Vestiarie Collective is dropping its commission rates by 10 percent. Appropriately, the change starts today, April 10, meaning that all the inventory items already on the site will be reduced by 10 percent, but the sellers will still receive the original price.
The move is the first in a series of changes being instigated by new CEO Max Bittner. “This significant drop in commission will encourage more sellers to the site,” he said, while offering more accessible prices to buyers. “I believe that giving our users more direct value is the most powerful medium to keep them engaged and excited,” he added.
The decrease comes most likely in response to increased competition from a growing number of luxury resale platforms such as The Real Real and Vinted. The value of the resale industry is currently estimated at around 8 percent of the $295 billion luxury market and is predicted to double by 2022.
A Balmain spring ’19 dress available to rent at Armarium’s Le Bon Marche pop-up.
CREDIT: Jacques Burga
However, it isn’t only the luxury resale market that is experiencing a boom. Luxury online rental platform Armarium has seen an average year-on-year growth of 200 percent since its launch, said CEO Trisha Gregory. Founded