Fast fashion is no longer popular, why second-hand luxury clothing has become a new trend
L'OFFICIEL interviewed Fanny Moizant, president and co-founder of Vestiaire Collective, to discuss the decline of fast fashion and the rise of the second-hand luxury market. If you are concerned about environmental issues or are interested in purchasing second-hand fashion luxury goods, you may want to spend a few minutes reading the following interview.
Fast fashion is sold at low prices and is in line with the latest trends. Many fast fashion brands rose rapidly in the early 2010s and were highly sought after by consumers. However, this once popular business model has gradually declined. One of the main reasons is that the fashion industry has been pursuing minimalism in recent years. Quiet Luxury and Old Money styles are in vogue. Consumers choose to return to basics and are willing to spend more money to buy practical and durable clothing, refusing to blindly follow trends.
In addition, the cost of fast fashion to the environment has always been criticized. In addition to high energy consumption, the textile industry is also highly polluting and is the second most polluting industry in the world after the oil industry. In this era of environmental protection, the crisis posed by the fast fashion industry to the ecology has naturally attracted much attention.
As people pursue the concept of sustainable fashion, fast fashion is fading, and another shopping model is becoming more and more popular - buying second-hand luxury fashion items. Consumers are no longer limited to buying new goods when buying luxury goods, and second-hand luxury fashion platforms are developing rapidly, and Vestiaire Collective is one of them. L'OFFICIEL interviewed Fanny Moizant, president and co-founder of Vestiaire Collective, to discuss the decline of fast fashion and the rise of the second-hand luxury market. If you are concerned about environmental issues, or are interested in purchasing second-hand fashion luxury goods, you may wish to spend a few minutes reading the following interview.
“Fast fashion is a false economic phenomenon. Buying cheap fast fashion items leads consumers to buy more frequently, which is extremely misleading.” - Fanny Moizant
L'OFFICIEL: Is fast fashion losing its momentum? What factors have led to this change in the fashion industry?
Fanny Moizant: Global apparel production has doubled in the past 15 years. People tend to buy more low-quality goods, but use them 40% less, which has a huge impact on the environment. The apparel industry is actually one of the world's largest polluters, and fast fashion is the culprit, which consumers can no longer ignore. After price, sustainability is becoming another key factor in consumer decision-making. This shift is due to Generation Z and Millennials seeing sustainability as a lifestyle, which has surpassed seasonal trends.
Today, the fashion recycling market is worth $200 billion, accounting for 6-7% of the entire fashion market, and is expected to grow by 15% to 20% per year. In addition, people have collectively awakened to the destructive consequences of fast fashion. Vestiaire Collective opposes fast fashion and will ban fast fashion clothing from our platform in 2022, but fast fashion consumers have not left our platform because 85% of users are willing to buy fewer and better quality goods. They have changed their shopping habits and turned to better brands, buying products with better quality, better cut and longer life.
Additionally, the European Commission’s new eco-friendly design rules to end fast fashion by 2030 are a key step towards a more sustainable fashion industry, and we are committed to this. It is encouraging that more governments are exploring EPR regulations, which are essential to hold polluters accountable.
L'OFFICIEL: Why has the second-hand luxury goods market emerged in recent years?
Fanny Moizant: Fashion lovers have a huge demand for vintage clothes with historical stories and designer backgrounds. In the eyes of consumers who advocate individuality, unique and limited fashion items can be easily found in the second-hand market. The second-hand clothing trading boom set off by the younger generation has also greatly promoted the circular economy and sustainable development concepts of the clothing industry.
From an environmental perspective, our impact report shows that buying second-hand items on our platform can reduce a person’s environmental impact by 90%. This eye-popping statistic undoubtedly provides consumers with more reasons to seek out second-hand alternatives.
At the same time, consumers continue to face economic pressures from inflation. The “cost per wear” factor mentioned in our latest cyclical economic report is becoming increasingly important to savvy consumers. The lifespan, durability and resale value of the product are all important factors that consumers are increasingly concerned about. We are also observing a trend that we call the “lift-up” effect. Consumers choose second-hand luxury goods to get their desired luxury brands at a relatively low price, which are often out of reach in the new market. When consumers repeatedly realize that second-hand is a more forward-looking choice from a fashion, environmental and economic perspective, they will undoubtedly take positive action.
L'OFFICIEL: On the Vestiaire Collective platform, have you observed any differences in the consumption patterns of Asian consumers compared to those in other regions?
Fanny Moizant: Compared to Western countries such as North America and Europe, Asia Pacific has been slow to embrace the concepts of sustainability and the second-hand market. This is mainly because the pirated market is particularly prevalent in Asia. Nevertheless, consumers in Asia Pacific are becoming increasingly aware of the impact of overproduction and overconsumption in the fashion industry, and we are happy to see this trend. In the past year, searches for the word "vintage" have tripled in Hong Kong, and the number of members joining Vestiaire Collective is also increasing in Asia.
Interestingly, Asian consumers prefer high-end French luxury brands and items in better condition as investments rather than unique items that are no longer available in specialty stores. This trend is in line with the rapid growth in the number of sellers, who are starting to use Vestiaire Collective not only as a key platform for purchasing second-hand luxury goods, but also as a resale channel, with the growth of buyers far outpacing that of sellers.
L'OFFICIEL: Can you offer some advice to consumers who are new to second-hand luxury goods?
Fanny Moizant: First of all, choose a trusted channel to buy. Vestiaire Collective is a very trustworthy brand. We have more than 140 professional appraisers in the fields of luxury goods, jewelry, watches and street fashion. We use the latest industry standards and have a 99.9% accuracy rate in identifying counterfeit goods. This makes us far superior to other second-hand goods trading platforms on the market.
When choosing products, I recommend focusing on some classic designs. For example, Pharrell Williams' collection for Louis Vuitton, or Gucci during the Alessandro Michele period, and Valentino during the Pierpaolo Piccioli period. These designers have left an important mark on the history of fashion. In addition, I also highly recommend choosing some vintage items with classic fashion. Vestiaire Collective's "Archive Room" has a collection of many carefully selected vintage items. In fact, vintage fashion has recently sold 30% faster than non-vintage items on our platform. Each vintage item has a unique history and sentiment, which is not only more sustainable, but also more collectible.
L'OFFICIEL: How would you describe your style? What are your must-have items in your wardrobe?
Fanny Moizant: When it comes to my personal style, I can simply sum it up as minimalism and pragmatism. I have a limited wardrobe, but I always keep a minimalist aesthetic because I don’t follow trends. Instead, I like to invest in high-quality pieces that I can wear for a long time. Most of these pieces come from Vestiaire Collective, and many of them are designs by Phoebe Philo. I follow the principle of "one-in, one-out" to keep my wardrobe simple. Whenever I buy a new piece, I will consider putting an old piece of clothing on Vestiaire Collective to find a new owner.
As for my daily outfit, it is usually loose and comfortable trousers or jeans with a classic T-shirt and a pair of comfortable sneakers. In my wardrobe, Tiffany & Co. bracelets undoubtedly occupy a place. I have been eyeing this bracelet on Vestiaire Collective for many years because it will be sold out instantly once it appears on the platform. For me, this is not only a historical item, but also a statement piece that I will wear forever.
