Last winter, I got a lucky break in every sense. I was a friend’s plus one on a Caribbean cruise. But for an eco warrior, this comes with more baggage than my Patagonia rucksack can carry. On average, a cruise ship emits more carbon per passenger mile travelled than a short-haul flight.
But to paraphrase Katy Perry, I took a cruise, and I liked it, especially the interesting sustainability.
The most unexpected? The fact that our ship, The Arvia, was doing a roaring trade in preloved Chanel Flaps, Louis Vuitton Speedys and Hermes classics.
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Power houses of vintage resale
Yes, I discovered that luxury liners are unexpected power-houses of vintage resale. According to a Cunard insider, some passengers book on a cruise just to secure a luxury bag. There are several reasons – of course, there’s cachet in returning with a holiday glow and a historic, luxury bag; there’s the tax-free pricing too. But mainly, customers love that specialist retailers Harding+ (they operate Cunard’s Reloved programme) source, vet, and authenticate each item before it reaches the ship. They can trust in the provenance and therefore know there’s resale value.
Back at home, I wondered if the same shift in fashion was detectable on land. First, I checked the data. US-based ThredUp is one of the world’s largest online secondhand stores, and its reports act as long-term weather forecasts for preloved. The latest shows uninterrupted sunshine. Secondhand is predicted to reach $367 billion by 2029. Everywhere I looked for evidence that this was something, I found it. Resale data from the RealReal shows the value of the Louis Vuitton Speedy is up 13% since 2021. The Hermes Birkin has risen by 15% in the same timeframe.
Across Vinted’s European markets, Louis Vuitton stands out for speed of sale. This is also an important marker. It offers proof of liquidity. Fashion pieces are no longer status objects collected (or hoarded), but are moving fast enough to create a recognisable economy. The Vintage Economy has arrived.
The Vintage Economy has arrived
The first time I heard of “dresses as an asset class” was from Eshita Kabra Davies, the founder of By Rotation, some years ago. I remember thinking she was very smart, but I didn’t really get it. By Rotation’s close-knit rental community has done a lot of the heavy lifting, proving clothes are no longer static possessions, but monetised repeatedly through the platform and sold off once the rental curve flattens.
Over the last few years, from Nadine Merabi’s twinkly jumpsuits to host award ceremonies, to a Farm Rio number to appear on This Morning, I’ve rented prolifically. Experiencing clothes moving with speed through rental, resale and re-contextualisation so they’re less like traditional garments and more like liquid cultural assets. Eshita, I think I’ve finally got it.
Asset logic spreading to the middle market
It’s not just high price point items. This asset logic has spread into the middle market, too. Zara resale is a good signal. There are now more than 61 million Zara items listed on Vinted. On one level, this sends me into panic-attack territory because why must they produce so much? But on the other hand, it’s a miracle that tech stops this from becoming an online jumble sale. The second life is now visible when we purchase. A £59.99 Zara blazer, a COS coat, a Rixo dress: each comes with an implied future route, whether that be rental, a thrift+ donation-resale credit or Zara’s own second-hand services.
Companies like Trove provide the behind-the-scenes system for brands to buy back their own used items from us, authenticate and resell to new owners. Now, when we search, we’re offered the vintage equivalent. We can mix and match new and old in our shopping carts. It used to be that you couldn’t really do vintage and preloved successfully unless you were gifted an art-school eye and the patience of a Buddhist monk to make random stop-offs at flea markets. Liberation has come through searchability, price transparency, fit familiarity and algorithmic demand.
The margin doesn’t rest just rest in creating product
Brands are finally joining in. For years, they fought resale tooth and nail because recommerce meant surrendering control over pricing, over presentation and over customer data. But the smartest players are coming on board because they realise that the margin doesn’t just rest in creating product, but in owning the second and third monetisation cycles.
Cue Patagonia’s Worn Wear, Levi’s SecondHand, lululemon’s Like New, Ganni’s Repeat, COS Restore, Dr Marten’s Repeat… and I could go on. ThredUp’s figures show 32% of shoppers bought directly from a brand in 2024, while 47% say trade-in credit makes them more likely to try a brand for the first time.
The game is changing
Plus, it is the right thing to do. This being Earth Month, we should remember the hit our planet takes thanks to our linear systems that produce consumer goods, including fashion. We take (from the ground), we make (manufacture), and then we waste (years before we need to). This Take-Make-Waste system is the biosphere’s worst enemy.
Just over half of all clothing purchases made this year will be dumped within twelve months. But the game is changing. Rental brought us “Buy-Wear-ResellGet Credit-Repeat.” Now, vintage economics with its sophisticated technology and brand-involvement moves us further still. We’re edging towards Rediscover-repair-reuse-resell-repeat. That’s exciting! We’re starting to see the circular economy in action, where materials are continually recirculated, and waste is driven out. It’s a lifeline for the biosphere and makes sense for our closets too.