Aiming to make it easier for merchants to tap into what it says is one of the fastest growing sectors in retail, LePrix has expanded its B2B marketplace for pre-owned luxury goods into Europe and has converted its consumer-facing website (leprix.com) to a wholesale platform.
The new LePrix Europe will be based in Paris and will help the region’s retailers source authentic, pre-owned products at scale rather than having to procure them in smaller quantities from several suppliers, according to a Thursday (Aug. 18) press release.
“The demand for pre-owned luxury goods in Europe, home to most of the world’s top fashion houses, is surging,” LePrix Europe President Camille de Vregille said in the release. “For brands and retailers, it’s clear that the circular economy is a huge business opportunity and sustainability is a necessary initiative.”
At the same time, LePrix announced that its primary website will now lead to its wholesale platform rather than an eCommerce marketplace that connected consumers with vintage and consignment stores, according to the press release and a notice on the company’s website.
The company also plans to roll out an eCommerce multi-channel service that will help retailers sell across multiple consumer-facing channels.
“There’s unlimited opportunity in the $36 billion resale ecosystem,” LePrix CEO and Co-founder Elise Whang said in the release. “The business challenge has been getting access to amazing supply at volume and online. That’s the problem LePrix is solving.”
Another player in the resale market — ThredUP, which serves consumers selling their secondhand apparel and other consumers eager to buy those fashions at deep discounts — has predicted that the resale market will double in the next five years to $77 billion annually.
Read more: Are Apparel Resellers ‘Uniquely Positioned’ or Fighting an Uphill Battle?
“We believe our model is uniquely positioned to weather macroeconomic volatility and are confident that as we re-evaluate our cost base, we can make progress towards profitability and continue to strengthen our position in the growing resale market,” ThredUP Co-founder and CEO James Reinhart said in the company’s Monday (Aug. 15) earnings release.
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