LONDON — Xian Yu, Alibaba’s resell platform, said Thursday it has reached 100 billion renminbi, or $14.9 billion, in sales in 2018, while users on average made 4,296 renminbi, or $638.70 off the platform, a 17 percent jump from 2017.
Xian Yu general manager Weiye Chen said at the 2019 strategy meeting that more than one million users posted two million items every day, for a total of 1.4 billion used items up for resale on the platform. Chen also said the platform’s goal is to achieve one trillion renminbi in sales.
Chen thinks the platform can play a part in the sustainable economy. “The one trillion sales achieved by Xian Yu is not one trillion to retail, nor one trillion to social consumption, but the reuse and conservation of social resources generated after billions of consumptions,” he said.
Founded in 2014, Xian Yu which, loosely translated, means “spare items” not only allows Taobao users to sell their used items, but they can also share their social feeds on its mobile application. Some 61 percent of the registered users were born after 1990.
It’s no secret that Xian Yu is the go-to place for some Chinese fashion editors to cash in their gift items.
One fashion editor said, on condition of anonymity, that she has sold more than 30 pairs of sneakers, such as Nike x Virgil Abloh and Yeezy 350, on the platform. Sometimes a pair of rare sneakers can be sold in as fast as 20 minutes, and at three times its original retail price.
The platform also provides a good selection of secondhand pieces from designers such as Raf Simons, Craig Green and Alyx.
Fashion lovers need to be extra careful, however, as the web site doesn’t provide item authentication, nor does its have strict regulations such as Tmall or Luxury Pavillion. The first search result of Chanel is a questionable “Chanel Rouge Allure” lipstick, priced at 39.90 renminbi, or $6, less than 15 percent of its official retail price.