Sales pick up at Vestiaire Collective as consumers seek lasting value
Online second-hand luxury goods platform, Vestiaire Collective, has said it sales have begun accelerating in the last four or five weeks.
Taking part in a virtual roundtable discussion run by management consulting firm McKinsey on June 8, Vestiaire Collective’s chief executive, Maximilian Bittner, said the Paris-based platform is busy again. “We are 15% to 20% above February’s level and are experiencing record days,” he said.
Mr Bittner pointed out that sales on the Paris-based platform dropped during the early part of lockdown. But he said buyers and sellers of the second-hand luxury goods on the platform are active again now and that products are moving. Sellers are happy they can “monetise their wardrobes”, he said, while buyers have become more used to working and shopping from home and are purchasing again, with a particular interest in products that have lasting value.
“The point is not to just keep the consumption machine going,” he said. “This event [covid-19] is changing what people think is important. It’s a wake-up call. Sustainability is becoming a bigger part of the decision-making process. People are more conscious of what they buy and what impact that product has. The ethical side is coming to the forefront. We believe we can make a positive contribution.”
Leathergoods and handbags are among Vestiaire Collective’s most successful categories thanks to leather’s longevity and its ability to become more beautiful as time goes on.
Cuir Invest, a fund led by the French leather industry, is among the backers of Vestiaire Collective.
