growing acceptability of second-hand apparel from consumers. The current global reselling industry is estimated at 25 -30 billion dollars according to the Mckinsey Report 2022 and the graph only shows an increase in the appetite of consumers for resale. To conclude Shah said, resale is the rising star of the fashion retail industry. “As per ThredUP’s recent report, resale will hold an 18% market share by 2030 (7 years from now!). With a significant number of consumers focusing on sustainability and realising that the fashion industry is a large contributor to much of the ecological damage, Resale is the fundamental solution.” But no change comes without a challenge and the challenge for her lies in a large-scale consumer shift- where young ones are more accepting of buying and selling online, that is not yet the case for older ones. “It could take a whole generation move to see the acceleration, growth and max potential of the ginormous resale wave,” she feels. “The future of fashion retail is the resale. Slowly but surely all luxury clients are moving towards this model,” concludes Qureshi. is also expected to boost sales in the coming years as platforms increase their techniques to verify items. Future of the resale industry “The future for resale looks promising, as the industry has come a long way by overcoming so many barriers like the stigma behind a preloved product, the question of ‘why should I buy a luxury product which is used?’ has become ‘why not purchase a pre–loved luxury product?,’ as its value for money,” states Mehra. According to the report from Research and Markets, entitled Global Luxury Resale Market, the global luxury resale market is expected to surpass $51 billion by 2026. In the past few years, the sale of pre-owned luxury goods has been increasing very rapidly and the stigma associated with the consumption of second-hand luxury has been disappearing. The report splits the global luxury resale market into three different segments based on the type of product: apparel luxury, hard luxury and others. The apparel luxury resale segment held more than 73% share in the luxury resale market in and is the fastest growing segment due to the Gucci bag on Confidential Couture Hermes cross body bag on Confidential Couture 10|L U X E B O O K|J A N U A R Y 2 0 2 3 Made in Italy
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