Mark Cross, America’s first luxury leather goods brand (their words, not mine) will be entering the resale space, a first for the luxury set.
“Starting this fall, consumers can bring in their pre-owned handbags to be authenticated and then sell them for cash or store credit. The products will then be sold on a new vintage storefront on the company’s website.” BOF
While Mark Cross products can be found on resale sites like The Real Real, this makes Mark Cross one of the first brands to launch their own resale platform. Resale is seen as a cash cow for brands right now, with the global resale market outpacing retail. Resale reached a global market of 24 billion dollars last year and is growing 21 times faster than retail at large as reported by Business of Fashion. Fashion United UK
While everyone seems to be reporting that this is a rare move, I think this is the evolution of the luxury resale industry and if the brands do not embrace it, they will miss out on a very lucrative business model.
With Nieman Marcus and Fashionphile partnering up along with The RealReal going public, I predict that this is just the beginning of brands embracing the resale industry but don’t bet your bags just yet that Chanel or Louis Vuitton will jump in.