When we think of Luxury, we think of high-end brands that offer us the most exclusive products and experiences. It is a dreamy world, which is not that easily accessible. Until a few years ago when second hand Luxury started to enter the Luxury world. Nowadays this kind of business is growing so fast it turned into a $25 billion market expected to grow into a $41 billion market by 2022.
Yet the big Luxury houses are not that happy with this phenomenon entering the Luxury market. They are scared of losing their exclusivity, because more and more people are able to access the Luxury world. Chanel even filed a lawsuit against What Goes Around Comes Around, which is a popular vintage retailer.
Though the big brands are not happy with these second hand retailers selling online, there is a big group of people that are very welcoming towards this new trend. Millennials are a generation born between 1995 and 2000 and for them second hand shopping is not only a better option on a sustainable and ethical level, but it’s also a lot cheaper.
Stella McCartney, a Luxury house that creates sustainable products, is the first Luxury house that saw the bright side of second hand Luxury. Their goal is to create a program of sustainability initiatives with the popular second hand retailer The RealReal.
Although the opinions about second hand Luxury are divided, this market will keep on growing and developing.
Written by Rémy
Stella McCartney x The RealReal. (n.d.). Retrieved November 7, 2018, from https://promotion.therealreal.com/stellamccartney/
Mull, A. (2018, March 21). [UPDATED] Chanel Files Lawsuit Against Popular Vintage Retailer, Alleging It Sells Fake Bags and Accessories – PurseBlog. Retrieved November 7, 2018, from https://www.purseblog.com/chanel/chanel-what-goes-around-comes-around-fake-bags-lawsuit/
Reed, S. (2018, April 3). Secondhand Shopping on the Rise, Signaling a Change in Millennial Spending Habits. Retrieved November 7, 2018, from https://www.hollywoodreporter.com/news/secondhand-shopping-rise-signaling-a-change-millennial-spending-habits-1099203
Stella McCartney. (n.d.). Mission statement – Stella McCartney. Retrieved November 7, 2018, from https://www.stellamccartney.com/experience/en/sustainability/mission-statement/
The Fashion Law. (2018, July 10). Fashion Brands (and Investors) are Looking to $25 Billion Second-Hand Luxury Market. Retrieved November 7, 2018, from http://www.thefashionlaw.com/home/fashion-brands-look-to-25-billion-second-hand-luxury-market-for-growth-data