Fashion is constantly evolving.
It's also one of the most destructive forces on our planet.
We all know that something has to change. And the solution that seems to be
leaping ahead of others is re-commerce.
One such company is Vestiaire Collective.

It was completely about sustainability.
From day one, we realized that our generation was creating waste,
because our generation was the first to consume fast fashion.
One item out of three ends up in a landfill after one year.
So it's literally,

to your point, insane.
And that's what's shocking to us because we love craftsmanship.
We love creativity. We love longevity.
And it makes no sense today to produce and throw away fashion.
That's why we did curation from day one.

We curated the items we wanted to
propose on the platform. And we know, we did a study that
85% of our users are willing to buy less, but buy better.
And 79% of items sold on the platform replace a first-hand market purchase.
What did the luxury brands think of you

when you started?
We knew the brands, and when we said, okay, we're going to launch
a secondhand platform focused on authenticity, they were all looking at us like, 'Okay, do it.'
It didn't occur to them how big the potential of
the secondhand market would be.

Because they were scared
of losing potential market share or customers to us.
But their buyers are our sellers. They are the ones providing the supply
and potentially buying the new collections. We bring in new customers
who are not yet able to afford
a brand new designer item.

But they will start choosing that brand through secondhand. And if they like the experience of that brand, then they will convert into a first-hand buyer. Since 2021, we've been partnering with twelve key luxury players.

We're partnering with Gucci, with Chloé, with Burberry. So if you have a Chloé jacket that you bought and you no longer want to keep, we make things super simple. So you scan the QR code that is on the label,

and then you will access first the history of your piece, where the cotton was grown, and so on. And in one click you'll be able to sell it on Vestiaire. And once you've sold it,

you can give the proceeds to charity, you can buy again on Chloé, or you can have a voucher to buy on Vestiaire. We are proud to have the best teams and the best experts in-house, the best training,

but also to work hand-in-hand with luxury brands that trust us. We are enabling those luxury and fashion brands to enter circularity. I think we were pioneers. We were—it's not "I think." We were pioneers.

We are pioneers. We are the first unicorn founded by two women, also. The place of women in tech is important at Vestiaire, and we continue to raise that voice also in the industry. The re-commerce in fashion market is currently worth around USD 100 billion.

but is expected to significantly outperform the overall fashion industry, growing to a market size of over USD 460 billion by 2030. Altogether, I think recommerce has a long way to go.

And I think brands are not there yet. But they are already very conscious that customers demand and want this type of solution, and we are capable of bringing it to them. Everybody wins? Yes. The planet, the consumer, the brands, the platforms, everybody.

Re-commerce: the future of fashion | FT Rethink

Interested in unbiased global news and want to make sense of a changing world? The Financial Times YouTube channel showcases the best of our visual journalism, going beyond the headlines to help you navigate the world’s new agenda. Our stories will inform and inspire you to lead the way in business and beyond, to rethink existing political and economic models and follow crucial trends. Join us and gain deeper insight into the news. 

Copyright The Financial Times Ltd 2019. FT and 'Financial Times' are trademarks of The Financial Times Ltd. Please do not copy or redistribute FT videos otherwise than in accordance with YouTube's Terms of Service. If you wish to purchase rights to syndicate FT videos, please contact syndication@ft.com.



Financial Times

Introduction to Re-commerce and Vestiaire Collective

Fashion's destructive impact and the rise of re-commerce as a solution.

Vestiaire Collective's focus on sustainability from its inception.

Emphasis on craftsmanship, creativity, and longevity, opposing the fast fashion model.

High percentage of users prioritizing quality over quantity and the replacement of new purchases with secondhand items.

Initial Reactions from Luxury Brands and Partnership Development

Luxury brands' initial skepticism towards the secondhand market's potential.

Vestiaire Collective's role in attracting new customers to luxury brands through secondhand purchases.

Partnerships with major luxury brands since 2021, including Gucci, Chloé, and Burberry.

Collaboration and Circularity Initiatives

Simplified selling process using QR codes for item history and traceability.

Options for proceeds after selling, including charity donations, brand vouchers, or Vestiaire credit.

Emphasis on internal expertise and collaboration with luxury brands.

Vestiaire Collective's pioneering role in re-commerce and its significance as a female-founded unicorn.

Current and projected market value of the re-commerce fashion market.

Brands' growing awareness of consumer demand for sustainable solutions.

The mutual benefits of re-commerce for the planet, consumers, brands, and platforms.