If the lockdown inspired you to clean out your closet, you’re in good company. In fact, the resale market is booming in Australia right now, which is good news for the environment and our wallets.
Even before the pandemic hit, luxury resale site Luxe.It.Fwd says the demand for pre-owned luxury online has exploded in Australia over the last five years.
“Since starting Luxe.It.Fwd five years ago, we’ve been growing at more than 100% year-on-year,” says Luxe.It.Fwd CEO Miranda Gillespie. “That demand has even increased since COVID has brought so many more shoppers online.”
Luxe.It.Fwd was named by the Australian Financial Review as one of Australia’s fastest growing new companies in their 2020 Fast Starters list. Its rapid growth is perhaps no surprise considering resale is projected to be bigger than fast fashion by 2029.
These stats can be largely attributed to younger buyers, who are more likely to consider sustainability when purchasing, and are perhaps feeling the pinch of an ever-tightening job market. Regardless of demographic though, 70% of shoppers agree that addressing climate change is more important than ever – and resale plays a crucial part in helping to reduce fashion landfill.
There are a few important things to note before you part ways with your most prized pieces though, particularly if they fall into the luxury sector. Here, online luxury resale site Luxe.It.Fwd breaks down the key points to consider when selling your designer bags and shoes:
An item’s original price is not a reflection of its resale value
The resale price of a luxury item is actually determined by its level of demand, rather than its original price tag. “Certain bags will hold their resale value much higher than others,” says Luxe.It.Fwd.
Case in point: if you have any classic Chanel, Gucci or Louis Vuitton designs you’re looking to part with, chances are you’ll get a good return as they’re in high demand. Recent research also proves investing in a classic designer handbag such as the Chanel Classic Flap is as good as purchasing real estate – they’ve actually gone up in value by 70% over the last eight years. In addition, a report released by Knight Frank reveals that collectable handbags have risen in value by 13 per cent over the 12 months.
Classic designs are the biggest sellers
While you might think limited edition items are worth more because of their rarity status, Luxe.It.Fwd notes that the biggest sellers are actually classic items by big-name designers, citing the Louis Vuitton Neverfull, Gucci Soho Disco and Chanel Classic Double Flap as best-sellers. The only exception to the limited edition rule is if the item is next to impossible to find.
Colour affects resale value
If you’re thinking of buying an item purely for resale return, investing in black or neutral bags is recommended by Luxe.It.Fwd. Coloured items can look dated quite quickly and therefore tend to hold a lower resale value.
The resale platform you choose, matters
While some pre-owned selling platforms can be clunky to use and leave sellers exposed to fraud or other risky business, Luxe.It.Fwd prides itself on a reputation built on authenticity, sustainability and impeccable service.
The online luxury resale site stocks an extensive range of designer handbags and shoes, ranging from the likes of Chanel, Hermes, Saint Laurent, Gucci and more. Perhaps most impressively, Luxe.It.Fwd believes the buying and selling service should rival an in-store experience.
“We believe that buying pre-owned doesn’t mean you should miss out on the luxe experience,” says Luxe.It.Fwd. “From premium luxe packaging to fast shipping and accessible customer service, we make the buying process from start to finish as enjoyable and effortless as possible.”
Those looking to sell an item have two options: you can consign with Luxe.It.Fwd, which means they’ll clean your item, photograph and list it for sale; or direct sell, which means they’ll authenticate the piece and pay you an agreed sum. If current lockdown restrictions mean you can’t leave the house to post your item (we see you, Melbourne), Luxe.It.Fwd offers a free pick-up service.
Either way, the time is right to enter the resale market. While 2020 has proven an adverse time for most, the fast-track to a more sustainable fashion climate is one of the year’s few silver linings.
Brought to you by Luxe.It.Fwd