May 10, 2018
The highest ticketed item was a Patek Philippe Grand Complications Perpetual Calendar, which was sold for $143,000.
TrueFacet saw its sales grow four times from 2015 to 2016. There was also a 41 percent increase in unique buyers.
But it is not just sales and the number of buyers that is growing for the resale platform. Unique sellers increased by 39 percent as well, meaning TrueFacet is growing as a whole.
TrueFacet can be beneficial to both parties on the site, allowing sellers to easily cash in on jewelry while connecting potential buyers with products that may be more affordable for them ( see story ).
The online re-selling trend has spread past watches and jewelry and is being seen in other luxury industries as well.
New thrift shops
The entire resale industry is expected to grow from $18 billion in 2016 to $33 billion by 2021. This data comes from retail think tank Fung Global Retail & Technology, which released the "Fashion Re-Commerce Update" report.
Even before Fung Global released this report, it was well known fact that the resale or consignment market is huge. Luxury apparel is by definition difficult to acquire, and so any business that can make these pieces easier to get is bound to see some success.
What is surprising though is just how huge it is and how quickly the market has been growing.
Fashion is by far the largest sector for consignment, comprising 49 percent of the resale market.
The reason for resale’s meteoric growth can be boiled down to a few key concepts. For one, demographics can help explain this phenomenon.
Fashion dominates the resale market. Image credit: Fung Global