This year, the pre-owned luxury market has taken off in Mzansi in an unexpected way thanks to supply from wealthy individuals has increased. As a result - and most importantly for you, the eager luxury thrifter - prices have fallen (when compared to the retail sector).
“It’s been a fantastic year for the pre-owned luxury market in South Africa, with an increase in wealthy clientele supplying us with more of their unwanted items,” says Luke Calitz, Director of Luxity - a local pre-owned luxury item store based in Cape Town.
For those who didn't know just how much the pre-owned luxury market is growing and as a result, had written off the prospect of having Dior galore in your wardrobe, this luxury report might open your eyes to a whole new world of affordable Oui Oui and sì sì in your life. And not the knocked-off kind.
Different to thrifting a United Colors of Benetton sweater for R30 or a Dior knit for R100 at a thrift store in a gentrified neighbourhood, the pre-owned luxury market offers fashion enthusiasts gently worn, pre-loved items.
If you keep a keep an eye on luxury European brands, you'll know that every fashion house has its classic item that makes a return every season... or it actually just never goes off circulation and simply gets minor design tweaks. A few examples include Louis Vuitton's Neverfull or their Capucines handbag, the classic quilted Chanel handbag, Christian Louboutin's classic Kate stiletto pumps, and Burberry's Chelsea Heritage trench coat, which you might find going for R1600 at the Rosebank Sunday market.
So if you're someone who owns a few of these sought after items, do you know which are the best brands to sell from your wardrobe if you’re looking for some cash? Well, South Africa’s top resale value, according to a recent report by Luxity, comes from Louis Vuitton, Chanel, Gucci, Hermès, and Christian Louboutin.
In addition to this report, Luxity revealed that brands whose year-on-year resale value improved were Fendi, Jimmy Choo, and Gucci (by a small margin). This was due to the demand for Fendi from Cape Town millennials which pushed up the price.
So, if you invested in a pair of amazing Fendi shoes last year you could have sold them on for nearly what you paid for and made space in the wardrobe this year. Just be aware that the condition of the item will affect its resale value.
READ MORE: Is Africa ready to be a luxury fashion hub?
“Also, this year saw internet searches increase. The same major players took the top spots here, but it’s interesting that search numbers, in some cases, doubled,” says Calitz.
Once again we have proof that purchasing a Chanel Medium Classic Flap Bag is better than gold.
Locally, these bags were a better investment over the last year than buying shares in, say, a large wholesale retailer.
“For the second year in a row, we’ve been able to show that fashionistas had the right idea all along. Style investments are worth it,” concludes Calitz.
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