Prada plans to enter the resale market

0


“I can’t give too much away but the second hand is definitely here.” -Lorenzo Bertelli.
// Prada Plans Entry Into Resale Scene, Its Marketing Director and Future CEO Says
// The decision to add resale to its offering would see it join a long list of luxury companies tapping into the second-hand market.

Prada is considering partnerships with resale platforms amid the increase in the number of luxury fashion houses joining the second-hand market, Lorenzo Bertelli, chief marketing officer and named heir, told Reuters.

The market for chic second-hand bags and clothing has exploded over the past three years, driven by younger, more environmentally conscious shoppers looking for high-end, affordable products.

According to the consultancy firm Bain, it is expected to reach 33 billion euros this year after growing 65% between 2017 and 2021.


READ MORE:


This compares to a 12% growth for brand new luxury goods.

Various competing luxury retailers are already exploring the area. Last year, the leading brand of the French conglomerate Kering, Gucci, entered into a partnership with the American resale platform The RealReal.

While at the start of the year, Kering, owner of Gucci, took a 5% stake in the rival resale platform, Vestiaire Collective.

Lorenzo Bertelli is the eldest son of current CEO Patrizio Bertelli, who revealed earlier this month that he plans to step down to the top position within the next three years.

He said in an interview with the Reuters Next conference: “The second hand is a strategy that we have been studying for over a year. I can not reveal too much but it is sure that the second hand is there. We will take it as an opportunity.

“It can be a partnership with an actor or it can be something more internally, or both, a kind of hybrid solution like for e-commerce. “

The heir to the Prada empire also told Reuters he wanted to retain the independence of the family group when he took the reins in a few years and that he was not afraid of future challenges for the clothing industry. constantly evolving luxury.

Click here to subscribe to the free daily Retail Gazette newsletter


Share.

Comments are closed.