As more consumers exhibit a growing appreciation for pre-owned clothing and accessories, luxury brands have sat up and taken notice. In fact, the global luxury resale market in 2021 was valued at US$32.61 billion (S$46.9 billion) and is likely to reach US$51.77 billion (S$74.5 billion) by 2026.
Not only have resale platforms like Vestiaire Collective and The RealReal become popular avenues for selling consigned goods, but fashion brands themselves are also hopping on the second-hand luxury bandwagon. This has taken the form of creating their own resale initiatives, partnerships or sustainability programmes to promote circularity.
Here are five houses taking the lead in this segment.