US – RE/LABLD, a new online consumer-to-consumer marketplace, is changing the way users buy and sell luxury fashion items.
Consumers wishing to sell their garments on the platform create a standard listing, upload photos of the item and provide a pick-up address for RE/LABLD to collect from. Once the item has been submitted, the site appraises the item and assigns a price. When the user accepts the price, the amount is transferred instantly to their account in the form of credits.
Credits can be redeemed through purchases made on the site. If consumers decide to re-list items bought from RE/LABLD within 30 days, they will be paid back in credits at the value of the item’s original purchase price.
Customers who haven’t sold items can also buy their own credits. Each RE/LABLD credit is the equivalent of £0.60 (€0.90, $1).
The Big Picture: As perceptions of ownership change, consumers are becoming accustomed to sharing, renting and swapping products. Find out what this means for the luxury sector with our macrotrend, The New Value Economy.