Robert Williams, Max Bittner, One Hundred discussed on The Business of Fashion Podcast
Louis vuitton have been reticent about the luxury resale sector steering clear of the growing market for secondhand goods but in recent months the cold relationship has begun to thaw somewhat as more fashion brands begin to experiment with resale and strike partnerships with key resell players like the real real. Invest your collective. But this week things in the luxury resale sector took a really big step forward. Good morning days. French take paris based luxury. Resale startup. best year collective announced that had raised a new one hundred and seventy eight million euro financing round led by tiger global and carrying one of the largest luxury groups in the industry and owners of saint laurent. Balenciaga alexander mcqueen among others. Do kidding you know carrying new stake. Ultimately amounts to only a five percent stake invest your collective as our paris based correspondent robert williams reported in his professional analysis on the transaction. It is the strongest signal yet that the luxury sector is finally realising it has little choice but to engage with hand marketplaces. that are selling their goods. I spoke to vest their collective ceo. Max bittner to get his take on what has changed over the last year. That has motivated luxury. Industry leaders like caring finally dip their toes into the fast-growing resell market carrying the old industry has made a dramatic shift over the last six to twelve months in much more open towards second homes. I think it's very important to clarify that. I think if. I look at the last two years since i've joined the conversation we were having two years ago. Have nothing to do with the conversations we had even last week before the announcement of the deal and the investment of caring noticing that this is not a short term trend. Is this something consumers are looking for this. As something especially on consumers are expecting from the brands they won't to endorse so so i think both us and the brands are realizing consumers. Expect this in some sort of way and if you think about why that has happened is obviously consumers are much more focused on sustainability but i think the luxury players have just realized that we're not really a competitor. We're not really trying to take market share from them but exactly the opposite. We're actually paying marsh to luxury by having these wonderful products for sale at a real value after six twelve months or five six seven ten years. Yeah again many products talking about are expensive products in the primary market. You have to think about what these products have a residual value after six twelve eighteen months or two three four years..