As 2020 gets off to a running start, news in the resale industry has been big this past week so instead of Fake Friday, I wanted to share the most interesting new you may have missed.
I highly recommend checking out ThredUp’s Fashion Footprint Calculator to give yourself a better idea on the amount of waste you personally are creating for the environment. Mine’s below and it’s kind of sad for me but great for the planet.
Why this community of hypebeasts only buy fakes
“While a lack of funds and a taste for luxury streetwear is a driving factor for many, for others it isn’t about the money at all. “Not to brag, but if I want a Dior coat, I can get it retail,” Dennis, 19, tells us. “For the same (amount of) money I can get four reps.” Dennis admitted his breaking point came after a shocking moment browsing resale markets where he saw his ‘grail shoes’ – a pair of Off-White Air Jordan 1s – show up for €3000. “I thought ‘Fuck this, I’m never gonna pay that for shoes that originally retailed for €150.”
“Some counterfeit items are so believable that they’ve also slipped past trusted authenticators. The RealReal, one of the world’s leading luxury consignment stores, claims that “every item we sell is 100% authenticated by an expert.” However, just last year, Forbes contributor, Richard Kentenbaum claimed the retail giant had sold him a fake Toile de Jouy Dior Book Tote bag for $3,600. What followed was a swift investigation by CNBC, who, after speaking with a dozen former employees and unsatisfied customers, and obtaining internal company documents, revealed that “many of the items on the site were being authenticated by copywriters with limited training.” and those who are doing this work are finding it increasingly difficult to spot counterfeits. Out of 1,400 reviews online for The RealReal, the top complaints are fake items.”
“Confronted with the fact that buying reps are taking sales away from workers, brands, and designers, Tripping is unfazed. “Once a limited shoe is released, and sold out in seconds, the company has made its profit. The average cost of manufacturing an Air Jordan 1 is $15-$16. The mark up of that shoe is more than 100 per cent. Nike has no problem with this. If you are wearing a replica of that overpriced shoe (on the resell market), you are basically advertising the brand. The culture side of sneakers is bland and fraudulent, replicas are there to stir things up.”
From Retail Dive
Rent The Runway sends used clothes to Nordstrom Rack
“In an ever-expanding partnership with Nordstrom, Rent the Runway’s latest move would bring some of its products to Nordstrom Rack stores for customers to buy outright.
Rent the Runway already has drop-off locations at several Nordstrom and Nordstrom Local locations. The companies tested the service in Los Angeles over the summer and expanded it in November to a total of 29 Nordstrom and Nordstrom Local locations, though only 27 drop-off locations show up currently on Nordstrom’s website.”
Thred-Up launches a Fashion Footprint Calculator
“The fashion industry produces more harmful carbon emissions than the aviation and shipping industries combined. Does your closet contribute to climate change? Find out with thredUP’s fashion footprint calculator.”
The State of Resale Report
“A detailed look at the numbers that defined our marketplace in 2019 and what to expect in 2020.”
From WWD (behind a paywall)
Industry and Investor Eyes on Resale’s ‘Big Three’
“ThredUp, Poshmark and The RealReal are touted as the leading resale marketplaces and industry experts predict more consolidation to happen in the private market, and a race to IPOs.”