A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Kering Invests in Secondhand Luxury Site Amid Sustainability Push
Vestiaire Collective sells pre-owned luxury goods from brands like Tiffany, Cartier, Rolex, and TAG Heuer.
Paris—Kering has made a multimillion-dollar investment in secondhand luxury site Vestiaire Collective as the conglomerate continues to emphasize sustainability in fashion.
The company behind brands like Gucci and Alexander McQueen teamed up with Tiger Global Management to provide $216 million in funding to the platform.
Founded in 2009, the pre-owned luxury platform allows users to buy and sell items on the site following an authentication process.
It stocks a variety of high-end brands, like Chanel and Prada, offering designer clothes and shoes as well as jewelry and watches.
Shoppers can find secondhand Tiffany & Co. and Cartier jewels as well as pre-owned Rolex and TAG Heuer watches.
By offering pre-owned items, Vestiaire Collective said it can extend the lifespan of pieces and help negate the environmental impact of overconsumption.
The company said its transaction volume more than doubled, while membership grew 90 percent year-over-year in 2020.
This investment will better position the site for future growth, Vestiaire Collective said, helping it to scale up its technology and data capabilities.
The platform will more than double the size of its technology team, creating 155 new positions, as it focuses on using artificial intelligence and leveraging data to improve the customer experience.
Following the investment, Kering holds about a 5 percent stake in the company and will be represented on Vestiaire Collective’s board of directors.
The pre-owned fashion sector has seen strong growth over the last three years, said Kering, and that has only accelerated during the pandemic.
Younger shoppers are driving the trend as their calls for sustainability grow louder.
RELATED CONTENT: In an Age of Purposeful Purchasing, Secondhand Diamonds Surge Ahead
“The resale sector as a whole is experiencing rapid growth, especially amongst millennial and Gen Z consumers, which will come to shape the retail landscape of the future,” said Maximilian Bittner, CEO of Vestiaire Collective, in a press release about the investment.
The number of secondhand pieces in people’s closets is predicted to grow from 21 percent in 2021 to 27 percent in 2023, said Kering.
The value of the secondhand sector could be worth more than $60 billion by 2025.
“Pre-owned luxury is now a real and deeply rooted trend, especially among younger customers,” said Kering CEO François-Henri Pinault in a statement.
“Rather than ignoring it, our wish is to seize this opportunity to enhance the value we offer our customers and influence the future of our industry towards more innovative and more sustainable practices.”
Kering recently placed seventh in the Corporate
The company ranked first in the clothing and accessory retail category for the fourth year in a row.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.