The Retailer Tapping The Billion Dollar Gen Z Resale (And Sustainability) Opportunity

Vestiaire Collective Campaign

Vestiaire Collective

Much is said about the meteoric rise of online retail in a world where consumers are demanding access to global products at the click of a button. Many bricks and mortar retailers are reported to be struggling and store closures are increasingly common. Why then, would a digitally native fashion company that has seen tremendous growth (and raised over €100M in funding) in its first 10 years of web-based selling, go offline? What would drive it to bricks and mortar retail? Several factors, it seems, following a meeting with the co-founders and CEO of Vestiaire Collective. Despite the confirmation that it is data that drives this peer-to-peer luxury apparel resale company, the allure and immediacy of presenting unique and hard to find products to a global audience via one very specific retailer is a key part of their growth strategy. The retailer in question is Selfridges—repeatedly named the ‘best department store in the world’ and considered exceptional at delivering unique customer experiences.

A conversation with Selfridges Buying Director, Bosse Mhyr, who has almost 20 years of experience in retail, revealed that there has been a shift of values and expectations of Selfridges consumers. His buying team, spanning several generations and reflective of the store’s diverse customer base, meet with him weekly to make decisions about product drops. “80% of buying decisions are based on sales data,” he said, with the other 20% resulting from what he describes as intangible and subjective magic that comes from working with a team on the hunt for brands and products that are

Keep reading this article on Forbes Business.

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