The luxury resale market worth between 25 and 30 billion dollars, according to McKinsey. Second-hand men’s clothing is next, according to Loehnis.
Larger multi-brands are experimenting. UK department store Harvey Nichols is also working with Reflaunt, but only to allow customers to resell second-hand handbags. Selfridges has been offering ‘ReSellfridges’, an in-store and online resale offering since 2021. Harrods welcomed sneaker retailer The Edit Ldn in October 2021, offering limited-edition second-hand sneakers from Yeezy, Jordan and Off-White. However, the British luxury department store does not have a resale service, nor does Lane Crawford. Saks has had an ongoing pop-up with The RealReal since November, while Nordstrom’s “See You Tomorrow” allows customers to sell and buy second-hand clothes and accessories (powered by technology and logistics platform Yerdle ).
The Mr Porter Resell initiative follows Net-a-Porter’s foray into reselling women’s clothing last October, which began in the UK and has now spread to Hong Kong, Germany and the United States.
So far at Net-a-Porter, the majority of items sent have been in great condition and sold out within 48 hours, the retailer said. The average customer sends six items for resale, twice the number of pieces needed to use the service. Ready-to-wear is the most popular category, comprising more than two-thirds of items listed to date. Chanel, Gucci, Saint Laurent, Burberry and Chloe are among the brands most frequently listed for resale, YNAP said.
Adoption of resale is mostly customer-driven, but when the concept took off, some luxury brands were more reserved, says Loehnis. “There was an inherent distrust of the gray market and a natural reluctance to enter such a new space. Today, the opportunity around resale is more widely recognized and more easily facilitated,” she explains. “A lot of our brand partners are now actively playing in this space, or are seriously considering it and working out how to make it work for them.”
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