As more and more conscious consumers are getting concerned about what happens to excess or disowned clothing, Gucci an Italian Luxury fashion house decides to partner up with The Real Real. Under this partnership, Gucci will be encouraging people to sell off their Vintage Gucci items to everyone by offering a certain incentive.
As we know a week ago, Levi’s had also started its own Secondhand Levi’s store, we can all see how the traditional retail is taking a huge shift this year because of the pandemic. People are becoming more concerned than ever about what, how, and why are they are buying something? Nowadays, customers are finding pre-owned clothing more desirable as compared to the newly launched clothing. Normally according to the fashion industry pyramid, the streetwear brands look up to the haute couture brands for inspiration and ideas of running their business, but now it’s the other way around.
Due to the pandemic, Luxury Retail or haute couture industry has suffered the most losses so now to cover them up, a brand like Gucci is getting into reselling. Nike and Supreme are the streetwear brands with the most success in reselling business, the only difference in these reselling model as compared to that of Gucci is that, Gucci can control its reselling channel but these streetwear brands can not as Nike and Supreme are sold all over the place on different reselling platforms.
TheRealReal’s senior director of strategic initiatives Allison Sommer says that “The smart brands—the bold and the early adopters—see that having a resale value for your item only encourages somebody to purchase it in the primary market”. This is a very valid point as it shows how reselling in a way shows that the brand makes clothing that lasts for a long time, hence their quality is seen as superior as compared to others, which further benefits in selling new items as well! It motivates the buyers to shop for new items as now they have this perception of them having access to a product before anyone else and hence become the first owner and wearer of that prestigious brand clothing.