The resale market is making luxury buying more affordable, approachable and fun for shoppers.
The digital resale market is reaping the rewards of changes in consumer shopping behaviour as dollars are shifting away from brick-and-mortar retailers to online stores amidst the pandemic. This shift can partially be attributed to the number of user-friendly resale platforms fueling the recent boom.
Sites like Lux Second Chance, a Canadian luxury resale website that values authenticity, care, visionary outlook and integrity have seen an increase in traffic and customers since the pandemic. The site was founded by Diana Nguyen who personally curates the online store by working with existing consignment stores in four countries: Canada, U.S., France and the U.K to aggregate thousands of authenticated items. Some rare pieces are acquired from private sales and have never even seen retail shelves.
Secondhand clothing expanded 21 times faster than conventional apparel retail did in 2019. If current trends continue, the online market will outpace traditional in-store thrift and resale. Worldwide, the online resale market is expected to grow in the next five years from $28 billion to $64 billion, according to a 2020 Resale Report.
Diana comes to the luxury resale market from an interesting background. She’s a former trader and analyst at Citibank and TD Bank. When Diana’s banking career took her overseas, she discovered her love of designer luxury goods. Diana used her knowledge of investment and resale value and applied it to the luxury resale market to bring customers authentically curated pieces that they can treasure for years to come. In short, Diana has created “Amazon for the world’s most desirable high-end luxury finds,” as she brings the world’s best pre-loved designer luxury goods into the wardrobes of fashion lovers. The purpose of the site makes it easy for people to shop for luxury items, whether they are just starting out in the secondhand luxury world or a resale pro.
According to a recent survey conducted by Levi’s, 64% of the 32 billion garments produced each year end up in a landfill, in part because clothes aren’t being used for as long as they could be. Secondhand shopping sites ensure timeless, vintage finds continue to have a place in the market in a sustainable way. That purposeful pursuit is motivated by the sense that classics never go out of style and that many people would rather make an investment in a luxury good than filling their closets with fast fashion. With people spending more time at home, they’re looking at their wardrobes and realizing there is money to be made there. In fact, 80% of our closet mostly goes unused. Re-selling clothes is one way to clean out closets and earn extra cash, but resale sites make it easy to also purchase quality items that don’t go out of style.
In addition to highlighting the sustainability aspects of her brand, Diana hopes Lux Second Chance gives individuals around the world the ability to experience the thrill of building their luxury collection. When you appreciate and carry a luxury piece, it can elevate any outfit. Diana believes that how you look on the outside reflects how you feel on the inside, and started this brand for people who believe in doing something to stand out. For first-time shoppers, Diana recommends shoes and bags as the best investment options. They’re usually great quality at bargain prices, and have the best resale value.
Lux Second Chance not only believes in offering its customers a sustainable way to shop the designer resale market, but it is for the savvy women who love to hunt for rare finds, statement pieces and classic loves.
Visit luxsecondchance.com to shop the latest and greatest designer finds and to learn more about the brand.