Prada Sees Opportunity In Booming Second-Hand Fashion Market

Speaking to Reuters, Prada marketing chief and heir Lorenzo Bertelli said that the fashion house sees opportunity in the booming second-hand fashion market, which it believes it can develop both through partnerships and in-house. 

Over recent years, the market for pre-owned luxury goods has surged, largely driven by younger, more environmentally-conscious consumers. According to a new report by thredUP, the second-hand market for luxury goods will double over the next five years, reaching $77 billion by 2025. 

Some luxury brands are already exploring this avenue, with Kering taking a 5% stake in leading second-hand platform Vestiaire Collective earlier this year. 

In an interview at the Reuters Next conference, Lorenzo Bertelli said, “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.”

According to thredUP’s report, 2020 saw around 33 million consumers buy pre-owned garments for the first time amid increasing awareness of the need to shift towards greater sustainability.