FASHION'S MOST IMPORTANT night, The MET Gala wrapped up in May. In a first, the most impactful looks came from vintage resellers. Star of the Dune franchise Zendaya, whose first change, an elaborate rococo-inspired black costume, was vintage Givenchy by John Galliano from 1996. It was facilitated by, and bought from Lily et Cie, a vintage luxury resale outlet in Beverly Hills. Her stylist and image architect Law Roach shared they didn’t rent or source the look for the event, but instead bought it. That decision was to maintain an important look as a part of their own collection, and to “support small businesses,” said Roach.
Roach had also previously shared on a podcast that he is a long-time collector of vintage luxury pieces. Once Zendaya was signed on to Louis Vuitton as a brand ambassador, he started dressing her in archival, pre-loved luxury pieces from LV’s previous creative directors as well. In a larger sense, this clever way of using pre-loved fashion also opens up larger conversations on how a brand’s ambassador can represent the house in more ways than one.
Back home, at the opening of the Nita Mukesh Ambani Cultural Centre (NMACC) in 2023, designers, most prominently Indian couture kings Abu Jani and Sandeep Khosla, opened up their archives to A-listers, not a normal practice for Indian stylists or celebrities.
As it turns out, right now, once is definitely not enough when it comes to luxury and couture. Prominent websites such as Saritoria, Confidential Couture, Rebag, Luxepolis, Revivify, Relove and many others popped up around Covid when conversations on how wasteful fashion was at its peak. In fact, after Miley Cyrus wore a vintage Bob Mackie dress for the Grammys, The California-based luxury resale website RealReal saw a 150% increase in searches for the designer, according to a report by Vogue Business.
All these celebrity sightings prove resale websites are not only a greener way to shop, but also offer chances for a larger creative expression. Fashion is cyclical, when trends make a comeback from yesteryears. They offer shoppers, stylists, fashion nerds and celebrities the opportunity to reference the original makers via luxury resale websites.
What Is Pre-Loved Luxury?
Used luxury goods, better positioned as pre-loved items are premium-priced branded products, made available via special e-commerce websites, brick and mortar stores or WhatsApp shopping, fashion nerds, discerning buyers and collectors. They also serve as an important starting point to attract first-time luxury buyers. Pre-loved categories include antique furniture, cutlery, tea-sets, rare vases (such as the exquisite Tang Dynasty pots in Sabyasachi’s flagship store in Mumbai), clothing — both couture and ready to wear, footwear and jewellery, including precious and non-precious metal, fashion accessories and most importantly, designer bags and watches.
According to the Boston Consulting Group, the global resale market is currently estimated at $30-40 billion, and is predicted to grow at a CAGR of 15-20% over the next five years. Developed markets could see an ever higher growth of 100% YoY. The surge is driven by an increase in the number of customers buying secondhand pieces. The share of secondhand clothing in closets, for instance, is estimated to grow from 21% in 2020 to 27% in 2023.
The India Players
“India’s pre-loved luxury market is attracting young people, not just rich folks in big cities but also those in smaller towns. This market was worth $555 million in 2022 and is expected to grow at 12% every year until 2028, reaching a size of $1 billion,” according to Puneet Dudeja, director, business development at WGSN, a trend forecasing firm. Handbags are the hottest category as consumers seize the opportunity to acquire premium brands such as Hermès and Louis Vuitton at accessible price points. The allure of these items lies not just in their aesthetic appeal but also in their investment potential, as they often retain or appreciate over time. People, mainly young adults in smaller cities, care about the environment and want high-quality things, say Dudeja.
“Last month we got a shipment of really rare Hermès’ ties from a peculiar collector,” shares Nitti Goenka, co-founder at My Almari. The company, live since 2022, resells luxury clothes and accessories. “Not all pre-loved items on sale are actually used,” says Nitti. Incorrect sizes acquired mistakenly, rethinking an impulse buy, emotional attachments gone awry (say in the case of a cancelled wedding) are some of the reasons brand new pieces are sold with tags attached.
Did the pandemic help in realigning thoughts and expectations in regards to pre-loved clothing? “More than the pandemic, it is the awareness and access; via travels and international shipping that has normalised pre-loved luxury shopping,” says Nishita Goenka, also a co-founder. Instagram, too, is now filled with vintage and pre-loved shopping stores and influencers offering tips, tricks and tip offs on where and when to buy pre-loved fashion.
In India, there’s often confusion between pre-loved luxury items and hand-me-downs. This cultural perspective poses a challenge in positioning pre-loved fashion as both sustainable and stylish. In contrast, western markets embrace pre-loved items for their uniqueness and eco-friendly attributes.
Mumbai-based luxury resale outlet Beg Borrow Steal Studio sells home decor, clothes and fashion accessories, primarily running their operation through Instagram and in-person pop-up shops. “The category that performs best for us is vintage jewellery. Chanel is the number one choice with Givenchy being a close second,” shares co-founder Krisna Krishnankutty.
Saritoria, the first big mover for luxury peer-to-peer resale in India, was started by ex-hedge fund manager Shehlina Soomro and her partner Omar Soomro to re-offer a platform for South Asian Fashion. “We also want to extend the life of South Asian crafts by platforming it for longer,” says Shehlina. Saritoria has a large NRI client base that is at ease buying pre-loved luxury especially for wedding functions, as many of them do not wear Indian clothing on a regular basis. The company hosts designers, including Tarun Tahiliani, Gaurav Gupta, Anamika Khanna and Amit Aggarwal. Not surprisingly, Sabyasachi searches and sales are the highest on the platform.
Another cost-effective resale player is Relove, a C2C platform that partners with young and contemporary brands such as Jodi, Drawn and The Summerhouse, to help sell their old stocks, as well as facilitate buying and selling between peers.
According to Federica Levato, partner, Bain & Company, Europe remains the largest market, accounting for 45-50% of global secondhand luxury sales, followed by the U.S. “Hard luxury (defined as the combination of watches and jewellery) still represents more than 80% of the total market. Secondhand acts as a market gateway for younger generations, as well as for aspirational consumers who want to continue participating in the luxury ecosystem, despite brands’ continued price elevation and general macroeconomic challenges,” says Levato.
The pre-loved luxury segment is not just about ownership; it’s about participating in a legacy of craftsmanship and style that transcends the traditional retail experience.