Reuters Next: Prada sees second-hand fashion as opportunity, weighs partnerships

Realreal

01/12/2021 07:30

By Lisa Jucca
    VALVIGNA, Italy, Dec 1 (Reuters) - Italian fashion group
Prada  1913.HK  sees opportunity in the booming second-hand
fashion sector which it can develop both in-house and through
partnerships, marketing chief and heir designate Lorenzo
Bertelli told Reuters.   
    The market for pre-owned chic bags and clothes has surged
over the last three years, driven by younger, more
environmentally conscious shoppers looking for affordable
high-end goods. 
    It is expected to reach 33 billion euros ($37.2 billion) in
size this year after growing by 65% between 2017 and 2021,
according to consultancy Bain. This compares with 12% growth for
brand new luxury goods. 
    Some rival luxury companies are already exploring the
sector. Earlier this year, French conglomerate Kering  PRTP.PA 
took a 5% stake in Vestiaire Collective, a leading platform for
second-hand clothes and handbags. Kering's star brand Gucci also
formed a partnership nL2N2KZ23T with U.S.-based resale platform
The RealReal  REAL.O  last year. urn:newsml:reuters.com:*:nL2N2KZ23T 
    "Second hand is a strategy we have been investigating for
more than a year," Lorenzo Bertelli, the eldest son of co- Chief
Executives Patrizio Bertrelli and Miuccia Prada and the future
brand leader, said in an interview at the Reuters Next
conference aired on Wednesday.
    "I cannot disclose too much but for sure second hand is
there. We will take it as an opportunity.
    "It can be a partnership with a player or it can be
something more in-house, or both of them, a sort of hybrid
solution like for e-commerce," he said. 
    The heir to Prada's empire, who told Reuters he wants to 
keep the family-controlled group independent nL8N2SF4OL when he
takes the reins in a few years, doesn't seem fazed by the future
challenges of the ever-changing luxury sector. urn:newsml:reuters.com:*:nL8N2SF4OL 
    For that, he thanks his experience as a rally driver.
    "Rallying and sport in general taught me a lot. (It) teaches
you to never give up and also a lot of humility, in the sense
that you have to learn," he said. "Sometimes sport is cruel,
when you want to measure yourself."  
 To watch the Reuters Next conference please register here https://reutersevents.com/events/next/
  

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 (Writing by Claudia Cristoferi, editing by Emelia
Sithole-Matarise)
 ((Claudia.Cristoferi@thomsonreuters.com; +39 3480848422;))