Understanding the surge in pre-owned luxury: accredited re-sellers share insights
Experiencing luxury is a dream for many but only a few can attain it. Maintaining it is the standard for those who already live an affluent lifestyle.
With trends forever evolving, those who appreciate the finer things are getting their hands on the latest bag or shoe and, sometimes, it gets a little too many.
To declutter their wardrobes and make space for the new items, they have to find sustainable ways to let go of their previously loved items and that means selling them to brands like Luxity.
Owned by Luke Calitz and Michael Zahariev, Luxity is one of South Africa’s largest pre-owned luxury reseller.
They buy and sell luxury goods such as handbags, shoes, watches and jewellery from some of the world’s most sought-after brands like Louis Vuitton, Rolex, Chanel, Hermes and many more.
“We stock up to 50 items and we buy and sell these items on both the e-commerce and walk-in stores in the four biggest cities in South Africa,” said Zahariev.
On how they started, Zahariev explained that it was their wealthy friend who inspired the idea after she asked them to help her sell luxury items she no longer wanted.
“She wanted to sell them but was afraid of selling online on the classified websites because she didn’t want people coming to her house.
“She thought it would be unsafe and was also worried that people might think that she was selling fake items,” Zahariev explained.
“She wasn’t even sure people would want to buy the items because how could they know they were real? We kind of spotted an opportunity there to set up an online store to list the items and help them sell.
“Once we did it, we started getting a lot of enquiries from other ladies also looking to sell their items and that’s how Luxity came about, it was all about solving a friend’s problem.”
We all know that there are a lot of counterfeit goods in the luxury market. Sometimes it can be hard for people to distinguish between real and fake, especially when buying online.
To ensure their credibility, Luxity had to do a lot of research and invest in advanced technology.
“Ten years ago when we started, the quality of the fakes was much worse. We had to train ourselves, learn a lot about the heritage of the brands and how to identify the fakes and build up technology over time to ensure that we were selling authentic goods.
“All our goods are checked to ensure that they are authentic and we have a 100% return policy should you ever find out that there was anything in question or anything wrong with the item,” he said.
There are many reasons why people sell their pre-loved luxury items to resellers. The most common ones is that when people move abroad, they can’t take everything.
“We have other reasons like a girlfriend selling items after a breakup. We also have ladies who would come to us every season and say they just need space in their cupboard because they are going overseas and need to buy more items.
“So they are selling items not because they need the money, but because they need storage space,” said Zahariev.
“And recently, a lot of people have started selling their items because they found that it’s better for the environment.
“So the whole the sustainability question ensures that individuals are not just throwing items away, or letting them go unused. Instead, they create an opportunity for someone else to have it and use it at a bit of a lower price and help the sustainability movement.”
The biggest consumers of these pre-loved luxury items are women between 35-55 years. This is because they can afford as they are generally medium to high-income professionals.
Most of them are people who are looking for limited edition items or brands that aren’t available in South Africa.
“It’s really about access. Access means you have a greater chance of getting it at a slightly lower price. In South Africa, it’s very difficult to get access because the only luxury brands are in Joburg and Cape Town and recently a few in Durban.
“But there are a lot of people all over the country who want access to these items,” said Zahariev.
He added: “For example, if you’re in Gqeberha and want to buy Louis Vuitton, you can’t buy it online because they don’t sell there. So you need to purchase it either through accredited resellers or by going to one of the major cities. #
“So I think that access to high-end items and being able to purchase them online is one of the reasons why people buy pre-owned.”
With that said, this trend, which is already huge overseas, is expected to grow tremendously in South Africa as many people are now open to the idea of buying pre-loved luxury items not only to save money but to get their hands on vintage and latest items from brands like Chanel, Hermes and Rolex that don’t sell fashion items in South Africa.