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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacron's government provided 'amazing environment' for tech sector growth: Vestiaire Collective CEOMaximilian Bittner, CEO at Vestiaire Collective discusses the company's plans for growth, and explains how the prospect of a change in government might impact the business.
Persons: Maximilian Bittner Organizations: Vestiaire
Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.
Persons: , they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials
Luxury Hand-Me-Downs Are Now Worth Billions of Dollars
  + stars: | 2024-01-13 | by ( Carol Ryan | ) www.wsj.com   time to read: 1 min
As much as luxury companies would love to stamp out the secondhand trade in their products, it’s an impossible task. All the better for fashionistas and investors, who can both benefit from this booming business. Shoppers have splashed out $1.3 trillion on new luxury handbags, clothes, watches and jewels over the past four years alone. At least some of that stuff will find its way onto secondhand websites. While in the past, unworn luxury goods would gather dust at the back of consumers’ wardrobes, the rise of online luxury resellers like The RealReal and Vestiaire Collective has made it easy for millions of people to sell their designer goods for cash.
Persons: Organizations: Shoppers
Upway, a French startup that refurbishes and resells secondhand e-bikes, has just raised $30 million in Series B funding. The Paris-based company, founded in 2021 by former Uber executives Stéphane Ficaja and Toussaint Wattinne, buys up used e-bikes, refurbishes them where necessary, and sells them on for a discounted price. Electric bikes sales hit 5 million in 2021 , out of 22 million overall bike sales, according to European trade organization CONEBI. Micro-mobility rentals, such as Lime and Tier, helped popularise the market and accelerate the adoption of e-bikes in cities, Wattinne said. Check out the 17-slide redacted pitch deck it used to raise the funds:UpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpwayUpway
Persons: Stéphane Ficaja, Toussaint Wattinne, Wattinne, Bolt, David Helgason, Ari Organizations: Uber, Business, Korelya, Sequoia, Exor Ventures, Unity Locations: Paris, France, Belgium, Netherlands, Germany, LA, Grover, Berlin
Silicon Valley fund Bessemer Venture Partners has expanded its European investment team with the hire of former SoftBank vice president Justina Chung. Chung has joined Bessemer's London office, which is led by partner Alex Ferrara who opened the fund's European operations in 2020. Bessemer made its first European investment in 2004 and has continued to back startups in the region, including German fintechs Upvest and Mambu as well as British neobank Zopa. Chung was a vice president at SoftBank's Vision Fund, where she served on the boards of temp staffing agency Jobandtalent and second-hand designer fashion marketplace Vestiaire Collective. "It's clear that great founders begin their journey here, in Tallinn or Stockholm, London, Paris or Berlin," Chung, who is now a vice president at Bessemer, told Insider.
Persons: Justina Chung, Chung, Alex Ferrara, Bessemer, Jobandtalent, Goldman Sachs Organizations: Bessemer Venture Partners, LinkedIn, Bessemer's London, SoftBank's Vision, Sorare, SoftBank, Credit Suisse, Bessemer, US Locations: San Francisco, Tallinn, Stockholm, London, Paris, Berlin, Europe, Mistral
I have always enjoyed wearing vintage clothing and used to love going to flea markets, picking up items and saying: “My grandmother wore that,” or “My mother had those.” Then it happened: I picked up a dress and said, “I owned that!” When you get old enough to remember the first time around, can you still wear retro without looking dated? Loving resale is a good thing, no question, but it has also led to a situation where the whole meaning of “vintage” has become confused with “used clothes” and “retro” — which are, in fact, not actually synonyms. There is, as it turns out, no generally accepted definition of “vintage” — The Vou.com newsletter describes it as “any object representing a previous era or social period, at least 20 years old but not older than 100 years.” Vestiaire says that vintage is “15 years old or older.” Many other sites use the term simply to mean old — and by “old,” I mean last season. Let me tell you: “Vintage” does not mean last season. And that, in answer to your question, has absolutely no age limit.
Persons: , Z, ” Vestiaire Organizations: Cambridge Locations: Larchmont, N.Y
ABOUT 20 YEARS ago, while dining in San Francisco, Lisa Unger Sandman was nearly startled out of her seat. That should never be on the floor!” shrieked a woman at a nearby table, pointing to Ms. Unger Sandman’s black Hermès Kelly bag. Chastened, Ms. Unger Sandman, now a retired banker in Raleigh, N.C., snatched up her purse which, in the current market, often costs at least five figures. Today, Ms. Unger Sandman, 60, would ignore such a reprimand and isn’t so worried if her Kelly risks bodily harm. In its 2023 luxury consignment report, resale site the RealReal noted higher demand than ever for bags in “fair” (i.e., heavily worn) condition.
Luxury resale will boom in 2023 as more brands take control of their second-hand markets. The personal luxury market is expected to grow 3%-8% over the next year, according to Bain & Company. This year, without those stimulus checks, and amid a possibly pending recession, there will be a shift in who is buying luxury items, according to Oliver Chen, a managing director in the retail and luxury section for investment bank Cowen. Insider chatted with four experts, from former merchandisers to retail analysts, to understand how the luxury retail market is bound to change in 2023. Next year, experts expect to see more luxury brands taking control of their own second-hand markets.
"More and more people are now aware they can sell luxury goods for some money and the buyer side is noticing that they can get a great deal," said Zhu, 33. China's second-hand luxury market is tipped to grow to $30 billion in 2025 from $8 billion in 2020, consultancy iResearch said late last year. HANDBAGS, JEWELLERYOffice worker Wang Jianing is exploring buying second-hand luxury products, given the economic climate. China's luxury resale marketplace is expected by analysts to remain dominated by local players for now. Though handbags remain the top-selling category on luxury platforms like ZZER, Zhu said sales of watches and jewellery are also growing fast.
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