MILLENNIAL MINDSET

Emirates Woman|Emirates Woman May 2020

MILLENNIAL MINDSET
Eight years after The Luxury Closet’s launch in the MENA region, it’s now a global success. Founder Kunal Kapoor discusses how the appetite for pre-owned luxury items has grown and how it has “disrupted the whole value chain of fashion”, adding a sustainable edge
OLIVIA MORRIS
Trends have continuously come and gone in the fashion industry, but with sustainability at the forefront of people’s minds, consumers have become a lot savvier and more conscious when it comes to their shopping habits.

Someone that knows about this trend all too well is the founder of The Luxury Closet, Kunal Kapoor. “Consumers’ luxury-shopping habits are changing; they’re taking into consideration what ownership really stands for and its definition, along with the impact it has on the environment too,” he tells Emirates Woman. This movement and mentality has largely been spearheaded by the millennial generation, according to Kunal.

“They think differently and have a louder voice with social platforms and have the power to affect their family’s decisions too,” he explains. “Over 50 per cent of millennials consider resale value of a luxury item and are influenced by the sustainability movement and factors before purchasing a premium item. This coupled with the fact that pre-owned items are priced around 60 per cent less than retail prices, it creates a very attractive proposition for customers.”

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Emirates Woman May 2020