Fashion was once, and still is, all about exclusivity, so you might be wondering why big brands like Balenciaga and Valentino are branching out into the second-hand market. As much as I would love to believe Gucci wants everyone to be able to get their hands on a Jackie Bag, that belief is nothing but a fairytale.
Over the past decade, resale markets have been on the rise. It’s estimated that by 2026 the global resale market will grow three times faster than the retail market, reaching an $82 billion overall growth. With shoppers transfixed by the idea of second-hand, the pillars of the fashion industry had to adapt. Although it might look like a push toward sustainability, it doesn’t mean intentions are pure. Sustainability is on the rise, so why wouldn’t the fashion forefronts cash in?
Many brands opting into the resale market, such as Balenciaga, only offer store credit to shoppers who want to resell last season’s looks. Keeping relations in-house allows brands to make more money with an endless shopping cycle. With old clothing resold, there is more money to buy new, and it’s wrapped up with a sustainability bow on top. Pretty genius if you ask me.
Although you’re still buying into the beautifully designed, well-oiled machine in the high fashion industry, resale benefits might outweigh the costs. In 2021 alone, resale displaced nearly 1 billion clothing purchases that should have been bought new. Although high fashion doesn’t nearly make up this entire number, any percentage, in the long run, could aid a healthier planet in years to come. Along with environmental effects, it also gives the shopper a more personal connection to the things they buy. It feels good to know you’ve bought something resold and you’re limiting waste. Personally, I feel pride when I purchase a second-hand item I know no one else has. It’s like finding buried treasure, and high fashion flawlessly invested in this idea.
With climate change at the forefront of politics, and world leaders looking at clothing brands with a microscope, it’s no surprise that the high fashion market decided to adapt. But remember, whether you’re looking for your 15th pair of Jimmy Choo’s or your first luxury splurge, if you are buying resale from a big brand, they may be limiting waste, but they’re not losing a dime.
Words by: Evan Skovronsky.
Graphic by Danna Macias.