DESIGNER BRANDS IGNORE THE PRELOVED MARKET: 5 Reasons thats wrong
Brands ignore the second-hand market: 5 Reason’s they’re wrong
My notes for this video blog
The second-hand retail market is worth 700 million in the U.K. so it is no wonder in recent years we have seen the growth of some major players in the preloved market. Not only are you getting great value for money but you are also extending the lifecycle of items that might otherwise be going to landfill. Wrap.org found that the clothing industry is the fourth most polluting in the U.K. after housing, transport and food.
It might be a natural reaction to think that the big brands would not like the resale market after all their items are being sold at a discounted price. Sometimes even current season pieces - however, I have a rather different perspective to cast on that. Here are my five reasons why I believe that a strong second-hand market can benefit major fashion houses:
1) RESALE VALUE: A thriving second-hand market for a particular product encourages first time purchase as consumers know that they will be able to get good money back for the item that they buy.
2) FEEDBACK LOOP: The second-hand market can feed information back to brands about what else people are buying. What people are buying and what they are not. For example years ago when I first opened Gina, now not get so much for them. Celine era - currently anything Gucci flies off the shelf. As well as overall trends in the market for examle There is a real move towards heritage - people buying into items for a longer term.
3) LONGER TERM DESIGN THINKING: It encourages them to produce with a conscience and with a longer-term design in mind. People will expect more from brands. More than a trend item - something that is timeless and has increasing value. If they’re spending thousands on a piece they expect it to sell for a reasonable amount a few years later.
4) MARKETING OPPORTUNITY: It enables them to have a resurgence after years. Celebrities shop in second-hand markets and can bring a brand back into the spotlight simply by wearing a vintage piece. Look at the Dior saddle bags for instance.
5) It drives them back to the first-hand market with the money they make from selling their older goods to create an interesting cycle.