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‘Retail With Resale’ Might Just Be The Future Of Shopping, Says Vestiaire CollectiveR...

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Fashion

‘Retail With Resale’ Might Just Be The Future Of Shopping, Says Vestiaire Collective’s Fanny Moizant

It’s the next frontier for the multi-billion dollar pre-loved market.

by Rebecca Rachel Wong  /   September 20, 2022

Vestiaire Collective's recent relaunch campaign features puppets that shows various aspects of the resale market – from its circularity to its potential for collaborations. Credit: Vestiaire Collective

The pre-loved and resale fashion business has seen a wave of interest in the last two years, with an uptick in conscious shoppers who are turning to second-hand clothes. From the pandemic’s start in 2020 to 2021, sales of ‘pre-loved’ fashion and homewares shot up on eBay in the UK, with the company selling more than 60 million used items. In July last year, Business of Fashion estimated the global resale market to be worth US$130 billion (S$183 billion), while fashion resale platform Thredup has predicted the resale sector to be double the size of fast fashion by 2030.

READ MORE: These Gen-Zers Are Sharing The Gift Of Thrift

The luxury sector is also turning to pre-loved fashion, with one of the biggest players in the game being Vestiaire Collective. The French luxury resale platform boasts more than 15 million global members and three million items from over 80 countries – with South Korea added to the list just in July. It hit US$1.7 billion (S$2.39 billion) valuation in its latest funding round, with support from prominent backers like Japanese MNC SoftBank.

Credit:Vestiaire Collective

Fanny Moizant of Vestiaire Collective

The changing habits towards pre-loved fashion can be attributed partly to the pandemic, says Vestiaire Collective co-founder and president Fanny Moizant says: “Apart from being more conscious of their impact on the environment, consumers are shifting towards buying less but better, as quality and timeless pieces represent a safer investment. For example, choosing Hermes classics over trendy fashion items from Prada or Balenciaga.”

READ MORE: 7 Places In Singapore To Recycle Your Old Clothes At

She adds that the increasing awareness and interest in conscious consumption have led luxury companies to innovate and create new business models to incorporate sustainable practices. These include using more sustainable materials in their product, incorporating sustainable practices in the production chain or providing a trade-in service for past season items to support this shift in purchasing habits. This had led to Vestiaire Collective launching its Brand Approved program last year, which saw a buy-back initiative with Alexander McQueen.

Vestiaire Collective debuted its Brand Approved circular fashion program with Alexander McQueen (pictured) last year – an initiative that now sees it buying back pieces from labels as a means to prolong the “life cycle” of luxury products.

“The Brand Approved program has also extended to brands like Mulberry, MyTheresa and Ganni, and is a priority for us moving further into 2022 to reduce fashion overconsumption” adds Moizant. “Labels are more than ever considering the life cycle of their products beyond the first sale, and our service offers a way for their customers to buy better and extend the life cycle of these pieces.”

In line with its aim of championing sustainability, Vestiaire Collective has also launched a rebranding campaign to inspire change in the industry and reflect the way fashion lovers can recalibrate for a more conscious future. The campaign is fronted by five ‘style icon’ puppets, all made from recycled clothing and embodying the various reasons why pre-loved is the future of sustainable fashion.

Ahead, Moizant talks more about the pre-loved market.


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https://www.femalemag.com.sg/gallery/fashion/vestiaire-collective-fanny-moizant-resale-pre-loved-fashion-future/
'Retail With Resale' Might Just Be The Future Of Shopping, Says Vestiaire Collective's Fanny Moizant
ON HOW RESALE FASHION HAS GONE MAINSTREAM
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“More brands – like Alexander McQueen (pictured) and Ganni – are getting involved with the secondhand market either by running their own programs or by partnering with resale platforms, especially in recent years. As the fashion resale industry is expected to double its market share between 2022 to 2030 from nine per cent to 18 per cent, it is safe to say that the idea of pre-loved and sustainable fashion has gone ‘mainstream’, and that it is everyone’s responsibility, both the industry and consumers, to trigger a long-lasting systemic change to bring positive impact. This is exactly why as we see the community growing – the rebranding of Vestiaire Collective is even more timely and important to help educate and facilitate the process when consumers are open and actively exploring a more sustainable lifestyle.”

Alexander McQueen
ON CAPTURING THE GEN Z SHOPPER
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“As the younger generation begin working and have greater spending power, Vestiaire Collective empowers them to trade up to buy better and make smarter investment choices that can last for longer and retain their value in the long run. They can look to one of our puppets in the new campaign to model after, such as Hunter (pictured), the vintage shopper to put together a unique look with the latest trends. Or Rich, who is the smart seller and is able to discern what will be the next big thing valuable to own and eventually sell.”

Vestiaire Collective
ON HOW "PRE-LOVED" CAN STILL BE MISUNDERSTOOD
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“Pre-loved fashion is often misconstrued as ‘used’, ‘old’ or ‘out-fashioned’, and with scepticism on authenticity especially in Asia. However, over the years, Vestiaire Collective has been able to successfully dismiss these preconceptions by establishing the key pillars of fashion, trust, community and sustainability in our business model to disrupt the traditional fashion landscape. Trusted secondhand marketplaces like ours ensure that not only is it safe to buy and sell online, you can also find a variety of desirable items that are never-worn, sold out, or one-of-a-kind. With the launch of The Collective puppets to reinforce the reasons to buy and sell pre-loved, as well as the extension of the Brand Approved programme to more partners, we hope to encourage more and more people to consider resale as a smart and sustainable approach to fashion.”

Vestiaire Collective
ON WHERE THE RESALE MARKET WILL HEAD NEXT
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“Retail with resale. New consumers, new habits, consuming less but better. The lines between first and secondhand markets have blurred in the eyes of the younger generation and the new way of shopping is much more conscious and digital-first. Traditional retail will need to adapt to the evolving consumer landscape so we should expect more brands joining the pre-loved scene.”

Vestiaire Collective
ON HOW PRE-LOVED WILL EDGE OUT FAST FASHION FURTHER
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“A key element of Vestiaire Collective’s model involves galvanising consumers to turn their backs on fast fashion purchases from highly influential yet controversial companies such as Shein, which was recently valued at $100 billion. Whilst the resale industry has been viewed by some as a further symptom of overconsumption, Vestiaire Collective is keen to demonstrate that its unique model, focused on community engagement, offers an effective antidote to society’s fast fashion addiction. Results from our Impact Report revealed that 70 per cent of customers say shopping at Vestiaire Collective prevents them from buying a first-hand purchase − a figure 23 per cent higher than previous studies of resale platforms.”

Vestiaire Collective
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