- Kristopher Fraser |
In a very rare move for a fashion brand, Mark Cross has announced it's launching its own resale platform. Beginning this fall, consumers will be able to bring in their pre-owned bags to be authenticated and sell them for cash or store credit. After that, the products will move to the brand's new vintage storefront. The news was reported by Business of Fashion.
While Mark Cross products can be found on resale sites like The Real Real, this makes Mark Cross one of the first brands to launch their own resale platform. Resale is seen as a cash cow for brands right now, with the global resale market outpacing retail. Resale reached a global market of 24 billion dollars last year and is growing 21 times faster than retail at large as reported by Business of Fashion.
Even luxury department stores, like Neiman Marcus, have begun capitalizing on the resale market. Last year, the company took a minority stake in resale website Fashionphile. However, not all luxury stores and brands on board with the resale model. Chanel has actually gone as far as to sue The Real Real because they say they are the only ones who can authenticate a Chanel product.
Mark Cross's new CEO, Ulrik Garde Due, is looking at resale to expand the brand's business, in addition to newer categories jewelry, small leather goods, and men's products. The brand is also expanding in Europe and Asia.