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With the rise of the second-hand market, another luxury brand, after Gucci, has decided to enter it : the Italian fashion group Prada.
The Prada group has understood that forms of consumption are diversifying and is looking closely at second hand, to develop both internally and through partnerships. Indeed, in recent years, the market for second-hand bags and clothing has exploded, driven by younger and more environmentally conscious buyers looking for affordable high-end products.
The second-hand market could reach €33 billion this year after growing 65% between 2017 and 2021, according to consulting firm Bain. This compares to new luxury goods, which would grow by 12%.
Many luxury companies have taken a keen interest in the topic in recent years, such as Gucci with its Vault certified second-hand platform. Sensing consumer interest, France’s Kering Group took a 5 percent stake in Vestiaire Collective, the leading platform for secondhand clothing and handbags.
“Second hand is a strategy we have been studying for more than a year,” Lorenzo Bertelli, eldest son of CEOs Patrizio Bertelli and Miuccia Prada and future head of the brand, told Reuters. “I can’t give too much away, but certainly the second hand is there. We’ll take it as an opportunity.”
Read also > SECOND-HAND ONLINE SALES : LUXURY PRODUCTS INCREASINGLY ATTRACTIVE THROUGHOUT CRISIS PERIOD
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With the rise of the second-hand market, another luxury brand, after Gucci, has decided to enter it : the Italian fashion group Prada.
The Prada group has understood that forms of consumption are diversifying and is looking closely at second hand, to develop both internally and through partnerships. Indeed, in recent years, the market for second-hand bags and clothing has exploded, driven by younger and more environmentally conscious buyers looking for affordable high-end products.
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With the rise of the second-hand market, another luxury brand, after Gucci, has decided to enter it : the Italian fashion group Prada.
The Prada group has understood that forms of consumption are diversifying and is looking closely at second hand, to develop both internally and through partnerships. Indeed, in recent years, the market for second-hand bags and clothing has exploded, driven by younger and more environmentally conscious buyers looking for affordable high-end products.
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