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How Poshmark, Depop, and the RealReal are making your closet more eco-friendly
Resale
platforms like the RealReal, ThredUp, and Depop have made shopping for
used clothing easier than ever—and consumers are buying in. Fueled by
millennials and Gen Z, the secondhand market is on track to more than
double over the next five years, from $24 billion to $51 billion,
according to ThredUp and retail analytics firm GlobalData. Traditional
retailers are taking note: In 2019, Foot Locker invested $100 million in
shoe reseller GOAT. Here’s a look at the
numbers behind fashion’s latest trend.
Sources:
The RealReal, Poshmark, GOAT Group, Depop (User Numbers, Depop
demographics, What’s Selling); Company Valuations: Recode, April 2019
(StockX), market cap as of October 16, 2019 (the RealReal), the Wall
Street Journal, April 2019 (Poshmark); ThredUp 2019 Resale Report (Who’s
Shopping); A New Textiles Economy report, Ellen MacArthur Foundation
(Environmental Impact); Euromonitor International (new clothing per
capita)
The
drawers in your mother’s closet are probably a treasure trove full of
archival designs you can no longer find in stores. Otherwise,
second-hand goods are the answer.
The interest in vintage designer bags has also grown considerably among millennials and Gen Zers. Photo: @DILN_
The
year is 2019, but curiously many are dressed more like their ‘90s style
icons these days. Some are even revisiting throwback fashion trends
from the 2000s that we all thought should be left in the past. After dad
shoes, scrunchies, bucket hats and tiny sunglasses became hot fashion
items in the past two years, capri pants and biker shorts are now having
a moment. The interest in vintage designer bags has also grown
considerably among millennials and Gen Zers. From Fendi’s Zucca print
and Dior’s signature branding, to Gucci’s house monogram and Prada’s
classic, inverted triangle logo plate, retro purses are all over
Instagram.
So,
where can you find these old luxury handbags? The easy answer would be
your mother’s wardrobe. Those drawers of hers are like a treasure trove
full of archival designs you can no longer find in stores. You’ll just
have to rummage through them for your dream bag, and hope that your mum
doesn’t notice anything has gone missing. Just kidding.
For
those who prefer a less sneaky route, we’ve rounded up a list of the
six best stores to shop for designer bags online. Read on to learn where
we get our second-hand goods.
The RealReal
Vestiaire Collective
Vestiaire
Collective is where supermodel Karlie Kloss shops her Chanel bags, so
you know it’s got to have a great selection. Another major player in the
reselling market, the web store sees a vast line-up of pre-owned
handbags by Prada, Fendi and the like — all available at reduced prices.
What Goes Around Comes Around
Luxury Garage Sale
If you’re a fan of designer bags but not particularly fond of the price
tags they come with, then Luxury Garage Sale will be your new best
friend. The upscale consignment store offers a massive range of coveted
styles, including archival styles from Saint Laurent and Louis Vuitton.
Check the site now to see if you can find any bargains.
Madison Avenue Couture
The
Hermès Birkin is one of the most coveted luxury handbags on the market.
If that’s your ultimate dream bag, look no further than Madison Avenue
Couture. The store carries a huge selection of new and preloved Birkins
that are difficult to get hold of.
Rebag
From vintage Prada to Goyard and Balenciaga, expect to find a stunning
array of statement designer handbags at vastly reduced prices on Rebag’s
website. For those who live in California, Florida or New York, you may
also visit Rebag’s IRL locations to see its inventory in person.
Analysts are bullish about The RealReal even after department store discounts posed a threat:
Analysts are bullish about The RealReal despite the unexpected discounted in the luxury marketRealReal Inc. stock soared after earnings indicated that even when
luxury goods are sold at a discount, The RealReal’s secondhand goods are
still in high demand.
The RealReal
REAL, +0.84%
reported sales in line with expectations during its first quarterly announcement post-IPO. Gross merchandise volume (GMV) rose 40% year-over-year to $228.5 million.
Shares
were up in Tuesday after-hours and in Wednesday premarket, though they
fell about 5% in early trading alongside many others after concerns
about global economic data.
The RealReal stock began trading on June 28.
“We
view the positive after-market stock reaction reflects some easing of
investors’ concerns on higher promotions in the luxury space weighing on
The RealReal’s growth trajectory,” Cowen analysts led by Oliver Chen
wrote.
“We
acknowledge that average order value (AOV) was flat year-over-year due
to earlier-than-expected promotions in the luxury space. However,
management highlighted promotional trends in 3Q appear similar to prior
years and they expect AOV in 3Q to improve year-over-year.”
