Italian fashion group Prada sees opportunity in the booming second-hand fashion sector which it can develop both in-house and through partnerships, Marketing Chief and Heir Designate Lorenzo Bertelli told Reuters.
The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end goods. It is expected to reach 33bn euros in size this year after growing by 65 per cent between 2017 and 2021, according to consultancy Bain.
This compares with 12 per cent growth for brand new luxury goods. Some rival luxury companies are already exploring the sector. Earlier this year, French conglomerate Kering took a five per cent stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags.
Kering’s star brand Gucci also formed a partnership with US-based resale platform The RealReal last year. “Second hand is a strategy we have been investigating for more than a year,” Lorenzo Bertelli, the eldest son of Co-Chief Executives Patrizio Bertelli and Miuccia Prada and the future brand leader, said in an interview at the Reuters Next conference that aired on Wednesday.
