BY ARUSHI SAKHUJA Is the resale market recession-proof? Luxury resale entrepreneurs weigh in. How luxury resale is impacted by recession a-half ago also believes that resale can thrive during a recession. “Some people can encash on their existing wardrobes and find a way to make more cash and others can continue to enjoy luxury brands at a fraction of the retail cost. International resale sellers have businesses that are growing from strength to strength. In India, resale is still a relatively new concept. “ She also believes that consumers of luxury are becoming smarter with their choices for buying and selling and promoting the 6 Rs of sustainable fashion: Rethink, Refuse, Reduce, Reuse, Recycle, Repair, which in her opinion is a big step forward towards the end goal of circularity and the planet. Understandably, during an economic downturn, consumers are constantly looking for ways to save money. When shopping at resale stores, consumers get the same brand names and quality they’re used to at traditional retailers, but at a substantially slashed price. And shopping at resale stores presents the perfect solution for consumers unwilling to skimp on quality but looking to cut back on expenditure during recession. “ While sales plummeted as stores closed, the consumer shopping behaviour changed drastically,” believes Aashni Shah Founder and Creative Director Revivify. She attributes the increase in the resale market sales to environmental consciousness, work-from-home situations and additional time on hand helping the second-hand market flourish and withstand the test of time. “Adding longevity to your pieces, buying preloved and reselling once worn, lesser focus on trends, pocket-friendly access to luxury goods- are some of the important factors leading to the rise of resale,” she adds further. The upward trend of the resale market goes handin-hand with luxury brands opening authenticated resale stores. “With mindful consumption at the forefront for every brand —new and old – second-hand is no longer being looked down upon,” says Shah. From the Selfridges Resell venture that sells pre-loved items, Burberry selling authenticated resale on My Wardrobe HQ and Ganni’s recent archived collection on The Vestiaire Collective, luxury brands are jumping on the nandwagon, Balenciaga is the latest luxury fashion label to launch its own resale program where customers can trade in their pre-loved luxury goods for cash or credit. For this sustainable fashion venture, the luxury fashion house founded by Spanish designer Cristóbal Balenciaga Living a luxurious lifestyle is not about displaying wealth, but rather investing in quality products that stand the test of time.With recession striking in 2022, people shifted focus on essentials. However, recession could mean a boost for luxury resale. The resale market is one of the very few recession-proof industries – and the only retail segment that succeeds during a severe downturn. Giving us real-time insight into the industry, Anvita Mehra Founder, Confidential Couture — a luxury e-commerce fashion resale brand— shared, “The fashion industry is impacted during the recession as the urge to purchase decreases amongst consumers. Yet the resale market is a recession-proof business, the concept is everlasting.” Pernia Qureshi who co-founded a resale platform Saritoria about a year-and- Kardashian Kloset website GENTLY USED 6|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| 7
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