The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Munich-based e-tailer is the latest luxury player to seek to tap into the fast-growing resale market, with a new service to help its top clients sell pre-loved items on Vestiaire in exchange for store credit launching Wednesday.
The initial service will apply to handbags from a list of 20 luxury designers and will only be available in Europe, but the companies said they were committed to roll out the service to a wider array of customers, product categories and brands by the end of the year.
The partnership will establish a dedicated interface for eligible MyTheresa customers. They will benefit from direct price quotes and will receive store credit as soon as the item is quality checked and authenticated, rather than waiting for it to be sold. A dedicated team is being established to support customers.
The move comes after Alexander McQueen launched a similar service with the Paris-based resale platform earlier this year. In March, the brand’s parent company, Kering acquired a 5 percent stake in the company.
Fashion brands are edging in on the world’s largest gathering of design professionals and their wealthy clients, but design companies still dominate the sector, which is ripe for further consolidation, reports Imran Amed.
Blocking the deal would set a new precedent for fashion M&A in the US and leave Capri Holdings in a precarious position as it attempts to turn around its Michael Kors brand.
After preserving his fashion empire’s independence for decades, the 89 year-old designer is taking a more open stance to M&A.
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.