Navigating the second-hand luxury market can be tricky if you don’t do your research. As we’ve discussed many times before, bags can be big investments, and some handbags hold their value better than others (Read: Hermes and Chanel Reported as Best Bag Investments). Resale value can majorly influence whether a consumer buys a bag in the first place. Especially as more shoppers are turning to the second-hand market to score better deals, it is a good idea to do a little homework on prices.
If you’re considering buying or selling a bag, how on earth are you supposed to know what its worth?! Luckily, there’s a “resale calculator” that can answer all of your questions. Recently, Vestiaire Collective, the European luxury resale site, has launched a tool that can find the average resale price of designer goods based off the criteria you enter.
How It Works
Once you load the calculator, you can select from 12 brands (Chanel, Louis Vuitton, Hermes, Céline, Balenciaga, Gucci, Prada, Dior, Saint Laurent, Isabel Marant, Valentino and Louboutin). After choosing the brand, you can select category, product type, style and color. Once you’ve gone through all the parameters, you will see an average resale value of the item you’ve selected. The values are based on data that Vestiaire Collective has been accumulating over the past 7 years from over 5 million members.
As described by CEO Sébastien Fabre in an interview with Fashionista, this new app is incredibly helpful and will definitely speed up the buying and selling process:
“Vestiaire Collective is part of a fashion cycle in which the more new products sold in a boutique, the more products will then be added into the secondary market for resale. We found that a lot of our members were spending a lot of time researching the potential resale value of some of their items before deciding if they should sell, so we decided that a quick and handy tool such as the resale calculator would be really beneficial for fashion consumers. Using the new tool they can find out the potential resale value of a piece in under one minute.”
The second-hand market is pretty saturated, and the new, resale calculator might give Vestiaire Collective an edge over their competition. Other sites such as the RealReal, Poshmark, and Tradesy have similar tools to help shoppers evaluate prices. However, this app is particularly helpful because of its level of specificity with the criteria you can pick.
In addition to the release of the app, Vestiaire Collective has posted many tips about the factors that contribute to a strong resale value.
Here are a few guidelines to follow:
- Bags are usually better investments than clothing.
- Brand Activity – Certain events in the industry can increase interest surrounding the brand such as the arrival or departure of a creative director.
- Season – With the exception of collector’s items, items are usually worth more when sold in the same season.
This launch will hopefully inspire many more tools to help shoppers make the best decisions. Will you be using the Vestiaire Collective resale calculator for your future shopping?
Read related articles below:
10 Useful Tips for Buying Pre-Owned Bags
Hermes and Chanel Reported as Best Investments
Should a Bag Be an Investment?
Vintage Trend on the Rise in China