This November, the first RE-Luxury Show in Geneva will educate the public and professionals on the world of re-commerce within the luxury market, examine sustainable innovations and rethink engagement in the pre-owned market.
The resale luxury goods market has notably exploded in recent years with projections expecting sales to last and grow. According to Boston Consulting Group, 70 percent of female luxury buyers shop vintage when making their first luxury purchase – which will likely grow even more considering the more economical and environmentally-friendly values of younger generations.
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The event, initiated by industry female leaders, Fabienne Lupo, CEO of RE-Luxury, Sophie Deletraz partner and Creative Director of RE-Luxury (Creative Lab Consulting) and Raffaella Rossiello partner and Communication Director of RE-Luxury (Rossiello Communication), will consider all sides of the luxury resale market including the value for brands and retailers as well as transparency for consumers, to assist in the momentum.
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“After this period of a pandemic where exchanges were made through screens, I wanted a place to live in real this new phenomenon, a place to gather people, to see products, to touch them, to try them, to get information, to meet experts and learn about resale and circular economy within the luxury sector,” said Lupo on creating RE-Luxury.
“We know that the pre-owned luxury market is growing fast and we believe that many watches and jewelry brands are preparing themselves to join this trend,” said Rossiello. “We believe our event will grow in terms of numbers of brands in these sectors that will join RE-Luxury in the future.”
“Our objectives are to accompany the luxury brands and communities in showcasing a new model and set the references in the circular economy,” added Deletraz. “Our complementary skills and professional experiences give a 360-degree approach. This venture is strongly motivated by our passion in the luxury field and especially our respect and admiration for all the artisans, designers and engineers who contribute to the manufacturing of beautiful, unique and timeless objects.”
Moreover, Lupo shared with Fairchild Studios, that as the resale market continues to grow, “luxury needs to set the trend and be an example. The luxury resale market completely transforms the notion of ‘consumption’ into ‘investment,’ and these are investments that over time often have a value higher than the initial purchase price. Luxury items are part of a person’s heritage and some are even considered investments whose value increases over time.”
This change in consumer behavior tied to heightened values around durability, quality and sustainability is exactly why the luxury sector is uniquely positioned to drive more economical and environment-friendly change. And if there is an industry that must capitalize on these values, Lupo said, it is the luxury industry. The luxury sector has largely acknowledged knowing that today we can no longer continue to consume as we have been doing through various and extensive initiatives.
“Some luxury brands have already embraced this pre-owned market from the beginning, such as the hyper-exclusive watch manufacture Richard Mille,” said Lupo. “For these companies, it is crucial to follow the life of their products and their customers. Managing the resale market also allows to support the first market and to build a privileged relationship with its customers.”
Still, while all luxury brands know they need to manage the resale of goods, many are not yet ready. The RE-Luxury event will be an opportunity for these brands to learn from other industries, share best practices and discover innovative solutions to manage the new business.
For the first edition of RE-Luxury, leading players of this new market will be present to help, including eBay, the worldwide e-commerce platform, Watchbox, the luxury watch collectible platform, luxury brands as Richard Mille and Zénith, and auction houses such as Iconeek and Piguet Auctions.
As the founding partner of RE-Luxury eBay will be presenting its selection of authentic luxury goods including handbags, watches and jewelry, which represent top categories for the marketplace.
“With 27 years of history fostering the world’s largest online marketplace, eBay’s passion for connecting enthusiast communities inspires us to continue supporting innovation in resale, and we are excited to partner with industry-leading events that do just that,” said Tirath Kamdar, GM of Luxury at eBay. “As a global ecommerce leader delivering a trusted, elevated experience through product innovation and an incredible selection, eBay is an ideal partner for luxury brands, sellers and enthusiasts looking to scale their resale efforts in the secondary market.”
WatchBox, the leading platform for luxury collectible watches, will also be presenting a selection of certified authentic goods, including a selection of watches from established brands and emerging watchmakers. WatchBox’s select inventory is complemented by a team of trusted advisors, an international presence and a dynamic media programme, all designed to support the life of a watch collector.
When asked why it was important to Watchbox to be a part of RE-Luxury, Patrik Hoffmann, EVP of Watchbox said the company believes that “the value of the CPO of a brand reflects and supports the value of the brand itself. The demand by the consumer for a transparent and professional CPO market in the luxury watch business, as it has been done in the automobile industry for decades already, has been heard by some players in the CPO market, like WatchBox. The organizers and founders of Re-Luxury have recognized the need of the end consumers and took it a step further by creating the first edition in Geneva.”
Offering another perspective at RE-Luxury will be manufacturers such as Richard Mille, Zénith and Chronoswiss. During RE-Luxury, Richard Mille will display a curated selection of rare watches for visitors to view.
“The pre-owned market is something we have been implementing since 2015 with our Japanese partner,” said Richard Mille. “Since then, we have experienced an exponential demand for historical pieces from the RM collection, and we are very happy to be able to offer this service to our customers in the major markets. When Fabienne told us about RE-Luxury, we seized the opportunity to participate in this show to highlight our certified pre-owned distribution network.”
Recognized retailers including Monaco Legend Group and Ponti Collection will also be present alongside vintage jewelry platforms, Cresus, Castafiore, 58 Facettes. Vintage fashion independent actors, including retailers and online platforms, will also be presenting at RE-Luxury including an exhibition of YSL Vintage Private Collection silhouettes by the famous French collector Olivier Châtenet.
During the event, guests will have access to a “clinic,” highlighting some of the best repair and restoration artisans, a “lab” of start-ups and new players in the luxury sector presenting technological innovations and “talks” where speakers will share expertise through presentations and visitors will be able to share and meet collectors, as well as learn and discover new circular economy trends in the luxury space. Presentation topics include re-commerce, up-cycling, sourcing, blockchain and NFTs, among other trending discussions.
“These panels will bring a different perspective and valuable testimonies from new actors who have invested in this business of second-hand and circular economy, including our partner, the Origyn Foundation, which protects the most valuable luxury objects by issuing certificates of authenticity based on biometric technology,” said Lupo.
Importantly both industry professionals and consumers are encouraged to participate in RE-Luxury’s clinic, lab and talks events, which will answer consumers’ real need for explanations and reassurance from today’s luxury market.
“What unites brands and consumers is the common values carried by RE-Luxury,” said Lupo. “RE-Luxury is not just a fair. It has a commercial dimension, of course, because people are interested in buying or reselling, but it has also an educational mission to rethink tomorrow’s luxury through our Lab, presenting initiatives from startups and newcomers, and through our Talks’ program open to all the visitors.”
When Lupo, Deletraz and Rossiello picture who will be in attendance, the target, whether industry, collectors of beautiful object lovers, will be at RE-Luxury with the common goal of seeing luxury items as pieces that are loved, that have emotional investment – not just everyday objects that the consumer grows tired of and throws away. These items have a history, said the partners, they can be taken care of, restored and passed on.
“The luxury brands are the ‘parents’ of their products, they designed, developed and marketed them and it seemed natural to me that they should be involved in this show,” said Lupo. “For the consumers, we had to create a show that was in line with the times and offer a platform to represent this phenomenon, which I called RE-Luxury. RE-luxury is much more than a trade fair. Visitors can have a 360-degree experience of the circular economy within the luxury field.”
In future editions of the RE-Luxury show, Rossiello told Fairchild Studio that invitations will be extended to even more collectible categories, including the design and automotive markets.