Prada sees next-hand manner as prospect, weighs partnerships

VALVIGNA, Italy, Dec 1 (Reuters) – Italian trend team Prada sees chance in the booming next-hand trend sector which it can develop both equally in-home and as a result of partnerships, marketing and advertising main and heir designate Lorenzo Bertelli instructed Reuters.

The current market for pre-owned chic baggage and garments has surged about the last a few yrs, driven by young, far more environmentally conscious customers wanting for reasonably priced high-close items.

It is expected to reach 33 billion euros ($37.2 billion) in measurement this year just after growing by 65% between 2017 and 2021, according to consultancy Bain. This compares with 12% advancement for brand new luxurious products.

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Some rival luxurious businesses are by now exploring the sector. Earlier this calendar year, French conglomerate Kering (PRTP.PA) took a 5% stake in Vestiaire Collective, a main system for second-hand clothing and purses. Kering’s star brand name Gucci also fashioned a partnership with U.S.-primarily based resale platform The RealReal (Actual.O) past calendar year. read through a lot more

“Second hand is a technique we have been investigating for additional than a calendar year,” Lorenzo Bertelli, the eldest son of co-Main Executives Patrizio Bertelli and Miuccia Prada and the future model chief, claimed in an job interview at the Reuters Next meeting aired on Wednesday.

“I can not disclose too significantly but for confident second hand is there. We will get it as an possibility.

Prada’s CEO-in-ready Lorenzo Bertelli poses for a photograph at Prada’s industrial headquarters’ garden factory, in advance of an interview for the Reuters Up coming meeting, in Valvigna Italy, November 22, 2021. REUTERS/Jennifer Lorenzini

“It can be a partnership with a player or it can be something far more in-dwelling, or equally of them, a form of hybrid remedy like for e-commerce,” he mentioned.

The heir to Prada’s empire, who advised Reuters he desires to keep the family-managed team impartial when he takes the reins in a number of a long time, would not seem to be fazed by the long term challenges of the at any time-modifying luxury sector. study much more

For that, he thanks his expertise as a rally driver.

“Rallying and sport in typical taught me a lot. (It) teaches you to hardly ever give up and also a lot of humility, in the feeling that you have to discover,” he stated. “Occasionally sport is cruel, when you want to measure on your own.”

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($1 = .8875 euros)

(This tale was refiled to resolve typo in para 6 in Bertelli name.)

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Writing by Claudia Cristoferi, editing by Emelia Sithole-Matarise

Our Requirements: The Thomson Reuters Have faith in Concepts.