July 16, 2020
French resale platform Vestiaire Collective has debuted its first bi-annual report called “The Smart Side of Fashion” as the COVID-19 crisis has challenged consumers to rethink their values and behavior.
Even as the fashion industry has been upended by store closures, lockdowns and withheld spending, resale has been one of the few bright spots in retail that has seen a noticeable uptick. The report looks at how the pandemic has affected global trends, the resale business and evolving Vestiaire Collective user behavior over the past six months.
"They say it’s only during a crisis that our values are really tested,” said Vestiaire Collective cofounder Fanny Moizant in the report.
“The last few months have been an enormously challenging test for everyone – including the Vestiaire Collective community – but this report offers a fascinating insight into the way the COVID-19 crisis has accelerated trends that were long overdue in the fashion industry, and refocused attitudes around what we really value and why,” she said.
Vestiaire Collective is one of the leading players in the resale retail space, competing with players such as The RealReal, as well as circular fashion firms such as Rent the Runway.
Old is gold
Highlights of the report reveal:
One really interesting stat that did not pertain to the six-month period monitored, but was from way back: Vestiaire Collective’s most prolific member has bought 3,579 items and sold 594 since the company launched in 2009.
WHAT COVID-19 has done, per the report’s findings, is recalibrate consumers’ shopping behavior of what they value in times of stress, both health and economic.
“The report really serves to underline this, demonstrating that consumers – particularly millennials and Gen Z – want to develop their own sense of style and their consumption habits in new ways, breaking with traditions like fast fashion, and establishing new ways of thinking about buying and selling their clothes,” Ms. Moizant said.