{"id":8940,"date":"2020-10-05T16:57:54","date_gmt":"2020-10-05T11:27:54","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=8940"},"modified":"2024-05-17T12:20:00","modified_gmt":"2024-05-17T06:50:00","slug":"luxury-consignment-rapid-growth","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/","title":{"rendered":"How Luxury Consigners Are Changing The Resale Game"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69fa7ccecf613\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69fa7ccecf613\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#weve-rounded-up-6-consigners-who-are-leading-the-circular-fashion-game-for-you\" title=\"We\u2019ve rounded up 6 consigners who are leading the circular fashion game for you:\">We\u2019ve rounded up 6 consigners who are leading the circular fashion game for you:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#1-the-luxury-closet\" title=\"1. The Luxury Closet\">1. The Luxury Closet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#2-fashionphile\" title=\"2. Fashionphile\">2. Fashionphile<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#3-vestiaire-collective\" title=\"3. Vestiaire Collective\">3. Vestiaire Collective<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#4-thrift\" title=\"4. Thrift+\">4. Thrift+<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#5-depop\" title=\"5. Depop\">5. Depop<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#6-the-upside\" title=\"6. The Upside\">6. The Upside<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/luxury-consignment-rapid-growth\/#if-you-want-learn-more-about-how-other-brands-are-shifting-towards-more-sustainable-practices-listen-to-our-podcasts\" title=\"If you want learn more about how other brands are shifting towards more sustainable practices, listen to our podcasts:\">If you want learn more about how other brands are shifting towards more sustainable practices, listen to our podcasts:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>Did you know that the luxury consignment market represents 25 billion euros? The pre-owned luxury market is growing&nbsp; at a rate 12% per year and shows no signs of slowing down. We think that the major fuel for this growth is due to the change in consumer mindset and shopping behavior. On one hand, consumers want access to new brands. And, on the other hand, consumers are selling items that no longer serve them.&nbsp;<\/p>\n\n\n\n<p>What is luxury consignment? Luxury consignment is a market where consumers buy and sell pre-owned designer items. A growing demand for pre-loved items has led to the rapid growth of this retail segment. Secondhand retailers are actively tapping into consumers\u2019 changing attitudes towards mindful consumption. They are also understanding the need for luxury experience and facilitating the concept of ownership amongst consumers.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"825\" height=\"550\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/best-luxury-resale-websites-used-handbags-luxe-digital-1.jpg\" alt=\"\" class=\"wp-image-8944\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/best-luxury-resale-websites-used-handbags-luxe-digital-1.jpg 825w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/best-luxury-resale-websites-used-handbags-luxe-digital-1-300x200.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/best-luxury-resale-websites-used-handbags-luxe-digital-1-768x512.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/best-luxury-resale-websites-used-handbags-luxe-digital-1-150x100.jpg 150w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/figure>\n\n\n\n<p>Whether you\u2019re looking for one-of-a-kind finds, adopt more sustainable practices, or planning to \u201cmarie-kondo\u201d &#8211; your closet, there are plenty of online consignment sites to both buy and sell for the best deal.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"weve-rounded-up-6-consigners-who-are-leading-the-circular-fashion-game-for-you\"><\/span><strong>We\u2019ve rounded up 6 consigners who are leading the circular fashion game for you:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-the-luxury-closet\"><\/span>1. <strong>The Luxury Closet<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Consumers still want the element of luxury and newness. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.instagram.com\/theluxurycloset\/?hl=en\" target=\"_blank\">The Luxury Closet<\/a>, a luxury consignment platform is one such place where you can treat yourself to high-end designer pieces and still be mindful of your consumption. Apart from being good for the environment, it\u2019s also a great place to score vintage items.&nbsp;If you\u2019re a collector of vintage watches, unique designer pieces, a classic Chanel or&nbsp; Louis Vuitton piece, here\u2019s where you need to go. Their comprehensive product edits and their authentication process really sets them apart.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-fashionphile\"><\/span>2. <strong>Fashionphile<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Today, buying pre-owned pieces is about ownership, convenience and sustainability. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.instagram.com\/fashionphile\/?hl=en\" target=\"_blank\">Fashionphile<\/a> is one such platform that\u2019s&nbsp; committed to extending a product\u2019s lifespan by consigning and reducing the environmental impact. What\u2019s interesting is that the brand takes authentication of products very seriously and removes the guess game out of luxury resale &#8211; just to be able to ensure the consumers get the best. Use of stellar equipment &amp; streamlined processes helps them achieve this. We\u2019re already checking them out!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3-vestiaire-collective\"><\/span>3. <strong>Vestiaire Collective<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"825\" height=\"434\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/luxury-resale-retail-transformation-vestiaire-collective-store-selfridges-luxe-digital.jpg\" alt=\"\" class=\"wp-image-8943\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/luxury-resale-retail-transformation-vestiaire-collective-store-selfridges-luxe-digital.jpg 825w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/luxury-resale-retail-transformation-vestiaire-collective-store-selfridges-luxe-digital-300x158.jpg 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/luxury-resale-retail-transformation-vestiaire-collective-store-selfridges-luxe-digital-768x404.jpg 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/luxury-resale-retail-transformation-vestiaire-collective-store-selfridges-luxe-digital-150x79.jpg 150w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/figure>\n\n\n\n<p>Consumers are gravitating towards a more eco-conscious way of living and want to associate themselves with brands who have the same values. With a focus on selling to the digitally native generation, sustainable fashion is at the heart of <a rel=\"noreferrer noopener\" href=\"https:\/\/www.instagram.com\/vestiaireco\/?hl=en\" target=\"_blank\">Vestiaire<\/a>. They continue to give consumers an opportunity for thoughtful consumption.