Prada sees second-hand manner as opportunity, weighs partnerships

VALVIGNA, Italy, Dec 1 (Reuters) – Italian fashion group Prada sees possibility in the booming next-hand fashion sector which it can develop both of those in-home and as a result of partnerships, promoting chief and heir designate Lorenzo Bertelli instructed Reuters.

The current market for pre-owned stylish luggage and clothing has surged around the past three years, pushed by more youthful, a lot more environmentally conscious buyers wanting for cost-effective substantial-end products.

It is anticipated to attain 33 billion euros ($37.2 billion) in dimension this year following developing by 65% involving 2017 and 2021, according to consultancy Bain. This compares with 12% growth for model new luxury items.

Register now for Free of charge limitless entry to

Some rival luxurious providers are previously exploring the sector. Previously this calendar year, French conglomerate Kering (PRTP.PA) took a 5% stake in Vestiaire Collective, a main platform for 2nd-hand apparel and handbags. Kering’s star manufacturer Gucci also fashioned a partnership with U.S.-primarily based resale system The RealReal (Genuine.O) previous year. browse more

“Second hand is a approach we have been investigating for a lot more than a calendar year,” Lorenzo Bertelli, the eldest son of co-Chief Executives Patrizio Bertelli and Miuccia Prada and the potential brand chief, mentioned in an interview at the Reuters Future meeting aired on Wednesday.

“I cannot disclose way too considerably but for confident second hand is there. We will take it as an possibility.

Prada’s CEO-in-waiting around Lorenzo Bertelli poses for a photograph at Prada’s industrial headquarters’ backyard factory, forward of an job interview for the Reuters Following convention, in Valvigna Italy, November 22, 2021. REUTERS/Jennifer Lorenzini

“It can be a partnership with a player or it can be a little something much more in-house, or both of those of them, a form of hybrid alternative like for e-commerce,” he explained.

The heir to Prada’s empire, who instructed Reuters he desires to keep the family members-controlled team impartial when he can take the reins in a number of decades, would not look fazed by the upcoming worries of the ever-transforming luxurious sector. read a lot more

For that, he many thanks his practical experience as a rally driver.

“Rallying and activity in common taught me a good deal. (It) teaches you to under no circumstances give up and also a lot of humility, in the sense that you have to study,” he claimed. “Often activity is cruel, when you want to measure yourself.”

To observe the Reuters Next meeting you should sign up listed here coming/

($1 = .8875 euros)

(This tale was refiled to correct typo in para 6 in Bertelli name.)

Sign up now for Free endless accessibility to

Composing by Claudia Cristoferi, modifying by Emelia Sithole-Matarise

Our Specifications: The Thomson Reuters Trust Principles.