Leah Jeon is a luxury and fashion management graduate student from South Korea. She talks about her experience with online luxury resale and how it’s trending through the industry.
The Connector: What are the online luxury resale or consignment websites you have heard of, and have you ever purchased a luxury resale item?
Jeon: I know of TheRealReal and StockX, and purchased a Saint Laurent LouLou Monogram Crossbody Bag from TheRealReal.
The Connector: How do you feel towards luxury resale items? And what worries you about the product?
Jeon: I think it is one of the sustainable movements in the luxury fashion industry. Personally, my perspective of buying consignment items has changed. When I was young, I thought used items are little bit dirty and have serious storie with the item. But today, used items are well-cared-for and the quality is also quite good. I’m willing to buy luxury resale items online. Of course, there are negative aspects of this, the first one being counterfeit products. There should be a verification process, and this should be a big focus for sellers. Secondly, we cannot know the real condition of the product since it’s an online sale — I cannot guarantee the quality of the product. Also, for bags and apparel, you can’t really know the exact size of the product, so shoppers must take a risk.
The Connector: Do you think luxury resale items bought online are becoming popular?
Jeon: Yes, absolutely. One of the consumer trends among Generation Z and millennials is buying luxury items for their daily fashion. They are not hesitant about buying luxury products and they are willing to buy seasonal products as well. They get bored with products quickly and want to buy new items as soon as new collections pop up. Additionally, the focused attention on sustainability has made luxury consignment businesses to become bigger. For example, TheRealReal was founded in 2011 and has been expanded its business to $288 million in 2018 — TheRealReal has also had a sustainability partnership with Stella McCartney since 2017.
The Connector: Do you think buying luxury resale online is more effective than purchasing in-store?
Jeon: Yes, because online has more options than a store has.
The Connector: What brand or brands do you think are very popular to buy in an online luxury resale website?
Jeon: Maybe Hermes and Chanel. When I looked at the website of TheRealReal, the products of Hermes and Chanel are always sold quickly. For Hermes in particular, it’s hard to get the new product compared to consumer demands, which is why Hermes bags are popular in online luxury consignment.
