Prices will drop an average of 10 percent on resale website Vestiaire Collective from tomorrow, April 10, thanks to substantial changes to its commission structure, the company informed today via a press release. The change is part of Vestiaire Collective’s new vision under recently-appointed CEO Max Bittner, who joined the company in November and aims to make sure it’s the most competitive resale platform in the market.
Commenting on the choice to review its commission policy, Vestiaire Collective said in the statement: “the resale industry is currently estimated to be around 8 percent of the 260 billion-dollar luxury market with forecasters predicting that the industry will double in size by 2022. As more fashion consumers turn to resale as a sustainable way to access the products they desire, the next few years will prove to be a turning point for the industry”.
The company believes the 10 percent drop in price will make the website more attractive to both shoppers and sellers. “This significant drop in commision will encourage more sellers to the site, knowing they will be able to sell their item at a fast rate whilst also making a strong profit. For the buyers,it means they can purchase the desirable pieces they’ve always wanted at even more accessible prices”, explained Bittner in the statement.
Founded in Paris in 2009, Vestiaire Collective currently operates across 50 countries. The platform, which has over 8 million members, receives an average of 30,000 new items every week.