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4-thrift\"><\/span>4. <strong>Thrift+<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Thrift+\u2019s platform gives shoppers the ability to gain access to luxury items at accessible price points. What\u2019s more, you can find sold-out collaborations or unique limited editions from brands like Alexander McQueen, Givenchy, Gucci and so many more. -. One of the most interesting aspects about <a href=\"https:\/\/www.instagram.com\/we_are_thrift\/?hl=en\" target=\"_blank\" rel=\"noreferrer noopener\">Thrift+<\/a> is that you have the option to donate your old clothes as part of&nbsp; their CSR initiatives. Style for social responsibility is something we can get behind!<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/https___hypebeast.com_wp-content_blogs.dir_6_files_2019_09_luxury-vintage-fashion-depop-accounts-dior-fendi-chanel-prada-2.jpg\" alt=\"\" class=\"wp-image-8950\" width=\"388\" height=\"583\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/https___hypebeast.com_wp-content_blogs.dir_6_files_2019_09_luxury-vintage-fashion-depop-accounts-dior-fendi-chanel-prada-2.jpg 533w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/https___hypebeast.com_wp-content_blogs.dir_6_files_2019_09_luxury-vintage-fashion-depop-accounts-dior-fendi-chanel-prada-2-200x300.jpg 200w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/https___hypebeast.com_wp-content_blogs.dir_6_files_2019_09_luxury-vintage-fashion-depop-accounts-dior-fendi-chanel-prada-2-150x225.jpg 150w\" sizes=\"(max-width: 388px) 100vw, 388px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5-depop\"><\/span>5. <strong>Depop<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The fact that Gen-Z and millennials value access to luxury more than owning them is one of <a href=\"https:\/\/www.instagram.com\/depop\/?hl=en\" target=\"_blank\" rel=\"noreferrer noopener\">Depop<\/a>\u2019s key business drivers.&nbsp; The brand strives to provide a great shopping experience with a seamless journey for their users, all with the support of technological &amp; digital integrations. They make it much easier for consumers to buy something that they aspire to with a compelling and an engaging platform.&nbsp; A game changer for sure!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6-the-upside\"><\/span>6. <strong>The Upside<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The upside (we know you smirked a bit) of buying from consignment retailers is that you completely downsize your shopping habits.<a href=\"https:\/\/www.instagram.com\/shoptheupside\/?hl=en\" target=\"_blank\" rel=\"noreferrer noopener\"> The Upside <\/a>not only focuses ons selling pieces of the highest quality (that are fully authenticated, mind you), but they also believe in the value that consumers gain out of resale and why <a href=\"https:\/\/www.vue.ai\/resources\/podcasts\/secondhand-luxury-consignment\/\" target=\"_blank\" rel=\"noreferrer noopener\">reselling makes for a smarter investment<\/a>. There\u2019s nothing more sustainable than buying vintage, right?<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"613\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1-1024x613.png\" alt=\"\" class=\"wp-image-8945\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1-1024x613.png 1024w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1-300x180.png 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1-768x460.png 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1-150x90.png 150w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2020\/10\/ScreenShot2019-11-12at2.00.58PM-1.png 1454w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>You want to look fabulous? Check.<br>At a fraction of the cost? Check.<br>All this, while being kinder to the planet? Check.<\/p>\n\n\n\n<p>Overall, circular fashion isn&#8217;t just about fashion, it&#8217;s also about being smarter, cognizant and thoughtful of our purchases and our consumption patterns. Every day, we\u2019re witnessing the impact and severity of climate change on this planet and as the most facts around this phenomenon evidently point out, it\u2019s not looking great. As consumers, we have to make an effort and starting with our own habits is a great first step! What are some of the eco-friendly practices you\u2019ve adopted when it comes to your wardrobe? Tell us in the comments below!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"if-you-want-learn-more-about-how-other-brands-are-shifting-towards-more-sustainable-practices-listen-to-our-podcasts\"><\/span>If you want learn more about how other brands are shifting towards more sustainable practices, listen to our podcasts:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.vue.ai\/resources\/podcasts\/thredup-resale-and-sustainable-retail\/\" target=\"_blank\">Anthony Marino, President, thredUP<\/a><br><a rel=\"noreferrer noopener\" href=\"https:\/\/www.vue.ai\/resources\/podcasts\/secondhand-luxury-consignment\/\" target=\"_blank\">Lauryn Vaughn, Co-Founder &amp; CEO, The Upside<\/a><br><a rel=\"noreferrer noopener\" href=\"https:\/\/www.vue.ai\/resources\/podcasts\/yerdle-and-commitment-towards-building-circular-economy\/\" target=\"_blank\">Andy Ruben, Founder &amp; CEO, Trove<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Did you know that the luxury consignment market represents 25 billion euros? The pre-owned luxury market is growing&nbsp; at a rate 12% per year and shows no signs of slowing down. We think that the major fuel for this growth is due to the change in consumer mindset and shopping behavior. On one hand, consumers  &#8230;<\/p>\n","protected":false},"author":51,"featured_media":8947,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1160,1522],"tags":[458,897,895,444,896,88,431,901,360,414,884,790,900,899,898,373],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Luxury Consignment Is Changing The Resale Game<\/title>\n<meta name=\"description\" content=\"A luxury consignment market is where consumers buy and sell pre-owned designer items. 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