Upscale Resale Platform The Luxury Closet Lands in the UK
Dubai-based upscale resale platform The Luxury Closet has launched in the U.K.
As of Tuesday (July 12), the reseller’s mobile app and website, which are used by 15 million people globally, have been available to U.K. users according to a report. It is the platform’s first foray into the European market. The company announced that it intends to expand into continental Europe by the end of the year.
The Luxury Closet CEO Kunal Kapoor, who founded the platform in 2011, said, “The launch represents an important milestone in our journey as we further expand within Europe and welcome U.K. customers to our global community.”
The launch, he said, “will give U.K. customers the opportunity to enjoy our exceptional white-glove concierge service for the first time whilst also accessing our incredible catalog of preowned designer pieces sourced from some of the world's most desirable closets.”
The company joins the U.K.’s fast-growing luxury reseller market, which includes recent launches such as Lampoo, Mr Porter Resell and Harvey Nichols’ partnership with Reflaunt.
As well as offering buyers a chance to get their hands on designer pieces at lower prices than they retail for new, resale platforms are also seen as a sustainable alternative to the wasteful fast fashion model.
The Luxury Closet is entering the U.K. market at a time when European consumers are increasingly turning to circular economy approaches as a way to reduce waste their waste and environmental impact. Circular economy models include reusing, repurposing and recycling garments.
A report by the National Retail Federation and IBM found that 57% of consumers are willing to change their habits in order to reduce their environmental impact and 77% say it’s at least moderately important that brands are sustainable and environmentally responsible.
Read on: Fast Fashion Faces Strong Headwinds, Changing Consumer Preferences
Recently, pushback against fast fashion has taken on a legal dimension in the European Union (EU), where the EU Strategy for Sustainable and Circular Textiles bill was proposed in March.
More on this: Fast Fashion, Circular Fashion Square Off on Sustainability Runway
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.