Investors have poured more than $134 million into luxury resale since April Since April, luxury resale companies Rebag, Fashionphile, Vestiaire Collective and The Luxury Closet have attracted more than $134 million in total investments, reflecting resale's much brighter positioning compared to the rest of retail. The resale market is expected to grow from $7 billion this year to $36 billion by 2024,...
How streetwear marketplace TheDrop became profitable during a pandemic Three-year-old streetwear marketplace TheDrop had an unexpected boom in business during the pandemic. Tripled ROI on marketing and an influx of new brands has helped the company to become profitable more than a year earlier than it had expected and to attract Jeff Staple to join the company's board of...
How luxury brands leaned into the Qixi Festival opportunity Tuesday is the Qixi Festival, a Chinese holiday sometimes compared to Valentine’s Day. Outside of Chinese New Year, it’s one of the biggest sales driving Chinese holidays of the year for luxury brands, even more so than Singles Day, according to Danielle Bailey, managing vice president at Gartner, who leads...
With excess inventory piled up, brands are seeking out new ways to move product Brands have begun seeking out alternative channels to offload inventory. They include quietly shipping products to resale platforms, striking deals with marketplaces that don’t require big inventory orders and linking with one of the new platforms that have cropped up with the sole intention of making use of the unsold...
Tapestry is attracting Gen Z with new focus on online outlets In Tapestry’s fourth quarter earnings call on Thursday, interim CEO Todd Kahn (stepping in for Jide Zeitlin, who resigned in July) shed some light on the company’s customer acquisition strategy, particularly how it has attracted young consumers and Gen Z. Kahn attributed the majority of the audience growth in the...
Brands are working to change fashion’s ‘blind spot around indigenous issues’ The Black Lives Matter protests have forced many brands to do some soul searching in the last few months, with many reckoning with an ongoing lack of diversity and visibility for people of color. While Faherty’s efforts to improve its own product catalog predate the protests, they represent a model...
How a WeChat ban could impact luxury brands targeting Chinese consumers Brands like Ralph Lauren and Michael Kors have sold through WeChat for years, and they also use WeChat to advertise and relay information to Chinese consumers. WeChat Pay is accepted at many U.S. stores. Every Fendi store in the country accepts WeChat Pay, as do Rebecca Minkoff, Macy’s, American Eagle and...
Six retailers on the store of the future: ‘Uncertainty is the biggest challenge’ Retailers are now focused on making their stores as safe as possible, offering customers maximum choices for how to engage and incorporating the online components of retail into brick-and-mortar to improve efficiency.
Why fine jewelry continues to sell The pandemic has had a deadening effect on consumer spending, thanks in part to millions of people losing their jobs or being furloughed. But the wealthiest customers are continuing to spend, particularly on high luxury items with sentimental value, and fine jewelry has proven to be a resilient fashion category.