THE BLOG

Reselling Luxury: Secondary Market Thrives Amid Sniggers

22/12/2014 06:32 GMT | Updated 17/02/2015 10:59 GMT

Last time you checked at Louis Vuitton handbag you kind of left the shopping area depressed because it cost a fortune. And what about that Prada bag you have been hoping to possess? Those plans also went down the drain because the money didn't meet aspirations. There are many like you, who would have loved to show off the Chanel bag you almost bought. Only thing is you didn't buy it. And your dreams these days have that tan toned Matte Crocodile Biking bag, otherwise known as Birkin, by Hermes. When the dream ends, your despondency sets in.

There was a designer who worked on the motto, a bag for every girl and a girl for every bag made. Just as the biometrics is unique to every individual, is it too much to ask for things that are exclusively for an individual too?

And for men, that Tag Heuer you have been waiting for will soon be yours, right? What about Rolex? Your time is around somewhere...There's nothing as comfortable as a Hugo Boss, you would agree. That Google glass you bought recently, have you finished using it?

For any individual luxury is all about personality, choices and lifestyle

Some people call them luxury items, but many would want to call them 'exclusive' stuff that speak loads on personality, choices and lifestyle. How else would you convey so many things that words cannot communicate, by way of just carrying one designer bag or a watch?

We can't blame ourselves for being choosy these days. Luxury items such as wallets, handbags, designer wear, shades, watches etc today carry much more purpose than just serving the need. They speak attitude, and ooze oodles of it in boardrooms, parties and shopping malls.

Buying them is an exhilarating experience. It is much like buying a fine piece of art. Now, people won't do one up on another on art and luxury items. They do know both serve the same purpose at the end - firstly, convey the taste of the owner, and make the owner proud of having possessed it.

Art sure has a way of going around. Then why not these luxury items? Paying a fortune for a bag does not mean you end up carrying it for years. The eye candy of the next hottest designer item is waiting to be picked up. So, what do you do with the previous one which was bought only few weeks ago?

Obviously, the buyer knows the value and class of the item. Hence came into existence the market for used luxury items. Now, we may want to rephrase it and call it 'passing the taste' or something similar. Because when you sell used designer stuff, you are not only making an intelligent economic choice, but also helping the market stay dynamic. This of course, is apart from the fact that you would be helping someone possess the same bag for lesser price.

Today when everything is about reusing and recycling, the process of recycling of used designer goods is a clever choice too. And the market is sure hotting up like never before.

Earlier, the resale market wasn't a thriving phenomenon for many reasons. One, you never found a trustworthy service. Second one was, you felt it was a hand-me-down since the generation wore it till it wore out. Third reason being, you didn't see too many choices.

"The reselling behavior is growing fast, but current alternatives to sell designer handbags are too complex and time-consuming. Companies should offer an upfront service to resell high-end handbags in a seamless and quasi instant way", says Charles Gorra, CEO of New York based Rebagg.

Truly enough, Japan, China and other Asian countries have already woken up to the concept of upcycling of many things. Designer stuff had to just wait for its turn to arrive.

Now that the market is here, anticipation is whether it would stay alive for long.

Branding experts are happy to see mobility in the space, but wonder if this consumer-driven market will survive for too long. Unless there is an organized effort to steer the trends well and on time, the market may just be a bubble before it dies out.