![]() ![]() Second-hand goods are, of course, inherently sustainable in that they give new life to resources that are already made. “Watches are the next big thing that we will own in a much more fluid fashion” According to a report by Thredup, a popular re-commerce site, the resale market is growing 24 times faster than traditional retail, with 77 percent of surveyed Millennials more likely than other generations to spend more on sustainable brands. Growth in the second-hand market can largely be attributed to Millennials and their increasingly ethics-driven shopping habits. “Watch brands, retailers and consumers have started to understand that pre-owned isn’t just a small niche of the market - it’s a long lasting part of the industry.” Chronext, which in January raised US$34 million in funding, has grand plans to expand the profile and international footprint of the e-commerce platform, striking while the iron is hot, as it were. “There’s definitely a paradigm shift in the industry,” explains Philipp Man, co-founder and chief executive of Chronext - an online marketplace for new and used luxury watches founded in 2013. According to analysts at Berenberg, the market is currently worth US$25 billion, and is set to grow by 10 percent year-on-year. Now, second-hand means a second chance at finding that sold out Loewe bag from 2016, or simply a more sustainable way to consume fashion without the guilt (or price tag.)Īs the fashion industry becomes increasingly savvy with how it embraces the concept, the luxury watch sector is next to experience a boom in second-hand retailers. With second-hand resale sites like Vestiaire Collective and The RealReal on the rise, pre-loved fashion is beginning to shake off aging stereotypes and negative connotations - no longer do we think of oversized hand-me-downs or dusty old charity stores. ![]()
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