Is Coronavirus increasing online luxury shopping? We ask the CEO of upcycling fashion resale platform Vestiaire Collective
CEO Max Bittner says he has seen an increase in seller activity since the coronavirus took hold – and explains how the growing pre-owned market is helping to address the fashion industry’s issues addressing sustainability campaigners
The latest instalment in our On Work / On Play series with luxury CEOs. This month: Max Bittner, CEO of luxury resale platform Vestiaire Collective
Work experience 2019-present, CEO of Vestiaire Collective
2018-present, senior adviser at Alibaba Group, which owns the South China Morning Post
2012-2018, CEO and founder of Lazada Group
On work
Could you draw a picture of the luxury resale market for us?
The resale market is estimated to be worth around US$28 billion but is predicted to almost double to US$51 billion by 2023. It’s a fast-moving market with great potential. There are a combination of factors driving the resale market to boom. There’s increased awareness and interest in sustainability, leading consumers to look to resale as a sustainable alternative to fast fashion. There’s also a generational shift taking place in regard to attitudes towards ownership, as more young people consider products in terms of usage and resale.
Are millennials and Gen Z embracing the resale trend?
Absolutely. They are driving the growth of the second-hand market and e-commerce generally. Both are generations that have grown up with technology and feel comfortable using it to purchase products at all price ranges, and they also have an increased interest in sustainability. Our research finds that millennials and Gen Z are the largest participants in the second-hand market, with 54 per cent and 48 per cent of them buying pre-owned goods.
Could you explain your authentication process?