Tips from The Experts at The Luxury Closet to know all about that much-loved LV!!
Splurging on a designer item is an investment which often sets you back thousands (or more!), and with trends changing every hour you might be reluctant to part with your hard-earned cash. But there is a reason they are called ‘investment’ pieces – luxury goods are meant to last a lifetime and hold their value; and one of the best places to resell them is online.
The experts at The Luxury Closet recently tapped their database of 20,000 luxury goods from over 400 designer brands to find which items have the highest resale potential, and which hold their value the longest. Certain styles never seem to fade in popularity, which means your costly purchase may actually be worth more over time!
So, if you’re contemplating making a splurge, the below pointers from Elisabeth Bohler, Luxury Expert at The Luxury Closet will help you make an informed decision about how much you could sell the item down the line. Just remember, everything sells at the right resale price!
Highest selling categories
Handbags and fine jewellery enjoy the highest resale value (71% of their original retail value), followed by watches (57%), accessories (sunglasses, scarves & ties) (52%), shoes (41%), and clothing having the lowest resale value owing to the size and constantly changing fashion trends.
Brands & styles
The findings suggest that for top designer bag brands in great condition (with no noticeable damage), sellers earn back an average of 55% of retail value. Currently, Chanel, Louis Vuitton, Burberry, Prada and Gucci are among the brands that hold the best up to retail value. The typical resale price of a handbag on The Luxury Closet is currently around 71%.
Your current best bet for bag investments that are big this season are the Chanel Wallet on chain bag which currently holds a whopping 74% average resale value, the Louis Vuitton Neverfull at 64% and the Gucci Soho shoulder bag at a 62% resale value.
Resale values of these luxury goods can fluctuate depending on timeless styles, new collections (buzz around a certain designer, particularly if a fashion house hires a new creative director), limited editions, market demand, accessibility etc. “It's a supply and demand situation for these brands: the demand is so high that sellers can actually earn more than the retail price they paid for these brands for new, classic, limited edition, and even vintage styles”, adds Elizabeth.
As styles and colours change, versions that are no longer on sale become more sought after, for example, the Hermes Birkin, which is very difficult to acquire, especially in exotic skin. The safest thing is to buy the classic styles and shapes that are already proven, because they stand the test of time like the Classic Flap Bag from Chanel or the Louis Vuitton Neverfull. These will always be in demand and fetch you a good return on your investment. “If you own one of these bags, you could make a good portion of your money back, but if you own a version in an unusual skin such as crocodile or alligator, you could be in for a mega payday.”
In the category of shoes, Chanel, Louis Vuitton and Christian Louboutin enjoy high resale values (almost 50% off the original price) followed by Gucci and Tod’s.
Fine jewellery is another top selling item giving you more value for your money, with Chanel, Hermes and Montblanc having approximately 60% resale value followed by Louis Vuitton and Dior.
Storing your designer purchases in its original packaging can increase your chances to sell (keep your dust bag, boxes, stuffing’s safely), and remember to keep your pens closed avoid internal damages within your bag.
Log on toThe Luxury Closet now and start turning your wardrobe into a moneymaker.
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