In an era where the allure of fast fashion’s affordability and accessibility seems irresistible, Vestiaire Collective, the world’s leading platform for pre-loved luxury fashion, is challenging this notion with compelling new research. The recently unveiled report titled “Exposing the True Cost of Fast Fashion” sheds light on the hidden financial and environmental costs associated with the fast fashion industry. Some of the key findings of the report state that pre-loved c
oved curated fashion coats are worn four times more on average vs new fast fashion coats. This results in a cost-per-wear of US$1.72 vs US$4.82 for new fast fashion coats.
Pre-loved curated fashion dresses are worn eight times more on average vs new fast fashion dresses. This results in a cost-per-wear of US$1.56 vs US$5.66 for new fast-fashion dresses.
Pre-loved designer bags have a 72 per cent lower cost-per-wear as the resale value is more significant, this roughly translates to US$2.56 cost-per-wear vs US$9.05 for new fast fashion items.
Around 12,000 brands are listed on Vestiaire Collective. The authenticated items from these brands represent a curation of 5 million items on the platform that meet Vestiaire Collective’s standards following its Fast Fashion Ban campaigns.
Across all categories and all price points, pre-loved curated fashion pieces offer about 33 per cent lower cost-per-wear vs fast fashion items, which are worn two times less on average.
Pre-loved curated fashion consumers also hold on to their items 31 per cent longer than average, with the highest gap in the shoe category (48 per cent vs average).
The cost-per-wear concept
As the president and co-founder of Vestiaire Collective, Fanny Moizant, passionately explains, the cost-per-wear metric offers a revolutionary way to reassess the true value of clothing items, promoting a shift towards more sustainable and economically sound fashion choices.
“Fast fashion has captured the attention of consumers, but it is a false economy,” she told Inside Retail.
She said that approachable initial price tags mask the reality that consumers will have to replace their items over and over, rendering the items not only financially, but more importantly environmentally wasteful.
“Vestiaire Collective’s cost-per-wear metric considers three key factors: frequency of use, item lifespan, as well as resale value. Using this metric, we consistently demonstrated that first-time fast fashion purchases consistently fell short when compared against pre-loved luxury items,” she added.
Moizant said that first-hand luxury items have historically been associated with high craftsmanship, longevity, but also a higher price tag that can deter an increasingly price-sensitive market, particularly with the level of inflation consumers are faced with today.
“This is where we, as a pre-loved luxury marketplace experience what is called the “upscale” effect, meaning that our community is able to afford luxury second-hand brands at the price of a first-hand purchase of lesser quality; get access to brands that they would not be able to afford as first-hand purchases,” she noted.
As a result of this effect, the majority (58 per cent) of Vestiaire Collective users purchase fewer new fast fashion items because they can find higher quality items for an affordable price on the resale market.
The report
“All fashion lovers have a great appetite for vintage pieces. The story they tell, an era, a style, a designer behind them. And this is clearly reflected in the growing interest in second-hand fashion items,” she pointed out.
The company’s impact report and the 2022 Vestiaire Collective x BCG report predict that the second-hand fashion and luxury market will grow by 20-30 per cent annually, primarily due to younger generations – Gen Z and Millennials – embracing circularity and sustainability as a way of life and looking beyond seasonal trends.
“The circularity report demonstrates to consumers just how powerful opting for pre-loved items can be in reducing individual carbon footprint without compromising on financial savviness thanks to their lower cost-per-wear,” she stressed.
By highlighting this positive impact, the company weaves philosophies like ‘Think Now, Buy Second’ and cost-per-wear in consumers’ purchasing decisions, behaviours, and perceptions.
Moizant reiterated that the circularity of an item hinges on its cost-per-wear and its value retention, not just to the initial consumer, but to second, third and fourth resale platforms. She is confident that fast fashion holds no value, even in resale.
“Our Vestiaire Collective Impact Report also reveals that purchasing an item on our platform has a 90 per cent lower environmental impact compared to buying new,” she said.
The bigger picture
According to her, today’s consumers globally, from Paris to Hong Kong, are acutely aware of the environmental problems we are facing ; from global warming to pollution as well as fast fashion’s impact and textile waste.
“Fast fashion isn’t always plain to spot, however, and this is where the Think First, Buy Second campaign aims to educate readers on. We also want to bridge the gap between consumers and accessible alternatives to drastically lower individual consumption,” she added.
Moizant believes that the company is just at the beginning of its circular fashion movement, with millions of members who are now part of its community, and over 25,000 items being listed every day.
Since 2019, the company has physically verified over 2.5 million items, and it operates four authentication centres located in Brooklyn, New York (US), Crawley (UK), Tourcoing (France) and Hong Kong. It also has two curation centres in Singapore and Paris.
In 2023, the company launched six new partnerships with key industry players championing circularity; Courrèges, Gucci, Chloé, Burberry, GIGLIO.com, and LN-CC, joining an existing list that includes Alexander McQueen, Mulberry, Paco Rabanne, Mytheresa, and Luisaviaroma.
“Last year, we urged the European Parliament and industry stakeholders to address the urgent issue of textile waste. We collaborated with Paris Good Fashion on a position paper advocating for greater transparency and clarity in end-of-life textile regulation and waste exports,” she explained.
Moizant also noted that the company committed to a three-year plan to ban fast fashion brands from its platform. So far, it has banned 63 fast fashion brands through two fast fashion ban initiatives, and will continue to uphold these measures.