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Cision Distribution 888-776-0942 The presence of a thriving preowned market encourages all three goals. The Global Secondhand Market is Predicted to Have a Compound Annual Growth Rate of 15% to 20% Over the Next Five Years Published: 2020-11-24. Luxury Brands Benefit from a Healthy Secondhand Market. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. By Annachiara Biondi 20 April 2020. Sell! Looking beyond general preferences, the report also identifies six consumer segments, each with distinct attitudes and behaviors, representing the various ways in which participants engage with the secondhand market. [Read: Being a good boss is … To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. Launched in Paris in October 2009, Vestiairecollective.com has over 10 million members worldwide with offices in Paris, London, New York, Milan, Berlin, and Hong Kong. Encouraging consumers to join the circular economy and adopt a more conscious approach to fashion consumption, the platform is unique due to its highly engaged community, its rare desirable inventory, and high level of trust it has built due to its authenticity and quality control process. The expansion is being driven by an increase in the number of customers starting to buy secondhand and by the number of secondhand pieces consumers are purchasing. Vestiaire Collective just closed another big round of funding in the middle of an economic crisis — the round closed in early April. Vestiaire Collective x BCG: The Consumer Behind Fashion’s Growing Secondhand Market The resale market is currently estimated to be worth $30 to $40 billion… PARIS, France — Consumers may be shopping less during the pandemic, but investors are betting that there will still be plenty of demand for luxury goods — used ones, anyway. BCG was the pioneer in business strategy when it was founded in 1963. Potential benefits include: With 69% of consumers willing to consume more secondhand pieces in the future, the preowned market looks poised to address consumers' growing desire for wardrobes that are unique, of good value, and sustainable. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.For more information, go to bcg.com. The resale market is currently estimated to be worth $30 to $40 billion, with the market predicted to grow by a CAGR of 15% to 20% globally over the next 5 years, and even higher in developed markets, which could see a 100% YoY growth. A Thriving Secondhand Market Drives Sustainable Consumption. European resale market leader Vestiaire Collective has raised €59 million ($63 million) from new investors Korelya Capital, Vaultier7 and Cuir Invest, alongside existing shareholders including Eurazero, … To learn more about the growing secondhand market—and the wide-ranging motivations of its participants—download the full report at vestiairecollective.com or bcg.com. Luxury resale store, find pre-owned fashion on Vestiaire Collective. The luxury resale platform has found fresh capital during Covid-19 as it eyes expansion in Japan and South Korea. Over 70,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces @vestiaireco. Buy! In Vestiaire Collective’s case, the baton was handed over to Max Bittner, formerly the founder and CEO of Lazada Group, in January last year. The survey—of 7,000 individuals from six countries—reveals the diverse customer attitudes and behaviors of its respondents, the growing importance of sustainability—among other drivers—in driving the resale boom, and some of the ways luxury brands can benefit from the growing resale market. Vestiaire Collective raises €59 million to increase footprint in Asia. Share! 100% of the items are curated and manually controlled by our experts! Vestiaire Collective has posted consistent strong growth over the past 4 years. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Combined, these developments are leading to a share of secondhand clothing in people's closets that is predicted to grow from 21% in 2020 to 27% in 2023. All Rights Reserved. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. You can change your choices at any time by visiting Your Privacy Controls. There are many ways luxury brands can capture value from the preowned boom, bearing in mind that more than 62% of consumer respondents said they would be more willing to buy from fashion brands that partner with secondhand players.

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