As it turns out, right now, once is definitely not enough when it comes to luxury and couture. Prominent websites such as Saritoria, Confidential Couture, Rebag, Luxepolis, Revivify, Relove and many others popped up around Covid when conversations on how wasteful fashion was at its peak. In fact, after Miley Cyrus wore a vintage Bob Mackie dress for the Grammys, The California-based luxury resale website RealReal saw a 150% increase in searches for the designer, according to a report by Vogue Business.
All these celebrity sightings prove resale websites are not only a greener way to shop, but also offer chances for a larger creative expression. Fashion is cyclical, when trends make a comeback from yesteryears. They offer shoppers, stylists, fashion nerds and celebrities the opportunity to reference the original makers via luxury resale websites.
What Is Pre-Loved Luxury?
Used luxury goods, better positioned as pre-loved items are premium-priced branded products, made available via special e-commerce websites, brick and mortar stores or WhatsApp shopping, fashion nerds, discerning buyers and collectors. They also serve as an important starting point to attract first-time luxury buyers. Pre-loved categories include antique furniture, cutlery, tea-sets, rare vases (such as the exquisite Tang Dynasty pots in Sabyasachi’s flagship store in Mumbai), clothing — both couture and ready to wear, footwear and jewellery, including precious and non-precious metal, fashion accessories and most importantly, designer bags and watches.
According to the Boston Consulting Group, the global resale market is currently estimated at $30-40 billion, and is predicted to grow at a CAGR of 15-20% over the next five years. Developed markets could see an ever higher growth of 100% YoY. The surge is driven by an increase in the number of customers buying secondhand pieces. The share of secondhand clothing in closets, for instance, is estimated to grow from 21% in 2020 to 27% in 2023.