Tradebyte: Why luxury brands can't ignore the second-hand marketplace.

The second-hand luxury fashion market is growing due to changing consumer attitudes and advancements in technology. Tradebyte, an integration platform, connects brands and retailers with online marketplaces. Many luxury brands are hesitant to embrace the second-hand market because they fear it will diminish their brand's exclusivity and value. However, Tradebyte argues that resale offers an opportunity to cultivate the next generation of luxury consumers. The success of the second-hand luxury fashion market is made possible by technological developments and shifting consumer habits. Younger consumers are gravitating towards higher-quality investment pieces from prestigious brands via the resale market. Transparency and sustainability are important factors for younger consumers, who expect detailed sourcing information and ethical practices from brands. By embracing resale channels that champion circularity and deliver immersive experiences, luxury brands can forge enduring connections with buyers. [Extracted from the article]