A Major Shift - Luxury Fashion Industry

The (luxury) second-hand market is taking our world by storm. A drastic change in consumer behavior, a fragile economy and the preference for top-vintage items are being felt by brands and retailers locally and globally. Labellov prides itself on being proactive and keeping abreast of the latest trends and movements in the luxury fashion industry. Do you do the same?

Consumers have many valid reasons to turn to the second-hand market, which is an alternative to both mainstream and premium goods. A primary reason for an insatiable appetite for premium second-hand bags is sustainability. Customers are sensitive to the declining state of our environment. Research shows that 85% of consumers worldwide have become more mindful of sustainability when buying goods over the past five years (Business Wire, 2021).?Fast fashion is responsible for 10% of human carbon emissions, is the second largest consumer of our water supply and 85% of textiles go to landfill every year (Business Insider Nederland, 2019).

Labellov contributes to the circular economy by buying and selling authentic luxury second-hand bags and accessories. The 'no waste' mentality is part of our business model, as we organise a Super Sale twice a year where we sell our remaining stock at a discount. If they are not sold and the original owner is not interested in them, we donate them to charity.

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Next, our economy is now more challenged than ever. Reselling high-end second-hand articles is thus a lucrative business model for individuals looking to monetise their wardrobes. According to the Luxury Resale Report, Gen Z resells their pieces the fastest, while Millennials do so the most. Labellov opts for an all-in service where we authenticate, value and sell the bag for our clients. We are provided with experts, a professional photographer and advanced marketing tools to ensure the products are sold at a decent price.

Obviously, brands and retailers need to adapt their business model to the changing needs and demands of customers.

Obviously, brands and retailers need to adapt their business model to the changing needs and demands of customers. It is also crucial to mitigate risks such as counterfeit products. There are two effective strategies to consider. First, brands can partner with resale platforms that manage product validation, payment and organization. That way, brands enjoy a resale of their products while gaining new customers. Delvaux and Labellov understood the memo and partnered in April and May 2021 to create an eco-label where customers could hand in their used Delvaux bags for resale and received a voucher of two hundred euros in exchange. They could validate their vouchers with any purchase over two thousand euros in a Delvaux shop.?

Moreover, brands and retailers can explore opportunities to offer resale platforms a reasonable space in their shop where people can hand in or buy second-hand items. Authenticity and professionalism are guaranteed. Maasmechelen Village and Labellov joined hands in June 2021 where people with an expensive taste for top brands, but sensitive to their wallets could buy exclusive pieces at a competitive price.

The obvious changes in the (luxury) fashion industry can no longer be ignored. It is crucial for fashion companies to revise their business models to meet the need for sustainable (luxury) items and support the alternative income models that individuals are working out for themselves. Labellov prides itself on offering a service that supports these needs.