"The first handbag Sarah Davis ever sold was a Louis Vuitton red Epi bucket bag. As a law student looking to make money, she'd bought it at a DC thrift store in 1999 for $250 and flipped it on eBay. She used the proceeds to buy two more and do the same. While she ditched eBay and outsourced procurement, she's essentially doing the same thing 25 years later as the founder of Fashionphile, a secondhand luxury platform."
"The company expects to sell more than $500 million worth of products this year and is profitable, it said. Fashionphile's rise has coincided with a surge in the luxury resale market. The secondhand fashion and luxury market is expected to grow two to three times as fast as the firsthand luxury market over the next two years and reach $317 billion globally by 2027, according to a November report from McKinsey."
Sarah Davis began selling secondhand handbags by flipping a Louis Vuitton red Epi bucket bag purchased at a DC thrift store in 1999. She founded Fashionphile, which has sold two million accessories over 25 years and expects to sell more than $500 million worth of products this year while remaining profitable. Fashionphile's rise has coincided with a broader surge in the luxury resale market, which McKinsey projects will reach $317 billion globally by 2027. Affordability and accessibility are driving growth, and consumers increasingly shop with resale value in mind. Luxury watches, jewelry, and bags tend to hold value and can sell for more secondhand than on primary markets.
Read at Business Insider
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