Resale site Vestiaire Collective reveals new commission structure to encourage more sellers
Vestiaire Collective, the leading global resale site for desirable pre-owned fashion, has announced substantial changes to its commission structure. The move will reduce the platform's commission and prices by an average of 10% across the catalogue.
The commission drop would positively impact sellers who will be able to sell their items at a faster rate as well as customers looking to buy and sell pieces at more accessible price points, the company said.
The move has been instigated by the platform's new CEO Max Bittner, a founder of Asian e-commerce business Lazada, who was appointed to Vestiaire Collective last November and joined at the beginning of the year.
“This commission restructure is one of the first major changes I wanted to impact the business since joining Vestiaire Collective at the start of this year. This significant drop in commission will encourage more sellers to the site, knowing they will be able to sell their item at a fast rate whilst also making a strong profit.
“For the buyers, it means they can purchase the desirable pieces they’ve always wanted at even more accessible prices. I believe that giving our users more direct value is the most powerful medium to keep them engaged and excited. This is a significant moment for Vestiaire Collective as we continue to ensure we remain the most desirable global resale site for must-have pre-owned fashion.”
The resale industry is currently estimated to account for around 8% of the €260bn luxury market with forecasters predicting that the industry will double in size by 2022.
Launched in Paris in October 2009, Vestiairecollective.com offers catalogue of over 900,000 desirable items and over 8m members across 50 countries. Bittner replaced the business's founders Sébastien Fabre in the role of CEO, but Fabre remains as a director.