
LusiaViaRoma is one of the premier online destinations for luxury fashion, pioneering the high-end e-commerce sector since its launch in 1999. LVR offers a wide selection of over 600 high-end brands. Now, the luxury giant is dipping its toes into the resale pond with a new partnership with the online resale platform Vestiaire Collective, WWD reports. The program, which launches first in Italy before rolling out globally later this year, is geared toward a circular economy. It will allow consumers to sell their luxury fashion in exchange for a credit to LVR.
“By offering our clients a chance to experience circular fashion first-hand, LuisaViaRoma is hoping to attract the interest of more people on the importance of buying and selling pre-loved luxury fashion and accessories and the necessity to make conscious choices.” – Alessandra Rossi, LuisaViaRoma’s CEO to WWD