// Prada is considering an entry into the resale scene, its marketing director and future CEO has said
// The decision to add resale to its offering would see it join a long list of luxury companies tapping into the second hand market
Prada is weighing up partnerships with resale platforms amid the rise in luxury fashion houses joining the secondhand market, marketing chief and heir designate Lorenzo Bertelli told Reuters.
The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end goods.
According to consultancy Bain, it is expected to reach €33 billion in size this year after growing by 65 per cent between 2017 and 2021.
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This compares with 12 per cent growth for brand new luxury goods.
Various rival luxury retailer are already exploring the sector. Last year, French conglomerate Kering’s leading brand Gucci formed a partnership with US-based resale platform The RealReal.
While earlier this year, Gucci owner Kering, took a 5 per cent stake in resale platform rival, Vestiaire Collective.
Lorenzo Bertelli is the eldest son of current CEO Patrizio Bertelli, who earlier this month revealed he plans to hand relinquish the top job in the coming three years.
He said in an interview at the Reuters Next conference : “Second hand is a strategy we have been investigating for more than a year. I cannot disclose too much but for sure second hand is there. We will take it as an opportunity.
“It can be a partnership with a player or it can be something more in-house, or both of them, a sort of hybrid solution like for e-commerce.”
The heir to Prada’s empire also told Reuters that he wants to keep the family-controlled group independent when he takes the reins in a few years and is not fazed by the future challenges of the ever-changing luxury sector.