Luxury consignment site The RealReal has just announced a new partnership with Gucci through the end of the year to launch an online shop featuring pre-loved Gucci items and promote circularity for luxury fashion.
Founded in Florence in 1921, Gucci is one of the world’s leading luxury fashion brands and The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods.
Through the end of the year, The RealReal will have a dedicated portal on its site for Gucci products. Some of the more than 2,000 items will be consigned by The RealReal’s customers.
Gucci intends to make available some of the items that the label had primarily used for occasions such as photoshoots and were never previously sold, according to The RealReal’s head of communications, Erin Santy.
According to gz, “analysts believe the secondhand market generally helps rather than hurts the primary market.
It offers an entry point for new shoppers into luxury, allows established customers to use sales of used goods to fund new purchases, and justifies the high prices of luxury goods by letting customers know they can recoup some of the purchase price if they want to resell them. With experts predicting secondhand luxury will be more resilient to the pandemic than the broader industry, more deals seem likely.”
Boston Consulting Group (BCG) has estimated that the market for secondhand fashion wears and accessories to be between $30 billion and $40 billion globally.
While the total of luxury market hit €1.3 trillion ($1.5 trillion) in 2019. The unprecedented growth of the secondhand market has outpaced the broader industry’s for years.
BCG’s research has also suggested that it will grow by 15% to 20% per year over the next five years.
This goes to show that times are changing and the big brands are trying to adapt so that they don’t suffer losses for not tapping into the emerging markets.