Instantluxe To Sell Second-Hand Luxury to China’s FashionistasAndrew Roberts
Instantluxe, a reseller of second-hand luxury goods from $75 Dior ties to $50,000 Hermes handbags, has won over the French and is now setting its sights on China.
Paris-based marketplace Instantluxe will open a Chinese version of its website today, targeting both the richest customers who can afford luxury items at full price and middle-class customers who aspire to them, according to co-founder Yann Le Floc’h. Instantluxe enables consumers to buy and sell used luxury goods directly to each other while verifying product authenticity.
“The growth potential of this market is considerable,” Floc’h said in an interview. “There is a love affair between the Chinese and luxury goods.”
The growing demand for second-hand luxury goods in China reflects the changing attitudes and consumption patterns of younger consumers, according to Avery Booker, a partner at China Luxury Advisors. In July, Chaoyang, China-based reseller Secoo raised about $100 million to help expand its three million-plus membership.
Instantluxe enters China amid a government crackdown on luxury spending and as high-import tariffs make many full-priced items too expensive for most local shoppers. There’s also a glut of product in shoppers’ closets after years of consuming the multiple collections fashion companies churn out annually.
Chinese shoppers are learning that second-hand items can still be “like new,” said Booker.
The growth of peer-to-peer selling signals that Chinese consumers “no longer hold reservations about a lessening of prestige or status through owning a second-hand bag,” said Booker. Younger Chinese shoppers “enjoy the feeling of getting a good deal, and they’re digitally native, savvy, online shoppers.”