April 2, 2024

New Trends in Luxury Consignment

As fashion industry shifts towards sustainable and conscious consumption, luxury consignment has taken on an expanded role. Although about 75-80% of luxury consumers still buy new-product luxury goods, consumer behaviors and concerns are shifting toward pre-owned items more frequently; by 2025 it could represent one third of market sales for some categories like watches.

Due to the surge in secondhand luxury sales, online resale platforms and brick-and-mortar consignment shops have seen increased engagement from both sellers and shoppers. Unfortunately, however, these businesses face difficulties when it comes to guaranteeing authenticity and scaling operations.

Authentication is of utmost importance in luxury reselling, and many of these brands have found the best way to do it is by working directly with manufacturers to develop "product passports." Fashionphile uses a team of experts who inspect each piece for stitching, materials, hardware, date codes, serial numbers and authentication stamps before signing the product passports for verification purposes.

eBay and Rebag have traditionally relied on traditional seller models; however, both platforms recently unveiled consignment offerings for luxury brands including Alexander McQueen, Balenciaga, Bottega Veneta, Burberry, Chanel Celine Christian Louboutin Goyard Hermes Jimmy Choo Loewe Louis Vuitton. Customers and sellers can rely on each brand's Authenticity Guarantee while being paid back when an item sells.

The RealReal has expanded their e-commerce efforts with the launch of their resale marketplace and in-person stores dedicated to secondhand pieces. Their goal is to attract younger buyers such as millennials who will continue driving resale sales.

I possess a profound passion for conceptualizing and orchestrating immersive experiences, whether in the realm of virtual environments or within the tangible three-dimensional world. Overseeing multiple entrepreneurial endeavors.

Jason Junior