Analysts say they’re “encouraged” by the loyalty of the customer base and its progress in automation.
The
RealReal’s Chief Executive Julie Wainwright said department store
discounting isn’t new for the company and it has already seen a fast
recovery. The impact is felt more in women’s clothing.
“I would
say if department stores get desperate in September, October, we might
have some of that tension, again that will be offset by high
seasonality,” she said on the earnings call, according to a FactSet
transcript.
“[T]his this is one of the beauties of having product
diversity because we don’t see it on fine jewelry, watches, men’s and
streetwear, and even women’s handbags,” she said.
“While
2Q AOV was modestly below expectations due to increased promotional
activity across the industry, management believes the company is
partially insulated from periods of aggressive discounting given its
category diversification, and the inverse relationship between pricing
and active buyer growth,” wrote Stifel analysts in a note.
“As
the leader in the luxury consignment space, we believe The RealReal has
strong growth potential and ongoing investments in automation should
drive operating leverage in pricing and fulfillment.”
Stifel rates The RealReal shares buy with a $30 price target.
The RealReal shares have fallen 44.6% over the past month while the S&P 500 index
SPX, -2.93%
is down 5.8% for the period.
Business
U.S. online luxury reseller The RealReal
Inc is talking to investment banks about the possibility of an initial
public offering (IPO) later this year, people familiar with the matter
said on Friday.
FILE PHOTO: Luxury handbags for sale are displayed at The RealReal shop,
a seven-year-old online reseller of luxury items on consignment in the
Soho section of Manhattan, in New York City, New York, U.S., May 18,
2018. REUTERS/Mike Segar
REUTERS: U.S. online luxury reseller The RealReal Inc
is talking to investment banks about the possibility of an initial
public offering (IPO) later this year, people familiar with the matter
said on Friday.
The company - which specializes in online
secondhand luxury apparel and goods - has sent out a request for
proposals to prospective advisors and underwriters to manage the listing
this year, said the sources, who asked not to be identified because
they were not authorized to speak publicly.
The RealReal declined to comment.
In July last year, The
RealReal raised US$115 million of private funding in a deal led by
Perella Weinberg Partners, with additional participation from new
investor Sandbridge Capital and existing investor Great Hill Partners.
The deal valued the company at US$745 million, according to data
provider PitchBook.
Since then, the company, which was founded in
2011, has focused on expanding its brick-and-mortar presence with
outlets in new areas and more online fulfillment centers.
The
RealReal's success is built on a profitable mix of the boom in
e-commerce, the millennial interest in the price and environmental
benefits of recycled clothing, and the caution of established high-end
brands about what selling their wares on the web can do to brand value.
Fellow e-commerce platform Farfetch went public in last September at
the top of its target IPO price range, raising US$885 million.
(Reporting by Joshua Franklin and Harry Brumpton in New York; Editing by Sonya Hepinstall)
Sartorially speaking, there's nothing
quite like that feeling of excitement and satisfaction you get when you
manage to score a quality designer piece at a great price. Particularly
when that item is trending, about to become huge, or will last you a
lifetime.
This season, there are a few items I've been eager
to invest in: Think Carrie Bradshaw–style bags (baguettes, embellished
shoulder styles, logo-covered picks), not to mention a supple leather
jacket, gorgeous slouchy boots, silk scarves, and a posh pair of long
gloves (they're trending right now, and they're très sophistiqué).
I did a little digging at one of my favorite luxury consignment stores, The RealReal,
to see if I could snag any of the items on my wardrobe wish list for
less, and the e-tailer delivered. Scroll to shop the trending items I
unearthed, and remember: They disappear quickly, so if you have your
heart set on something, scoop it up ASAP!
All your favorite fashion
influencers are currently donning Dior's classic '90s Saddle bag.
They've been all over our Insta feeds, and the trend shows no sign of
slowing down.
Logo is a go this fall! Wear your
favorite designer's logo front and center on just about everything
(bags, tights, tops—you name it). Chanel your inner Carrie Bradshaw with
this chic Fendi shoulder bag.
Fall and winter are all about
gloves—preferably ones that extend to the elbow and come in practically
every color. They may not be iPhone friendly, but they're insanely chic.
We're obsessed with these "naked"
sandals here at the Who What Wear office—especially since they're priced
at only $65! The jewel embellishments perfectly exude fall's glitzy
metallic trend.
I cannot wait to adorn my lobes
with fall's must-have glitzy chandelier earrings. Dress up your jeans
and tee with these danglers, or pair them with a trending '80s frock.
The catwalks were replete with
plaid this season, from colorful preppy prints to neutral checks. A
plaid blazer may just be the answer to any dressing dilemma.
