The Economics of Preloved and Luxe-Recycling

We are often told that a downside of buying a new car is that, while we all love that “new car smell”, it loses a large chunk of its value as soon as you drive it out of the dealer’s showroom.  In the case of designer fashion the same principal applies – but with an even more accelerated loss of value.  With many designer handbags now selling for north of £1,000, and the same bags selling for £400 – £600 six to twelve months later, the benefits of preloved fashion are becoming apparent to a growing number of women.  How about designer clothing? How often do women find themselves buying a new designer frock for a wedding or other important social event only to realise six months later that they haven’t worn it again since?

The motivation for buying preloved can vary – from avoiding a lengthy waiting list for that exclusive Hermes Birkin to picking up a nearly new Chloe Paraty shoulder bag for a more accessible £600 rather than more than £1,100 new.  If you need a new outfit for a particular event, why not buy it preloved? And, even better, sell it again afterwards!

A great feature of designer fashion recycling is, once an item has suffered an initial loss in value from new, it often retains its value fairly well afterwards.  The preloved Dior bag you picked up for £300 could still be worth £300 a few months later.  The once-worn Balenciaga gown you bought for £250 is likely to be worth around about the same after it’s been worn twice.

This is the essence of what we mean by the Economics of Preloved and Luxe-Recycling.  If you decide that you are going to allocate a certain amount of money to your wardrobe, luxe-recycling gives you the opportunity to get maximum value and, if you adopt the “buy-it, wear-it, sell-it” approach, the maximum number of outfits for your budget.  If you still insist on buying new, luxe-recycling gives you the opportunity to monetise your wardrobe to bolster your budget for your next visit to the shops.

This is where BuyMyWardrobe comes in.  Once a secret among fashion insiders, with exclusive fashion recycling events held in upmarket locations around London, BuyMyWardrobe has evolved into an exciting new online destination to buy and sell preloved, luxury designer fashion and accessories.  The BuyMyWardrobe online marketplace, which will officially launch on 30th August, is currently live in beta at www.buymywardrobe.com.  The online launch is supported by the recent opening of the BuyMyWardrobe preloved fashion boutique at 17 Seymour Place, W1H 5BF in London’s West End.

Anyone can register for free to shop from the BuyMyWardrobe site.  Seller memberships are currently by invitation only, but anyone that thinks they fit the bill should contact the BuyMyWardrobe team at [email protected].

Written by Kal Di Paola.

About the author

Leonnie has worked with the WATC team for over 5 years. Leonnie also runs her own Design company www.destinydesigns.co.uk.

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