About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Vestiaire Sees Secondhand Luxury Bags and Apparel Thriving in Asia” – below is their description.
The fashion resale industry has ballooned since the coronavirus pandemic. And one of the celebrated platforms leading the charge is Vestiaire Collective.
Asian consumers are beginning to warm to Vestiaire, which is now in Hong Kong, Singapore and Australia, with Korea and Japan next on the horizon. Its orders volume doubled in a year when retailers worldwide were crippled by the pandemic — much of that thanks to Asia, where the number of new secondhand sellers jumped 98% and orders surged by 122%.
“Asia has a traditional bias against secondhand. You feel social stigma, you feel it’s like going to a pawn shop,” said Charlene Ree, whose company EternityX helps brands from LVMH to L’Oréal reach consumers in the region.
“Now there’s an explosion of positive messages on social media about the benefits of secondhand products including affordability and eco-friendliness. You clean up your closet space while you can shop more.”
At the same time, product authenticity is one of the big challenges for Vestiaire. China, Hong Kong and Singapore account for two-thirds of global counterfeit exports, according to the most recent figures from the OECD. Vestiaire, which relocated its chief Asia authenticator from Paris, says it identifies a higher percentage of fakes in the region than in Europe and the U.S.Bloomberg Quicktake: Now YouTube Channel
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