Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. The expansion is being driven by an increase in the number of customers starting to buy secondhand and by the number of secondhand pieces consumers are purchasing. [Read: Being a good boss is … There are many ways luxury brands can capture value from the preowned boom, bearing in mind that more than 62% of consumer respondents said they would be more willing to buy from fashion brands that partner with secondhand players. European resale market leader Vestiaire Collective has raised €59 million ($63 million) from new investors Korelya Capital, Vaultier7 and Cuir Invest, alongside existing shareholders including Eurazero, … Curated by its trusted community of fashion activists, members inspire one another whilst selling and buying unique pieces from each other's wardrobes. Looking beyond general preferences, the report also identifies six consumer segments, each with distinct attitudes and behaviors, representing the various ways in which participants engage with the secondhand market. Find out more about how we use your information in our Privacy Policy and Cookie Policy. To succeed, organizations must blend digital and human capabilities. PARIS, Oct. 20, 2020 /PRNewswire/ -- Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting Group have partnered for the second year running to release a new survey, The Consumers Behind Fashion's Growing Secondhand Market, exploring the evolving dynamics of the global resale market. 100% of the items are curated and manually controlled by our experts! The company will use the funds to further increase its growth, develop its presence in the United States where its aim is to rapidly achieve the same leadership position that it enjoys in Europe and to move to expand into the APAC region, where the early evidence underscores the potential for the model to succeed. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.For more information, go to bcg.com. Luxury resale store, find pre-owned fashion on Vestiaire Collective. The Global Secondhand Market is Predicted to Have a Compound Annual Growth Rate of 15% to 20% Over the Next Five Years Published: 2020-11-24. Buy! Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Vestiaire Collective raises €59 million to increase footprint in Asia. Share! The analysis offers valuable insights to help brands better understand the shoppers of today and tomorrow, which will also be useful in recognizing how secondhand consumers may evolve from occasional shoppers of luxury items, for example, to full-fledged brand loyalists. To learn more about the growing secondhand market—and the wide-ranging motivations of its participants—download the full report at vestiairecollective.com or bcg.com. Our people and values have built our success and made us who we are as a fast growing up company because we think collective : we work with style, with entrepreneurial spirit and with passion. By Annachiara Biondi 20 April 2020. The luxury resale platform has found fresh capital during Covid-19 as it eyes expansion in Japan and South Korea. Vestiaire Collective just closed another big round of funding in the middle of an economic crisis — the round closed in early April. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Launched in Paris in October 2009, Vestiairecollective.com has over 10 million members worldwide with offices in Paris, London, New York, Milan, Berlin, and Hong Kong. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. The global secondhand market is predicted to grow by a CAGR of 15% to 20%, Secondhand consumption is largely driven by consumers' desires for affordability, selection availability, and sustainability, Customer segmentation is key to understanding secondhand commerce. This shift has been further accelerated by the pandemic, with 70% of respondents in 2020 saying they feel compelled to shop for preowned goods in an effort to become more sustainable, compared with 62% in 2018. PARIS, France — Consumers may be shopping less during the pandemic, but investors are betting that there will still be plenty of demand for luxury goods — used ones, anyway. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. Cision Distribution 888-776-0942 TechCrunch is part of Verizon Media. Customer Segmentation Is Key to Understanding Engagement in the Secondhand Market. Although affordability, selection availability, and item uniqueness have contributed to the growing popularity of the secondhand market, the survey reveals that consumers' mounting environmental concerns are also contributing to the secondhand market's growth. In Vestiaire Collective’s case, the baton was handed over to Max Bittner, formerly the founder and CEO of Lazada Group, in January last year. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. Vestiaire Collective has posted consistent strong growth over the past 4 years. The survey—of 7,000 individuals from six countries—reveals the diverse customer attitudes and behaviors of its respondents, the growing importance of sustainability—among other drivers—in driving the resale boom, and some of the ways luxury brands can benefit from the growing resale market. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting Group (BCG) have partnered for the second year running to study the evolving dynamics of the global resale market. All Rights Reserved. Luxury Brands Benefit from a Healthy Secondhand Market. LinkedIn. The survey also reveals shoppers' wants: to own fewer, better pieces; to reduce overconsumption; and to take better care of what's in their closets. VestiaireCollective.com, the best of pre-owned fashion at 30 to 70% off original retail price. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. If you would like to join us, have a look on our career opportunities below! By Tamison O'Connor April 20, 2020 23:01. Combined, these developments are leading to a share of secondhand clothing in people's closets that is predicted to grow from 21% in 2020 to 27% in 2023. Encouraging consumers to join the circular economy and adopt a more conscious approach to fashion consumption, the platform is unique due to its highly engaged community, its rare desirable inventory, and high level of trust it has built due to its authenticity and quality control process. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. The presence of a thriving preowned market encourages all three goals. You can change your choices at any time by visiting Your Privacy Controls. BCG was the pioneer in business strategy when it was founded in 1963. It is dedicated to promoting the circular fashion movement as an alternative to the wasteful and harmful practices of the fast-fashion industry. Vestiaire Collective x BCG: The Consumer Behind Fashion’s Growing Secondhand Market The resale market is currently estimated to be worth $30 to $40 billion…
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