Harvey Nichols Partners With Reflaunt To Launch Luxury Resale Service | Retail business
Harvey Nichols joins the second-hand resale trend this month through a partnership with the specialist service Reflaunt.
Customers will be able to resell luxury handbags, fashion, accessories and watches, earning up to 80% of the original price, when the items are resold through a space managed by Reflaunt on the website of the high end department store.
Items can be dropped off at Harvey Nichols branches in London, Birmingham, Bristol, Manchester, Edinburgh or Leeds, while Reflaunt’s concierge service will collect the goods from addresses in London. From September, buyers outside the UK will be able to use the service with free delivery.
Manju Malhotra, Managing Director of Harvey Nichols, said the partnership would offer customers “a circular consumption model and ensure luxury fashion items have the longer shelf life they deserve.”
The luxury goods resale market is growing rapidly as consumers try to be more environmentally conscious in their purchases and look for bargains.
According to a study by the Boston Consulting Group and the resale site Vestiaire Collective, global sales are expected to grow by an average of 12% over one year, compared to an average of 3% for the luxury market.
Behavior change has been spurred by the interest of buyers, especially young people, and ethical commitments from companies through programs such as the UK Textiles 2030 action plan.
The fashion industry is responsible for 10% of annual global carbon emissions – more than all international flights and combined shipping, according to a report released by the United Nations Environment Program and the Ellen MacArthur Foundation. The report suggests that the industry’s greenhouse gas emissions could increase by more than 50% by 2030.
Selfridges opened its first permanent space dedicated to thrift stores in 2019, in partnership with Vestiaire Collective, and the London department store Liberty also has a permanent vintage section. Online luxury goods retailer Farfetch has seen tremendous growth through its Second Life resale service.
Luxury brands are also mobilizing with Ralph Lauren launch of “Re / Sourced” and the Mulberry handbag brand repackaging and reselling their used products online.
Young people have spurred the trend, spurring the growth of specialty website Depop, which was bought for $ 1.6 billion by U.S. online marketplace Etsy this year. Vinted, a rival site created by two Lithuanian women in 2008, was valued at 3.5 billion euros (£ 3 billion) in a fundraiser in May.
The trend has also become widespread with Asda testing second-hand clothing at 50 of its supermarkets, while Ikea and sports retailer Decathlon have recently launched resale services.