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Tag: RealReal

  • Prada sees second-hand fashion as opportunity, weighs partnerships

    Prada sees second-hand fashion as opportunity, weighs partnerships

    Italian fashion group Prada sees opportunity in the booming second-hand fashion sector which it can develop both in-house and through partnerships, marketing chief and heir designate Lorenzo Bertelli said.

    The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end goods.

    It is expected to reach 33 billion euros ($37.2 billion) in size this year after growing by 65% between 2017 and 2021, according to consultancy Bain. This compares with 12% growth for brand new luxury goods.

    Some rival luxury companies are already exploring the sector. Earlier this year, French conglomerate Kering took a 5% stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags. Kering’s star brand Gucci also formed a partnership with U.S.-based resale platform The RealReal last year.

    “Second hand is a strategy we have been investigating for more than a year,” Lorenzo Bertelli, the eldest son of co-Chief Executives Patrizio Bertelli and Miuccia Prada, and the future brand leader, said in an interview.

    “I cannot disclose too much but for sure second-hand is there. We will take it as an opportunity.

    “It can be a partnership with a player or it can be something more in-house, or both of them, a sort of hybrid solution like for e-commerce,” he said.

    The heir to Prada’s empire, who said he wants to keep the family-controlled group independent when he takes the reins in a few years, doesn’t seem fazed by the future challenges of the ever-changing luxury sector.

    “Rallying and sport, in general, taught me a lot. (It) teaches you to never give up and also a lot of humility, in the sense that you have to learn,” he said. “Sometimes sport is cruel when you want to measure yourself.”

  • Burberry partners with The RealReal to promote circular fashion trend

    Burberry partners with The RealReal to promote circular fashion trend

    Global luxury brand Burberry has collaborated with The RealReal, an authenticated luxury consignment marketplace, to help promote the concept of circular fashion.

    The purpose of the partnership is to promote the advantages of a circular economy for fashion by encouraging customers to give unwanted branded items a second lease of life through resale, as billions of dollars are lost annually due to clothing not being used or recycled effectively.

    “Leading the way in creating a more circular economy for fashion is a key element of our responsibility agenda,” said Pam Batty, VP corporate responsibility at Burberry. “The RealReal shares our ambition to promote the circular economy and keep clothing in use for longer. We know that the enduring quality of Burberry pieces means their appeal and value is long-lasting. Through this new partnership, we hope to not only champion a more circular future but encourage consumers to consider all the options available to them when they’re looking to refresh their wardrobes.”

    According to The RealReal, resale demand for Burberry has increased by 64 percent year on year, with searches for Burberry on the site rising fastest among millennials and Gen Z customers.

    “A brand as storied as Burberry embracing the circular economy demonstrates the power of resale’s impact on both the luxury market and the planet,” said Julie Wainwright, CEO of The RealReal. “I hope together we’ll be a part of pioneering a future in which circularity is a consideration for every luxury brand.”

    Burberry and The RealReal have contributed to Materials for the Arts to support its work in helping people reconsider the way they look at materials and waste, raise awareness of the importance of creative reuse.

  • The RealReal store showcases newest O2O innovation

    The RealReal store showcases newest O2O innovation

    Luxury consignment retailer The RealReal has opened a brick-and-mortar concept store on the US West Coast.

    The 12,000sqft Los Angeles store encompasses The RealReal’s entire brand offering, from one-of-a-kind luxury goods through to accepting consignment through to face-to-face consultations with its luxury experts. It includes a separate 5500sqft men’s department featuring a “sneakerdome”, watch bar and tailoring area, as well as a 1500sqft “handbag vault”.

    The concept store has installed a proprietary technology solution called RealReal 360, which provides a unified view of all inventory and customer behaviour across channels – brick-and-mortar, desktop, mobile, e-commerce centers, and luxury consignment offices.

    RealReal CEO and Founder Julie Wainwright said, “With the continued success of our SoHo flagship and pop-up shops, we’re excited to expand our brick-and-mortar footprint and give The RealReal another permanent home – on the West Coast. We’re excited to give shoppers and consignors in LA and surrounding areas access to our omnichannel business, unique brick-and-mortar experience and services, and team of experts.”

    The store offers free valuations, seamless consignment drop-offs, personal styling services, expert workshops, item repairs, alterations, and authentication of all luxury goods.

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