The involvement of luxury brands in circular fashion is still minimal. Indeed, the major luxury players have hesitated for a long time to encourage resale models for fear of devaluing their brand image.
Circular fashion is a promising sector for luxury as consumer interest in circular models continues unabated. They are sensitive to the impact of luxury players in the fight for sustainable development. Let’s take a closer look.
The circular mode
The fashion and luxury goods industry is responsible for 20% of industrial water pollution and 6% of global CO2 emissions. It also faces ratification and more difficult access to raw materials.
Circular fashion, on the other hand, avoids the waste of raw materials, reduces the carbon footprint and offers real savings. In recent years, the luxury sector has flirted with circular fashion, favouring the resale and rental of their products.
Buying second-hand clothes becomes a militant act for sustainable development and a promise of quality. You choose to invest in strong, durable and timeless pieces that will last a lifetime.
A constantly evolving market
Second-hand luxury activity is driven by revenues of $16.6 billion in 2022. Research and Market studies estimate that sales could reach $26.5 billion by 2028.
This development is explained by the evolution of the socio-economic culture of Western countries. Europe has enabled the optimisation of platforms specializing in resale. Then, limited edition collections boosted the rareness of new products.
A market driven by online sales
Online sales of luxury goods are growing faster than sales in person. Online platforms represent 25 to 30% of the second-hand luxury market.
Luxury stands out for the shopping experience it offers. It can make the purchase of used products, a high-end and quality moment.
Resale platforms such as Reluxe, specialize in creating published and exceptional experiences. The pieces selected by these platforms are photographed, authenticated and evaluated. This process reassures buyers who are sure of the quality of the parts sold.
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