Prada, a leading Italian fashion group, sees opportunity in the booming second-hand fashion sector that the brand believes will help develop new opportunities 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 $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, Kering’s star brand Gucci also formed a partnership with U.S.-based resale platform The RealReal (REAL.O) last year.