The impact of ‘recommerce’ on luxury retail
By Philip Hall, Managing Director of Europe, CommerceHub
The rise of clothing recommerce (“resale commerce”— the process of selling previously-owned clothing items) speaks to what today’s consumers want: the ability to break free of fashion’s traditional seasonal cycle and access products from high-quality brands at lower prices.
Luxury retailers and marketplaces have been making serious moves to cater to consumers in search of affordable luxury items. The collaborations Selfridges launched last year, including the Depop popup which showcased a rotating selection of second-hand items on a moving rail display, complemented by talks hosted by Depop sellers gave their customers access to more selection and hard-to-find items.
Selfridges also hosts Vestiaire Collective’s only permanent physical space in the Oxford Street store; where shoppers can pick up designer second-hand garments and clear some space in their wardrobe at their dedicated resale point. And, luxury marketplace Farfetch teamed up with Thrift+, an online service that sells donated designer and high street items on consumer’s behalf in exchange for credit and a charity donation of their choice.
With the second-hand luxury market reaching 7% of personal luxury market value and growing 12% per year, compared to 3% growth in the total luxury market, you can’t ignore the potential impact this opportunity opens up for retailers looking for ways to stay relevant and compete effectively.
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