Balenciaga fans here can now conveniently give their pieces a second life: Launched a few months ago by the designer brand in partnership with locally founded, resale as-a-service start-up Reflaunt, the Reflaunt x Balenciaga service helps the brand’s clients to sell their pre-owned clothes and accessories whenever they are ready.
In a conversation with The Peak via Zoom, Stephanie Crespin, one of three co-founders of Reflaunt, and a co-founder of local luxury resale platform Style Tribute, explains the process: Reflaunt offers a white-glove service that allows customers to schedule a pick-up or drop-off of their high-end items from a microsite that is held by the brand and powered by Reflaunt.
Every item is digitised, added to a customer’s digital wardrobe, and listed across a global network of 27 marketplaces, including Style Tribute. When an item is sold, the customer has the option of receiving a cash payment or shopping credits worth 20 per cent more than the cash value.
Once hesitant to enter the thriving— and frequently chaotic—world of resale, more designer brands and retailers are realising that this pillar of the circular fashion economy is only getting bigger and bigger. Rather than sitting on the sidelines, it makes sense for them to play a pivotal role in the very lucrative process: Bain & Company valued the luxury resale market at 33 billion euros (S$49.5 billion) last year.
CLOSING THE LOOPS
This story is from the April 2022 edition of The PEAK Singapore.
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This story is from the April 2022 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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