Posted In: Fashion
Booming luxury consignment retailer The RealReal has recently released its mid-year luxury resale report – the biannual version of its 2018 State of Luxury – highlighting trends, bestselling brands and emerging designers in the marketplace. Topping The RealReal’s search results and purchases for the first time in its 7-year run was trendy designer label Gucci, ousting previous top performers like Chanel, Louis Vuitton and Christian Louboutin. The Gucci dominance showed a reported 62 percent sales growth and accompanying search volume, popular across all demographics but especially notable among millennials, whose search for the popular brand increased by 48 percent. The report comes after a breakthrough year for the e-comm retailer who, in late July opened their second brick and mortar storefront on Melrose Avenue in West Hollywood. The RealReal is one of a handful of companies changing the game, and for brands like Gucci and Chanel who – along with the whole of luxury retailers – snubbed the idea of secondhand… the change is part of a bigger movement we’re seeing that’s championing secondhand as the progressive and obvious environmental and economical option. Consignment is slated to reach $41 billion by 2022, growing 24 times more than overall apparel retail according to a 2018 marketplace report. According to the report, 44 million women shopped secondhand last year, up from 35 million in 2016, with an audience of roughly one in three women 18 years and older. With undeniable data backing the growth of consignment, The RealReal is undoubtedly the industry leader, and in just seven short years has proven the power of their unique business model: authenticity – backing every single item it resells to be 100% the REAL real thing, plus sustainability – lessening the environmental impact created by discarded apparel and offering reselling as the remedy to an ethical extension in cyclical fashion.