How Vestiaire Collective is revolutionising the way we shop luxury fashion online and off
Present Space, January 28, 2023
For one, the past decade has seen the rise and rise of e-commerce as the physical retail landscape has changed. Then there’s the fact that the second-hand and vintage market has been transformed, too. As Vestiaire Collective tells Present Space over email, when the platform launched “the market was predominately made up of small vintage boutiques and generalist platforms with little curation or authentication.”
In 2022, Vestiaire Collective worked with BCG to investigate the impact of the second-hand market on fashion, surveying over 2000 consumers from almost 60 countries. The report found that resale accounts for a quarter of the average consumer’s wardrobe, a figure that is expected to reach 27% in 2023. 70% of those surveyed, meanwhile, noted that shopping with Vestiaire Collective replaced purchases of first-hand, seasonal goods - an increase of 23% compared with previous research into the impact of resale platforms. “These results demonstrate that the resale industry, especially high-end and quality products are already taking sales from the first-hand market.”
That’s not to say that Vestiaire Collective is negatively impacting fashion brands and retailers - rather, the platform now works with brands who are eager to incorporate circularity into their business model. To date, Vestiaire Collective has partnered with brands like Alexander McQueen, Mulberry and Mytheresa. The platform offers Resale as a Service (RaaS) as a “bespoke service for all brand partners”, tailored to the needs of each brand. The service enables brands to buy back existing goods from customers which are then showcased on Vestiaire Collective.
Circularity is key to the future of resale and fashion markets - and Vestiaire Collective acknowledge that it’s something brands will have to incorporate into their business models going forward. The emphasis on circularity and conscious consumption, as well as the platform’s work to “spread the word” amongst and across the industry, reflects the fact that Vestiaire Collective became B Corp certified in 2021. To achieve this status, companies must adhere to a set of standards that reflect good practice across social and environmental endeavours.
Below, Present Space and Vestiaire Collective discuss how the platform has changed since it launched (it started out as a platform with a focus on giving luxury fashion goods a second life), how the industry has also changed and what the future of resale and retail looks like, more generally.
All images courtesy of Vestiaire
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