Prada sees second-hand fashion as opportunity
Prada sees opportunity in the booming second-hand fashion sector which it can develop both in-house and through partnerships. The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end goods.
It is expected to reach 33 billion euros ($37.2 billion) in size this year after growing by 65 percent between 2017 and 2021, according to consultancy Bain. This compares with 12 percent growth for brand new luxury goods.
Some rival luxury companies are already exploring the sector. Earlier this year, French conglomerate Kering took a 5 percent stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags. Kering’s star brand Gucci also formed a partnership with US-based resale platform The RealReal last.
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