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Luxury brand Prada sees second-hand fashion as an opportunity worth exploring

Luxury brand Prada sees second-hand fashion as an opportunity worth exploring

The market for pre-owned chic bags and clothes has surged over the last three years, and luxury companies have their sights on it.
02 Dec, 2021

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 33 billion euros ($37.2 billion) in size this year after growing by 65% between 2017 and 2021, according to consultancy Bain. This compares with 12% growth for brand new luxury goods.

Some rival luxury companies are already exploring the sector. Earlier this year, French conglomerate Kering took a 5% stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags. Kering's star brand Gucci also formed a partnership with U.S.-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 aired on Wednesday.

"I cannot disclose too much but for sure second hand is there. We will take it as an opportunity.

"It can be a partnership with a player or it can be something more in-house, or both of them, a sort of hybrid solution like for e-commerce," he said.

The heir to Prada's empire, who told Reuters he wants to keep the family-controlled group independent when he takes the reins in a few years, doesn't seem fazed by the future challenges of the ever-changing luxury sector.

For that, he thanks his experience as a rally driver.

"Rallying and sport in general taught me a lot. (It) teaches you to never give up and also a lot of humility, in the sense that you have to learn," he said. "Sometimes sport is cruel, when you want to measure yourself."

Comments

A K A Dec 02, 2021 11:54am
Parda is already available in Pakistan cheap and expensive all qualities. Parda for home and ladies both available. Maybe second hand also. Good parda system is coming to Europe also through second hand option.
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M. Saeed Dec 02, 2021 04:36pm
Landa Bazar boom in Western World.
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Hanna Dec 02, 2021 05:00pm
@A K A we need good quality parda system for men too since they need it more than women so we might have lesser crimes and temptations
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Laila Dec 05, 2021 10:55am
@A K A it is PRADA, an Italian designer brand but I see what you did there. The idea of Parda for men is excellent. It must be affordable so males from all social stratas can afford it. We women can teach you how to wear it too. If it will help you guys lower your gaze and not enter the daily stating contests in public spaces, then why not. How does 1 eye burka sound? Half the vision and half the wandering eye syndrome.
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