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 luxury label is partnering with tech-and-logistics platform Reflaunt to help customers sell on their old Balenciaga clothing and accessories.
It’s among a number of brands owned by French conglomerate Kering, including Alexander McQueen and Gucci, to experiment in the market for second-hand fashion.
The luxury sector was initially wary of online resale platforms, fearing they would cannibalise sales, encourage counterfeits and damage carefully cultivated brands. But the swift growth of the secondhand market, alongside growing interest in resale as a way to solidify brands’ sustainability credentials, has rapidly shifted that attitude among some players. In a statement, Balenciaga described its new resale initiative as a “circularity programme.”
Last year, Kering acquired a 5 percent stake in luxury resale site Vestiaire Collective. By contrast, companies like Chanel and Hermès have remained sceptical. The Birkin-maker’s chief executive Axel Dumas told analysts in June that engaging in the market would be “to the detriment” of the brand’s regular clients.
Balenciaga’s tie-up with Reflaunt (in which chief executive Cédric Charbit is an investor) will offer customers a full-service resale experience. Products can be scheduled for pick up online or dropped off at participating Balenciaga stores, where they are sent for authentication and pricing before they are photographed and listed on a network of global marketplaces.
Learn more:
Why Kering Invested in Vestiaire Collective
Kering’s involvement comes as brands race to secure a seat at the table in the online resale space.
France is pressing ahead with a ‘game-changing’ bill that would impose a ‘sin tax’-style penalty on fast-fashion products as high as €10 per item by 2030.
In the weeks since one of the industry’s most promising recycling start-ups filed for bankruptcy, big brands have put more money and more commitment into bringing innovations to market.
Thirty years of providing the world’s finest wool to the fashion house Loro Piana has done almost nothing for the Indigenous people of the Peruvian Andes.
The fast-fashion giant has joined Vargas and TPG to back a new polyester recycling venture following its failed bet on Renewcell.