The luxury resale market is booming in Canada
(Photo by Edward Berthelot/Getty Images)]
Ten years ago, a brand new classic Chanel flap bag cost $1,600; today it sells for nearly four times that at $6,300. It?s a key example of why the Canadian luxury resale market has seen major growth in the past decade.
?For some people it?s a good investment,? explains Alice Goldbloom, founder of Montreal-based online luxury handbag reseller Love That Bag. ?Someone who would have bought a bag ten years ago at Chanel is selling it for more than what they paid.?
Currently, that same bag is going for $3,990 on the site, which Goldbloom launched four years ago after noticing the growth of resellers south of the border.
?When I started I literally had no competition,? says Goldbloom. ?Today, it?s a multi-million dollar business.? Worldwide, the luxury retail market has grown to be worth $369 billion in 2015. That same year, the market for used luxury bags, watches and jewellery hit $17.5 billion, according to a study by Bain and Altagamma, an Italian group representing luxury goods manufacturers.
It?s the same trends that prompted Lauren Baker, who founded Lab Consignment in Toronto as a pop-up in 2009, to move online and expand her goods from only selling contemporary designers to accepting and reselling gently used luxury goods.
?When the market fell out, I knew those people were going to need to resell them and get some money in their pockets and people would want to buy resale to help save money,? she says adding that since 2009, Lab...
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