The Capri Holdings-owned luxury house, Jimmy Choo, announced on National Consignment Day its partnership with luxury consignment retailer, The RealRealRealRealThe RealReal.
RealReal is an online website for the resale of genuine luxury goods and is one of the most credible platforms for resale in the industry.
With an extremely rigorous authentication process and over 28 million members from all over the world, the company is known for ensuring a safe and reliable space for buying and selling pre-loved luxury products.
The British luxury fashion house’s partnership with RealReal allows its clients to give up their pre-loved Jimmy Choo items for resale from October 6th onwards.
Why Resale?
The world is a more conscious place these days and so are the people in it. There is a growing need to be sustainable and environmentally conscious, especially in the fashion industry.
This new-found desire to be sustainable, in consumers, combined with the age-old aspirational value attached to luxury products has led to the popularity of resale.
Fashion brands also have been guilted into taking steps toward a more circular economy.
Jimmy Choo is working towards the same with this ‘Circular Partnership.’
Jimmy Choo’s CEO Hannah Colman said during the announcement, “Our partnership with The RealReal reinforces our commitment to the circular economy in addition to our established repair service,”
“The partnership allows us to champion resale by offering our clients an opportunity to give their luxury items a second life. This partnership ties back to the goals we are committed to in our sustainability manifesto,’ she explained further.
The partnership is a combined effort of the two brands to bring about awareness about the resale market and to encourage more and more people to adopt it.
The luxury resale market is a massive global market size to be tapped into.
With its growing popularity, its value is expected to reach USD 68.53 billion by 2028 from USD 16.23 billion in 2020. This growth is projected to grow at a CAGR of 15.53% from 2021 to 2028. (verifiedmarketresearch.com)
“For more than a decade, we’ve been committed to driving the adoption of resale and position circularity as a key solution to the fashion waste crisis. We are confident that reselling even 1 in 5 items would contribute to aligning the fashion industry with the 1.5-degree pathway guidelines given by the Paris Climate Accord. However this cannot be done without overcoming the biggest hindrance to circularity, lack of awareness,” the vice president of public affairs and business development of RealReal, Allison Sommer commented on the resale of luxury products.
How Does This Resale Process Work?
Clients can easily submit their consignment either from Jimmy Choo’s website or by accessing The RealReal’s website. From there the RealReal team will first authenticate the product and then put a price on it.
It is then finally listed on the website, ready for resale.
The fashion house is also taking this opportunity to forge a deeper bond with its clients by offering first-time consignors an opportunity to get a VIP styling session with the Jimmy Choo styling team, either in-store or virtually one-to-one.
Jimmy Choo is not the first luxury fashion house to partner with RealReal. Iconic luxury brands like Burberry, Stella McCartney, and even Gucci are all part of the resale market via RealReal.
As recently as 2021, RealReal partnered with brands like A-Cold-Wall, Jacquemus, Balenciaga, Simone Rocha, Stella McCartney, Dries Van Noten, etc.
