(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
