Vestiaire Collective, the luxury resale marketplace has announced an update to their commission structure with changes effective April 10, 2019. They have tried really hard to break into the US market and while the new commission fee is a bit higher than Poshmark and Tradesy I do not foresee this making a big impact on their businesses here, basically due to their reviews.
Vestiaire Collective Overhauls Commission Structure
Vestiaire Collective, the leading global resale site for desirable pre-owned fashion today reveals substantial changes to its commission structure. The move will significantly reduce the cost of pieces across the site’s desirable inventory, ensuring that Vestiaire Collective is the most appealing resale site for buyers and sellers alike.
The resale industry is currently estimated to be around 8% of the 260 billion luxury market with forecasters predicting that the industry will double in size by 2022. As more fashion consumers turn to resale as a sustainable way to access the products they desire, the next few years will prove to be a turning point for the industry and consumers alike. With its strong fashion DNA, Vestiaire Collective is perfectly placed to capture this market, offering a unique desirable inventory, engaged global community and rigorous quality and authenticity checks.
A firm favourite of fashion lovers across the world, Vestiaire Collective is the go-to resale site to sell and buy desirable pre-owned fashion. As part of the new vision for the company, under the leadership of new CEO Max Bittner, Vestiaire Collective reveals a significant overhaul of its commission structure, ensuring that Vestiaire Collective remains the most competitive resale site in the market. The exciting new changes, which roll out today, will reduce Vestiaire Collective’s commission and prices by an average of 10% across the catalogue, meaning the price of its highly desirable inventory will be made significantly more accessible overnight. The commission drop will also positively impact sellers who will be able to sell their items at a faster rate. The change will most significantly impact customers looking to buy and sell pieces at more accessible price points and also items that fall into the rare, desirable high-luxury category, as these pieces will enjoy a capped commission.
“This commission restructure is one of the first major changes I wanted to impact the business since joining Vestiaire Collective at the start of this year. This significant drop in commission will encourage more sellers to the site, knowing they will be able to sell their item at a fast rate whilst also making a strong profit. For the buyers, it means they can purchase the desirable pieces they’ve always wanted at even more accessible prices. I believe that giving our users more direct value is the most powerful medium to keep them engaged and excited. This is a significant moment for Vestiaire Collective as we continue to ensure we remain the most desirable global resale site for must-have pre-owned fashion.” Max Bittner, CEO Vestiaire Collective.
Vestiaire Collective will continue to offer the same level of exceptional service across all customer touch-points, from the carefully curated highly desirable inventory to rigorous physical quality control, meticulous authenticity checks and high level of customer service. The company curates and connects the world’s most desirable wardrobes, whilst providing a trusted and sustainable new way of buying and selling pre-loved fashion.
The commission changes will roll-out on the 10th April 2019.
Originally posted on Miragenews.com