Balenciaga Presses switches to resale after a successful pilot project
This article originally appeared on Vogue Business. To receive the Vogue Business newsletter, register here.
Balenciaga is pushing further into the resale market. After a successful pilot, the Kering-owned brand has officially launched a partnership with white-label resale platform Reflaunt, in which Balenciaga CEO Cédric Charbit is an investor.
The reconciliation allows customers to sell their pre-owned Balenciaga clothing and accessories in exchange for store credit. Customers can drop off items at select stores, which are sent to Reflaunt to be authenticated, professionally photographed, and reviewed. Pieces are then listed on Reflaunt’s global network, which includes more than 25 secondary marketplaces, such as Tradesy, Vestiaire Collective and Hamburg-based resale platform Rebelle.
Luxury brands are directly involved in the resale market to better capture second-hand sales. In June, Italian fashion house Valentino announced it would begin selling vintage items collected from customers in exchange for store credit. Gucci’s Gucci Vault concept is also resurfacing with vintage in-house pieces. Other brands have worked directly with resale platforms such as The RealReal and Vestiaire Collective.
Balenciaga says the rollout with Reflaunt is part of its broader mission to become a “fully sustainable business” and is designed to “encourage reduce, reuse and recycle practices”.
Reflaunt’s technology has been adopted by brands and retailers such as Net-a-Porter, Ganni and Axel Arigato. Charbit was among those to invest in the service during its seed funding round, alongside Swarovski creative director Giovanna Battaglia. It raised an additional $11 million in a Series A funding round in August 2022. It is part of LVMH’s La Maison des Startups acceleration program, which seeks to bring innovative new services and products to the luxury.
Comments, questions or comments? Email us at [email protected].