In collaboration with second-hand luxury e-tailer Vestiaire Collective, LuisaViaRoma is creating a resale portal.
Customers will be able to sell pre-owned apparel from over 40 of the Italian fashion house’s top labels, including Balenciaga and Dior, in exchange for gift cards that can be spent in the online store. The effort will begin in Italy before expanding to other countries.
“Supporting constructive, innovative, and circular activities is an important step forward in LuisaViaRoma’s sustainability journey. In a statement, Alessandra Rossi, CEO of LuisaViaRoma, said, “We are happy to cooperate with Vestiaire Collective and to see the shopping experience through different eyes.”
Customers upload images of apparel to a computer interface and obtain a price within 48 hours. After that, the items are delivered to one of Vestiaire Collective’s hubs. After the goods have been inspected, customers are paid four working days later.
“We’re thrilled to work with LuisaViaRoma to make our service available and to share our interest in circularity, which is a critical component of moving toward a more sustainable fashion system and enhancing the impact of resale,” said Maximilian Bittner, CEO, and president of Vestiaire Collective.
Less likely to buy new
According to Vestiaire Collective’s April sustainability impact report, 70% of items purchased on its site avoid being purchased secondhand. 85 percent of pre-owned purchasers, according to the Paris-based firm, assist to decrease overconsumption by trading up to fewer, higher-quality items.
Between 2020 and 2030, the burgeoning resale economy is predicted to quadruple its market share from 9% to 18%, representing a 38 billion euro market.
According to McKinsey’s research, industry experts estimate a 10–15 percent annual growth rate over the next decade, thanks to the development of specialized digital trading platforms and changes in consumer behavior. While 75–80 percent of luxury shoppers still buy new things, many others are investigating pre-owned options. Pre-owned watch sales are expected to reach 30% of the watch market by 2025, according to McKinsey.
Vestiaire Collective purchased Tradesy, a fashion resale retailer located in the United States, in March. The deal’s financial terms were not disclosed, but the combined company will have a membership community of 23 million people, a catalog of 5 million items, and a Gross Merchandise Value (“GMV”) of more than $1 billion.