Oscar de la Renta is getting into the fast-growing resale business.
The design house will today launch its own resale platform called Encore. It is intended to provide de la Renta’s clients with a sustainable alternative, extending the life and utility of exceptional vintage pieces. The brand is working with individual clients and reputable vintage sellers to curate an exclusive selection of one-of-a-kind Oscar de la Renta pieces.
As reported, the progression of resale fashion has been swift and explosive, with brands one-upping each other in the name of sustainability, new faces and good press. There are more than 50 fashion companies that have recently entered or invested in resale, including luxury brands like Burberry and mass brands like Levi’s, retailers such as Nordstrom, and fast-fashion players like H&M. And traction has dramatically increased since early efforts in 2014. Brands tend to believe that resale can bring them new customers, new streams of revenue and sustainability.
According to online marketplace Mercari’s first reuse report, the secondhand market is expected to generate $160.1 billion in revenue this year. The total resale market has increased by 53.3 percent during the past five years. The report forecasts that by 2030, American consumers will spend $353.9 billion on secondhand items. This is 153.5 percent growth over 2020, 3.2 times that of the 36.7 percent growth anticipated for the retail sector.
The site is at encore.oscardelarenta.com.
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