Interest in second-hand shopping shows no sign of waning. After Gucci and Burberry, Balenciaga is the latest to launch its own “Re-sell” program. The program promises to be doubly beneficial for customers, offering access to more affordable luxury gear. Shoppers can also gain rewards in the form of credits or financial compensation.
In just two years, second-hand goods have become an integral part of consumers’ daily lives. Shoppers now see them as an ecological — and economical — alternative to traditional purchases. According to a 2021 report from Thredup, the global second-hand market — then estimated to be worth $36 billion — is expected to more than double over the next five years to $77 billion. And, in the United States alone, approximately 33 million consumers bought second-hand clothing for the first time in 2020. Furthermore, these dizzying figures have not escaped the attention of the luxury industry. More and more luxury brands are now intent on launching its own programs.
Luxury brands are now taking a new direction by proposing systems allowing customers to buy or resell items from past collections. They are already present on platforms specially dedicated to the second-hand market, such as Vestiaire Collective or Collector Square. Meanwhile, with Vault, Gucci is one of the brands that has innovated in the second-hand sector. They developed a platform that sees the brand itself offering vintage pieces reconditioned by artisans. Other houses, including Burberry and Stella McCartney, have partnered with specialists in the genre, such as The RealReal, to encourage customers to give a second life to their clothes.