Vibe Check: The State of Luxury Resale
The rise of The Row + other takeaways from TheRealReal's 2024 resale report
In a year when luxury fashion experienced a massive revenue slowdown (with the exception of Hermès, Prada and Chanel), resale platforms are enjoying a boost from aspirational consumers who increasingly feel left out of the market. Given the uncertain economic forecast, the abrupt luxury price hikes coupled with the steady decline in material quality, shoppers are acquiring designer goods on the secondhand market, and many regard them as investments for future gains. Having understood that they can reap the same social rewards from wearing a pre-loved Chanel classic flap, they are favoring brands with high cultural capital (and resale value).
Per TheRealReal’s 2024 luxury resale report, the hottest brands (those that saw an uptick in sales) in 2024 are:
Louis Vuitton (#1 most searched)
Chanel (most-searched handbag brand among Boomers and Gen Zers)
Prada (Gen Z’s most searched brand)
Gucci (second most-searched handbag brand among Boomers and Gen Zers)
Loewe
Miu Miu
Celine
Bottega Veneta
Dior
The Row
No one will be shocked that LVMH, Kering, Chanel and Prada dominate this list, but The Row? That’s a new story. “All those names are really old and iconic,” my friend and Esquire’s e-commerce director Krista Jones said. “The fact The Row is amongst them is crazy.”
Indeed, Mary-Kate and Ashley Olsen’s label launched only in 2006, and it’s already rivaling storied luxury houses thanks in large part to its reputation of creating high-quality, “quiet luxury” products. While The Row doesn’t get everything right (the sandals are notorious for being uncomfortable and causing blisters), their clothes and accessories fly off the shelves (estimated 2024 revenue hovers between $200 and $300M). So much so, they’ve become hot commodities on resale platforms as well. Case in point: according to TRR, the bag every fashion girl wants to own this year is not Louis Vuitton’s monogram Speedy or Chanel’s timeless classic, but The Row’s Margaux handbag.
How did The Row, in such a short amount of time, become a symbol of desire for every generation? After all, it is cost-prohibitive (even when discounted) to the average consumer, and with little to no red carpet presence, limited distribution and discreet marketing, it’s safe to say the brand is comfortable remaining an industry secret.
A disciple of Phoebe Philo, The Row caters exclusively to high earners, and does not engage with mass culture in significant ways, unlike its competitors (i.e. Fondation Louis Vuitton, Loewe Foundation Craft Prize, Miu Miu’s Literary Club etc.) that have attempted to appeal to a broader range of people.