partnered with Reflaunt and, the luxury fashion resale program is exclusive to customers located in Italy, France, the UK, the United States and Singapore. The luxury resale platform WatchBox is also driving the demand for pre-owned watches with its authentication processes, as has Rolex with their certified pre-owned program. Even celebrities are openly endorsing pre-owned luxury goods. The Kardashians-Jenners, for example, are making a move into the resale market, with the launch of Kardashian Kloset. The e-commerce site sells items like clothing, shoes and handbags that once belonged to celebrity family members. Mehra agrees with the slow breakdown of the taboo and goes on to say, “There is a visible shift in our market leaning towards a broader perspective and accepting change in the definition of fashion globally. Luxury brands and reselling platforms are playing a major role in diminishing the stigma attached to pre-loved luxury by increasing collaborations and that change will be noticed majorly in the coming decade by the masses.” As high-end brands increase prices of luxury pieces, shoppers are increasingly considering second-hand, gently used versions of designer goods. To prepare for this new influx of resale shoppers, resale platforms are investing in more features to help shoppers scout for the best deals. The luxury second-hand market is growing four times faster than the primary luxury market, at 12 percent per year versus 3 percent and the luxury resale was valued at more than $32 billion last year. luxury resale market: digitalization, affordability, collectability, and changing consumer preferences towards sustainability and experiences. Online luxury resale platforms are transforming the second-hand market by offering seamless end-to-end experiences with far greater certified pre-owned brands and product assortment. Luxury resale is bringing luxury goods to a wider audience. The second-hand market offers a unique product range at accessible price points for the buyers and an extra income opportunity for the sellers. A major advantage of the second-hand market is the chance for affluent shoppers to shop from previous season collections, vintage gems, limited-edition releases, soldout streetwear exclusives and drops missed the first time. Lastly, the generational shift is fuelling the resale market. The growing number of millennials is a significant driver of the market, owing to the consumers’ behaviour that views luxury products as a mark of status and boosts a person’s self-worth. Millennials are drawn to purchase second-hand luxury items, due to their affordable pricing. Further, the luxury resale market is expected to increase due to the increasing middle-class population and spending, soaring urban population and escalating internet users in recent years. Authentication Sustainability and the resale market But resale is not only about cutting down on costs, rather it is also addressing the encompassing issues of sustainable living along with a focus on money crunch. “Being in the reselling industry for over 8 years we have learnt that buyers and sellers both have different motivations to pursue resale. Consumers of luxury are informed, up to date about fashion and are frequent buyers, eventually, there is a need to make space for the latest purchases and look forward to platforms like Confidential Couture as a return on investment. Whereas, for buyers of pre-loved products, the aspiration of owning luxury is high, especially in the Indian Society for many reasons like being a status symbol, quality, market prices etc. They believe in saving wherever they can even when the means to purchase a brand-new bag from the store is available,” shares Mehra. Shah also agrees with the statement and feels sustainability is the lead factor but earning money while selling your item is an added perk. “Decluttering, making sense of your spending, being environmentally conscious, offsetting your carbon footprint- these are no longer just trendbased phrases. Consumers and brands are walking the talk. With luxury brands at their pinnacle, affordable luxury, thanks to the resale market, is one that caters to the masses.” Resale drivers Four main drivers are supporting the growth of the Aashni Shah, Founder Revivify Rolex pre-owned Anvita Mehra, Founder Confidential Couture Selfrideges Project Earth, reslling initiative; ReSelfridges 8|L U X E B O O K|J A N U A R Y 2 0 2 3 J A N U A R Y 2 0 2 3 |L U X E B O O K| 9
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