Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Jeweler brings Midwest to the Southwest
    Tara Fine Jewelry: Atlanta’s not-so-secret, best-kept secret
    Finding the Big Ones; Zambian Trophies for the Ages
    The Golden Girls of Gemstones
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Hard Rock Summit event info
    Hardrock Summit to return to Denver in September 2023
    ASJRA brooch
    Iconic Jewelry Firms is theme of ASJRA’s 18th annual Conference
    DMIA members meet-and-greet and hear updates from GIA, NDC
    diamonds on plant
    How to drive more sales and referrals through social media
  • Podcast
  • Columnists
    The Story Behind the Stone: Diamonds on Pins and Needles
    Jewelry Marketing Survival Guide
    The Story Behind the Stone: Out of the Blue
    What’s Hot Now!: Latest Designer Trends 2023
    A Winning Strategy: How SEO and buying intent can skyrocket your sales
    business people shaking hands
    Networking for small business owners
    Is the customer always right?
    Successful Custom: A Clean Disaster
    Brad Huisken
    A quick note about technology
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Jeweler brings Midwest to the Southwest
    Tara Fine Jewelry: Atlanta’s not-so-secret, best-kept secret
    Finding the Big Ones; Zambian Trophies for the Ages
    The Golden Girls of Gemstones
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Hard Rock Summit event info
    Hardrock Summit to return to Denver in September 2023
    ASJRA brooch
    Iconic Jewelry Firms is theme of ASJRA’s 18th annual Conference
    DMIA members meet-and-greet and hear updates from GIA, NDC
    diamonds on plant
    How to drive more sales and referrals through social media
  • Podcast
  • Columnists
    The Story Behind the Stone: Diamonds on Pins and Needles
    Jewelry Marketing Survival Guide
    The Story Behind the Stone: Out of the Blue
    What’s Hot Now!: Latest Designer Trends 2023
    A Winning Strategy: How SEO and buying intent can skyrocket your sales
    business people shaking hands
    Networking for small business owners
    Is the customer always right?
    Successful Custom: A Clean Disaster
    Brad Huisken
    A quick note about technology
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Latest News Other News

Three reasons jewelers should consider selling pre-owned luxury goods

Cyndee Harrison, editor, Pawnbroker Network by Cyndee Harrison, editor, Pawnbroker Network
March 14, 2022
Share on FacebookShare on Twitter
Reading Time: 4 minutes
Pre-owned luxury expert Deanna Thompson
Pre-owned luxury expert Deanna Thompson

(IRVINE, Calif.) – The secondhand designer handbag market is growing four times faster than the primary luxury designer market, driven by a growing number of customers looking for availability, value and sustainability. As a result, online sites like The Real Real and ReBag are growing exponentially. By 2023, the resale luxury segment is expected to account for $23 billion. This boom has an increasing number of fine jewelry retailers interested in carrying handbags in their stores.

“It’s a natural fit,” explains Deanna Thompson, who is recognized as one of the country’s foremost authorities on pre-owned luxury goods. Thompson is known for frequent speaking engagements as well as her published books, Chanel Reference Guide, and The Beginner’s Guide to Luxury Handbag Authentication, Volumes 1-4, and A Beginner’s Guide to Louis Vuitton.

Here are three reasons that fine jewelers should consider offering authenticated pre-owned luxury items:

  • Product Pairing: Designer handbags are a revenue driver that taps into new customers to fine jewelry retailers. These premier luxury accessories enjoy a popularity that’s remarkably similar to fine jewelry. Pairing them together makes an iconic fashion statement, whether worn on the runway or to the corner coffee shop. Offering both together in a single setting allows the customer to experience them together and increases the likelihood of them being purchased together.
  • Buyer Crossover: Jewelers spend years building relationships with the most discerning customers in their communities. Authentic luxury handbags are a natural fit that meets the customer’s needs and taps into the existing customer database.
  • Higher Self-Purchases: It’s estimated that 40% of fine jewelry sales are either purchased or picked out by the intended wearer. While that number may seem high, it is eclipsed by the self-purchase rate of handbags. A new product mix will allow jewelers to increase their in-store foot traffic, improving sales of every product line.

Launching into pre-owned designer luxury goods isn’t as straightforward as becoming an authorized reseller of brands like David Yurman or Kendra Scott. That’s because labels like Louis Vuitton, Chanel, Dior, by contrast, tend to sell items exclusively in their own boutiques or in a select few retailers. Jewelers are, therefore, increasingly interested in selling authentic pre-owned goods.

Managing the process of sourcing authentic high-quality inventory and product knowledge could be risky and time-consuming for a business owner trying to go it alone. That’s why Thompson founded Marque Mentor alongside Quentin Caruana, President and CEO of MARQUE Luxury, the world’s largest wholesaler of authentic pre-owned luxury goods.

“It’s always been my mission to empower business owners to tap into the luxury resale market,” she shares, “Marque Mentor is how we’ll accomplish this as a community and meet the increasing consumer demand.” Members of the platform enjoy real time access to experts for authentication insights, product knowledge, education and other invaluable support. March 14 through April 1, jewelers can take advantage of a free two-week trial of the platform. More information about this limited-time offer is available at www.marquementor.com/jeweler-free-trial

Cyndee Harrison, editor, Pawnbroker Network

Cyndee Harrison, editor, Pawnbroker Network

Related Posts

diamonds on plant

How to drive more sales and referrals through social media

March 22, 2023
NDC Education Partner Program

Mystery shopping results reveal opportunity for proactive consumer natural diamond education

March 20, 2023
jeweler

ASA partners with BrankoGems Academy to offer testing loose and mounted diamonds and gems training

March 20, 2023

Jewelry Marketing Survival Guide

March 15, 2023

Latest News

Industry Events

Hardrock Summit to return to Denver in September 2023

March 22, 2023
Industry Events

Iconic Jewelry Firms is theme of ASJRA’s 18th annual Conference

March 22, 2023
Industry Events

DMIA members meet-and-greet and hear updates from GIA, NDC

March 22, 2023

Other News

How to drive more sales and referrals through social media

The Story Behind the Stone: Diamonds on Pins and Needles

Mystery shopping results reveal opportunity for proactive consumer natural diamond education

Jewelers of America announces 2023 GEM Awards winners

ASA partners with BrankoGems Academy to offer testing loose and mounted diamonds and gems training

KIL N.Y.C. introduces the Cranium Ring

Southern Jewelry News

© 2022 Southern Jewelry News.

Additional Information

  • About
  • 2023 Jewelry Trade Shows & Events
  • Media Kit
  • Contact
  • Sitemap
  • Newsletter Signup

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Podcast
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription

© 2022 Southern Jewelry News.