Mytheresa and Vestiaire Collective are riding a wave of demand for pre-loved luxury goods, and plan to expand their partnership to all Mytheresa customers, not just the VIPs, in Europe, the U.K. and the U.S.
An announcement is expected Tuesday.
The two brands struck their first deal three years ago, offering a resale service to Mytheresa’s top customers in Europe. In the span of a year, they expanded the service to the U.K. and then to the U.S. Mytheresa has a special landing page on its site for the resale service.
Mytheresa said that since June 2021, when the partnership launched, customers have successfully listed more than 26,000 pieces, including ready-to-wear, shoes, bags and accessories on Vestiaire.
As of Tuesday, all Mytheresa customers will be able to sell pre-loved luxury pieces and receive an instant Mytheresa store credit in return as part of the expanded Mytheresa x Vestiaire partnership. Customers need not have purchased merchandise on Mytheresa to resell it via the Vestiaire partnership.
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Mytheresa chief executive officer Michael Kliger said that 70 percent of Mytheresa sellers have used the service more than once, while 40 percent of the business comes from clothing, with the rest from accessories.
“Offering our loyal customers a quick and easy way to give new life to their pre-loved designer pieces is highly important to us, and we are committed to delivering a seamless and responsible luxury shopping experience,” Kliger said.
In an interview, Kliger added that Mytheresa customers are as enthusiastic about reselling their luxury goods as they are buying new ones.
“They are wardrobe builders, and they [often] run out of space, so the [rhythm of reselling] has been very organic. It’s become a seasonal cycle with people looking into their wardrobes and realizing they need something new. Their existing clothes may be in great shape, but they don’t wear them as much” so they resell, he said.
Vestiaire CEO Maximilian Bittner described the expanded partnership as “a significant milestone” in its mission to promote circularity.
“We cannot do this on our own. Vestiaire Collective is the only secondhand player partnering with top fashion brands and retailers through its “Resale as a Service” program.
“Partnering with key industry players such as Mytheresa is essential to drive this transformation. Each partnership is tailored to complementary needs and we are thrilled to have Mytheresa as our historical partner,” he said.
Mytheresa is the largest multibrand retailer on Vestiaire and is listed as a single “expert seller.” Bittner said Vestiaire shoppers actively seek pre-owned items from Mytheresa customers.
“People are specifically looking for this partnership and the repeat rates of customers using the service are high. They are [actively] coming back to it,” he said.
Bittner added that, on average, Mytheresa customers deposit items four times a year, with the most active among them selling something every week.
He believes that U.S. customers in particular go to Vestiaire “for very unique European styles, which they might not get access to in the U.S. I think there is this idea of a treasure hunt. They’re looking at the latest stuff coming in from the Mytheresa sellers.”
Kliger said the U.S. market is a major sales driver behind the service.
“We have seen the strongest growth in the U.S. with the number of unique U.S. sellers [almost tripling] in 2023 compared with 2022. We also see a huge potential for future growth,” he added.
Bittner said the estimated value of the apparel, footwear and accessories resale market is around $200 billion worldwide, and is expected to grow 15 to 20 percent annually.
“Resale has a huge potential in the U.S. The secondhand market has grown significantly, and it shows no signs of slowing down. Today we have four authentication centers across the globe, including one in Brooklyn, ensuring that every item is verified physically or digitally,” Bittner said.
Asked about some of the sales trends he’s been seeing, Bittner said “brands that are hot firsthand are usually hot secondhand. You also see spikes around new cycles, such as designers changing houses or when there’s a particularly good show.”
