Posts

Neiman Marcus pushes into secondhand retail as resale category climbs

Luxury Daily – Retailer Neiman Marcus Group is furthering its interest in luxury resale with an investment in designer handbag and accessory consigner Fashionphile, its latest partnership with an upscale secondhand platform.

In light of the rapid growth of the high-end consignment market, Neiman Marcus has previously sought strategic relationships with resale retailers. However, its minority stake in Fashionphile marks the retailer’s first investment in a secondhand luxury company.

“Secondhand or ‘preloved’ luxury merchandise is joining the mainstream trend of consumers that are passionate about sustainability and recycling,” said David Naumann, vice president of marketing at Boston Retail Partners, Boston. “Buying used merchandise and clothing doesn’t have the stigma it had in the past when people were embarrassed to admit they purchased an item at a secondhand store.

“Now, even some very affluent consumers are comfortable and proud to purchase previously-owned items,” he said. “Partnering with luxury resellers enables Neiman Marcus customers to enjoy the benefits of luxury goods at a fraction of the full price and it is a great way for aspiring consumers to obtain luxury goods they normally couldn’t afford.”

“Partnering with resellers enables luxury retailers to participate in the secondhand market opportunity without setting up completely new processes for obtaining used merchandise, inspecting it and managing the inventory and promotion of the items,” BRP’s Mr. Naumann said. “It allows them to offer used merchandise options immediately with minimal start-up costs.”

Read Full Article: Neiman Marcus pushes into secondhand retail as resale category climbs