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06 December 2021, Mumbai:
Italian luxury brand, Prada, has become the latest fashion house that is eyeing the booming second-hand sales market.
“Second hand is a strategy we have been investigating for more than a year,” said Lorenzo Bertelli, the eldest son of co-Chief Executives Patrizio Bertrelli and Miuccia Prada and the heir to the Prada empire.
The brand is both considering partnerships with third-party providers and developing the technology in-house to dive into the lucrative resale business.
“It can be a partnership with a player, or it can be something more in-house, or both of them, a sort of hybrid solution like for e-commerce,” he said.
According to consulting firm Bain & Co., the resale market in 2021 is expected to reach $37.2 billion in value after growing by 65 percent between 2017 and 2021. Demand for luxury products, meanwhile, has only increased by 12 percent. This is prompting players in the luxury space to explore opportunities in the fashion resale industry and cut themselves a bigger slice of the pie.
In October, French designer label Jean Paul Gaultier announced plans to enter the fashion rental and resale business with the launch of a new service that will give consumers access to 30,000 vintage pieces, including some of the brand’s most iconic pieces and archival runway, looks. And earlier in March, Gucci’s parent company Kering made a $216 million investment in the resale marketplace Vestiaire Collective.
RETAIL BUM (The news article has not been edited by DFU Publications staff)
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