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Yesterday, Ebay, one of the largest online trading platforms, opened its first store for buying second-hand luxury goods : the Luxury Exchange. The currency of exchange is not the dollar, but the products themselves.
Dematerializing the dollar is the challenge that the French platform has taken on. Located in the heart of New York’s Diamond District, between the famous Fifth Avenue and Sixth Avenue, this innovative new store attracts the curious and luxury collectors.
The idea? Buyers can have their high-end goods such as jewelry, handbags or watches appraised and then exchange them for “luxury currency” by purchasing other brand-name items from top Ebay retailers such as Gucci, Rolex or Van Cleef & Arpels.
Established for many years by resale sites such as Vinted or Ebay, the exchange of luxury goods is now possible in real life. From the virtual to the real, there is only one step: “It has never been easier for luxury enthusiasts to refine their collections in a trusted environment. We wanted to create an experience that mirrors what happens on eBay every day,” said Tirath Kamdar, general manager of luxury at Ebay.
How does it work?
Upon entering the new New York location, consumers have their luxury items appraised by experts, who assign them a value with which they can then shop. Once they’ve found a “shoe to fit” or a “handbag to fit their arm”, they can make the switch and be satisfied with their new second-hand acquisitions. And if nothing catches their eye? No problem. They can register themselves on the site instead of exchanging and take their time to find what suits them.It is not possible, however, to dispose of their goods for dollars.
A platform that is developing well
Ebay, which in 2021 had more than 185 million active users worldwide, generates billions in sales per year. In 2020, it launched a guarantee of authenticity for many products such as sneakers, watches, handbags, jewelry, and even trading cards. A move that aims to reassure buyers.
Despite inflation and economic uncertainty in the U.S., interest in luxury goods continues to grow. In fact, it is one of the sectors that has best resisted the health crisis. According to a report by The Business of Fashion, conducted in partnership with Ebay, about 30 percent of U.S. shoppers surveyed believe the value of their handbags, jewelry and other goods is less volatile than other investment assets they own. More than half of those surveyed see their luxury items as a form of currency, gaining value and interest over time. 62% of respondents say they have sold some of their collection for more than the original purchase price.
Ebay and luxury in a few figures
It used to be difficult to trust resale sites and second-hand products. Now, with the authentication and growing value of this market, the numbers speak for themselves. In 2022, the top selling watch brands on Ebay are Omega, TAG Heuer, Tissot and Hamilton in the U.S. and Canada. In 2021, on the American continent, every minute, 8 timepieces were purchased. For handbags, the calculations are even more astonishing: a handbag was purchased every 13 seconds on the site. Jewelry was sold at a rate of eight items per minute.
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Yesterday, Ebay, one of the largest online trading platforms, opened its first store for buying second-hand luxury goods : the Luxury Exchange. The currency of exchange is not the dollar, but the products themselves.
Dematerializing the dollar is the challenge that the French platform has taken on. Located in the heart of New York’s Diamond District, between the famous Fifth Avenue and Sixth Avenue, this innovative new store attracts the curious and luxury collectors.
The idea? Buyers can have their high-end goods such as jewelry, handbags or watches appraised and then exchange them for “luxury currency” by purchasing other brand-name items from top Ebay retailers such as Gucci, Rolex or Van Cleef & Arpels.
Established for many years by resale sites such as Vinted or Ebay, the exchange of luxury goods is now possible in real life. From the virtual to the real, there is only one step: “It has never been easier for luxury enthusiasts to refine their collections in a trusted environment. We wanted to create an experience that mirrors what happens on eBay every day,” said Tirath Kamdar, general manager of luxury at Ebay.
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Yesterday, Ebay, one of the largest online trading platforms, opened its first store for buying second-hand luxury goods : the Luxury Exchange. The currency of exchange is not the dollar, but the products themselves.
Dematerializing the dollar is the challenge that the French platform has taken on. Located in the heart of New York’s Diamond District, between the famous Fifth Avenue and Sixth Avenue, this innovative new store attracts the curious and luxury collectors.
The idea? Buyers can have their high-end goods such as jewelry, handbags or watches appraised and then exchange them for “luxury currency” by purchasing other brand-name items from top Ebay retailers such as Gucci, Rolex or Van Cleef & Arpels.
Established for many years by resale sites such as Vinted or Ebay, the exchange of luxury goods is now possible in real life. From the virtual to the real, there is only one step: “It has never been easier for luxury enthusiasts to refine their collections in a trusted environment. We wanted to create an experience that mirrors what happens on eBay every day,” said Tirath Kamdar, general manager of luxury at Ebay.
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