by Jen Labbett.
2024 has witnessed a continued and fascinating shift in the luxury handbag market. Gone are the days when a designer bag was expected to look box-fresh at all times. Instead, there’s a growing appreciation for bags that tell a story, showcasing the unique personality of their owners. This change in perspective has had a profound impact on the ecosystem of designer handbag resale platforms. For someone who’s always on the lookout for a good deal, the rise of the resale value of luxury handbags is right up my alley and, when I looked into it, the value of designer goods is really holding its own.
The notion that luxury equates to perfection is being challenged. Fashion enthusiasts are increasingly drawn to bags that bear the subtle marks of a life well-lived. A slight scuff on a Hermès Birkin or a gently worn patina on a Louis Vuitton Speedy is no longer seen as a flaw, but as a badge of honour – a testament to the bag’s journey and the experiences it has shared with its owner. Scuff marks, creases and even stains are being embraced as unique identifiers that personalise a bag to its owner. For example, the “wine stains à la Olsen” look, popularised by the Olsen twins with their worn-in Balenciaga city bags in the 2010s, is now considered desirable.
This shift in consumer mindset has been a massive win for luxury resale platforms. I took a look at how some of the major players have fared in 2024 and was impressed with what I found.
How to find your pre-loved gem
The French-born, globally-operating platform has seen a remarkable 40% increase in sales of pre-loved luxury bags in 2024. Their authentication process, which now includes detailed descriptions of a bag’s unique wear patterns, has been particularly well-received. With no selling fees and up to 80% off the original manufacturer’s guide price, customers can often find an excellent deal on a sought after item – they even offer you the opportunity to bid on a bag.
A perfect example of why Vestiaire Collective are doing so well – the Louis Vuitton Speedy Bandoulière 25 usually retails for around £1600, but a never used item is available on Vestiaire for £1061 which is a considerable reduction for a perfect condition piece. This brown LV monogram coated canvas bag has leather handles, as well as red and green stripe detail around the bag with monogrammed initials.
Louis Vuitton
Speedy Bandoulière 25
Despite its name, this UK-based platform has adapted brilliantly to the new trend. They’ve introduced a ‘Character Rating’ system, celebrating bags that show signs of gentle use. This innovative approach has contributed to a 35% year-on-year growth. A great find on Hardly Ever Worn It is the Bottega Veneta Medium Shoulder Pouch in brown retailed at £2600, but is available on the site for £1250. The Shoulder Pouch features a leather body, handles and top magnetic closure – it’s a terrific bag that easily goes from day to night and its unique design really makes it stand out.
Bottega Veneta
Medium Shoulder Pouch
The American giant has made significant inroads into the UK market in 2024. Their ‘Vintage Vault’ collection, featuring carefully curated bags with unique patinas and wear patterns, has been a runaway success, driving a 50% increase in UK sales. Some particularly sought after pieces come at great discounts on The RealReal – my favourite being this noir Hermès Clemence Evelyne III 33 that usually retails for over £3,000. With a a slight amount of wear & tear or more “personality” as I would prefer to put it, this gorgeous piece is available just over £2,000.
Hermès
Clemence Evelyne III 33
UK-based The Handbag Clinic is known for its attention to detail and its vigilance when it comes to evaluating a luxury item or restoring it. One of the the stand out successes for The Handbag Clinic is their collection of luxury & designer vintage bags which cover vintage Chanel and Hermes to Vintage Mulberry and Vintage Louis Vuitton. Hailing from their 2006 collection, the Vintage Louis Vuitton Speedy 30 handbag is available in a mesmerising metallic hue. Crafted from exquisite leather, this luxury fashion piece exudes sophistication and timeless elegance.
Vintage Louis Vuitton
Speedy 30
Luxury brands, once wary of the resale market, are now embracing it. Several high-end labels have partnered with resale platforms to offer certified pre-owned programmes. This not only ensures authenticity but also allows brands to participate in the circular economy while maintaining control over their image..
The success of these platforms is not just good news for fashion lovers; it’s a win for sustainability too. By extending the life-cycle of luxury goods, these companies are playing a crucial role in promoting a more circular fashion economy. The Environmental Audit Committee has noted a 30% reduction in fashion waste attributed to the rise of luxury resale platforms. And for those of us who are looking for a bargain and potentially a good tale to relay about the adventures of a particular luxury handbag, these platforms are giving credence and even value to their pre-loved products.
For savvy shoppers in the UK and beyond, these platforms offer an opportunity to own a piece of luxury that’s not just a status symbol, but a unique artifact with its own history and character. As the line between ‘new’ and ‘pre-loved’ continues to blur, one thing is certain: in the world of luxury handbags, personality is the new pristine.
Also Check out Harriet Davey’s Guide to pre-loved handbags.
