Luxury fashion e-tailer Mytheresa has teamed up with resale platform Vestiaire Collective to launch a new second-hand fashion service.
The tie-up will allow Mytheresa customers to use a dedicated web interface to sell their second-hand fashion - the process of which will be run by Vestiaire Collective.
The programme will initially be available for Mytheresa’s “top clients” in Europe to sell second-hand handbags from a list of around 20 luxury designer brands in exchange for store credit.
The two companies then expect the service to expand to all product ranges, more brands and more Mytheresa customers by the end of 2021.
Mytheresa enters resale market
Michael Kliger, the CEO of Mytheresa, described the partnership as “unique and innovative” and said it would help the company “drive change in the fashion industry by incorporating circularity into our business model”.
“We see a huge potential for the program and can’t wait to extend it to more customers, categories and markets in the next months,” he said in a release.
It’s a tie-up between two companies tapping into different but similarly fast-growing markets in the fashion industry.
Mytheresa is one of the leading players on the luxury fashion e-tail scene, competing with rivals like Farfetch and Amazon’s recently announced Luxury Stores.
The Munich-based marketplace, like its competitors, has been reaping the benefits of consumers’ accelerated shift to online channels in the past year.
In the three months to March 31, the business reported a 47.5 percent increase in net sales to 164.8 million euros, while adjusted net income was 4.5 million euros, compared to an adjusted net loss of 0.1 million euros a year earlier.
Similarly, Vestiaire Collective is one of the leading companies in the burgeoning resale market, competing with rivals like Vinted, Depop and ThredUp.
In March, the Paris-headquartered company announced the completion of a new 178 million euro (216 million dollar) financing round backed by Gucci-owner Kering and US-based hedge fund Tiger Global Management.
Kering chairman François-Henri Pinault described the booming resale market as a “real and deeply rooted trend” as his firm snapped up a 5 percent stake in Vestiaire Collective.
Commenting on the new partnership with Mytheresa, Vestiaire Collective president and co-founder Fanny Moizant said: “We’re going to keep amplifying the voice of resale as a crucial part of achieving a more sustainable fashion system.
“And we’ll continue partnering and fighting side-by-side with brands and retailers, encouraging their customers to embrace circular fashion by reselling pieces they no longer wear.”