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2022: Where the Physical and Digital Collide
2022 has been defined by investments in both the digital and the physical realms. Take resale at large, which has spent the last calendar year adapting to the wide range of innovations playing out around the world and throughout the metaverse. Digitally, we’re taking stock of the creation of assets like, yep, NFTs, as well as customizable filters and avatars. Meanwhile, the rise of futuristic “smart” stores are combining traditional brick-and-mortar shopping with e-commerce efficiency and convenience, including via one-of-a-kind three-dimensional collections.
But in the real world, the side effects of the global pandemic still linger, particularly impacting international shipping, bulk orders, and price increases, especially as it relates to ultra-luxury items. These worldwide setbacks are driving shoppers to fulfill demand in the secondary market. In the world of resale, you can get exactly what you want, when you want it. What better way to get your hands on those buzzy, viral styles that sell out faster than you can say “I need it” or nostalgic vintage that you otherwise can’t get in a traditional retail store?
Where Does That Leave FASHIONPHILE?
Physically, that brings us to FASHIONPHILE’s New York City expansion, where shoppers can find us on the fourth floor of the historic Starrett-Lehigh building in Chelsea. Start shopping and selling all in one trip with our NYC Authentication Center & Showroom, which features procurement offices and a showroom. Visitors can see through our live operations—including FASHIONPHILE’s best-in-class authentication processes—firsthand.
SARAH DAVIS
Founder, President & CCO“I couldn’t be more thrilled to bring our revolutionary combination of ultra-luxury fashion x e-commerce x retail x operations right into the fashion capital! Because we are a single sku seller where 81% of our inventory is a totally unique style – this is hugely popular for our shoppers. 78% of our shoppers who make a buying appointment at one of our authentication centers, leave with a FASHIONPHILE shopping bag in their hands!”
On the digital front this year, we celebrated the launch of both our YouTube channel and new blog – now dubbed Academy by FASHIONPHILE. When combined, these channels have enriched our virtual presence, providing shoppers with a prime, multi-faceted online experience that serves a strategically curated feed of educational content on all things ultra-luxury. Whether you’re looking to read about the science behind our authentication process (spoiler alert: this includes plenty of side-by-side comparisons of authentic versus fake items), or want to get a closer look at the hyper-rare Hermes Himalaya Birkin, our informative resources are available to you at just a click of a button.
SOPHIA TSAO
Chief Digital Officer“The new digital platform powered by high performing and trusted technologies will allow FASHIONPHILE to focus on what matters the most — products and customers — and to continue our expansion on broader digital payment integration, video shopping, seller wallet, storytelling e-commerce development and many more new features for a seamless omni-channel shopping and selling experience.”
This is just the beginning. In this resale report, we’re sharing everything we know about the ultra-luxury staples, the best-sellers, and the trends on the rise, including the most environmentally-conscious picks for the year, with lots of juicy data to put money where our mouth is. More than anything, we want you to make the most of your ultra-luxury investments, and we hope this report helps you get there.
Procurement Report
New Brands!
We keep tabs on what retains value in the pre-loved market. This year, we added a range of luxury brands to our ever-growing designer directory, including Salvatore Ferragamo, Telfar, and Off-White.
The Year of the Collab
The collaboration wave is still going strong, and showing no signs of slowing down anytime soon. It just might be the way for brands to stay ahead of the trend curve as they fulfill the hunger for more exclusive items available, both in the physical world and the metaverse.
We’ve seen a 193% increase in searches for collaborative pieces this year, with the Gucci x Balenciaga “Hacker Project” that dropped last year ranking highest.
The latest collaborations are high in demand, with the Fendi x Versace partnership selling fastest. Shoppers are turning to FASHIONPHILE to find better deals or coveted sold-out items.
Y2K Is Back, Baby
Demand for Y2K accessories continues to dominate, with trendy pieces from the early aughts increasing in sales compared to last year. Prada’s sparkly renditions of their iconic, 2000s-era nylon bags, which arguably awakened the rhinestone craze, has inspired more ultra-luxury brands to revisit past staples and step into the gaudy Y2K scene.
Y2K Most Popular
The numbers have spoken! Prada and Fendi make up some of the top brands with the most purchases for both Gen Z and Millennial shoppers. Top brands based on our internal data and % based on completed transactions at FASHIONPHILE YoY
Saddle
Baguette
Re-Edition
Battle of the Brands
With brands now embracing ever-changing tactics, like purchase limitations and VIP-only stores, in the name of boosting exclusivity, high-spenders are turning to pre-loved to tap into premier luxury brands with ongoing demand.
This year, Chanel and Hermes purchases at FASHIONPHILE have grown considerably compared to last.
TREND FORECAST
Based on data from our proprietary tools, and research from our in-house experts, here are the items that FASHIONPHILE predicts will be hot for 2023. These include all-you-can-fit oversized bags, crescent-shaped silhouettes, geometric patterns, and Y2K multicolor hits.
The Best of Bags
Ultra-luxury bags really do get better with age. Like fine wine, but…way finer. These iconic, age-old top-sellers saw the highest increase in sales YoY, proving that the core classics never lose their merit or ever go out of style.
Birkin Baggage Claim
As the value of the Hermes Birkin keeps growing, there’s no doubt that shoppers continue to be enamored by them. While more consumers are blurring the lines of what’s traditionally a “bag for a woman”, more men, too, are parking their money in Birkin bags.
GROWING VALUE OF THE BIRKIN: The average sale price for a Birkin increased 64% since 2019.
BIRKIN BAGS FOR BOYS: Sales for larger Birkin bags, including the HAC and the Birkin 40, have increased 35%.
THE BEST OF FINE JEWELRY
We at FASHIONPHILE both love and appreciate that jewelry is a tool for defying gender norms. When it comes to wristwear, big and bold bracelets scored the top category for most jewelry purchases this year, as compared to rings last year — indicating a new playfulness to accessorizing, using stackable pieces, that serve different tastes and budgets.
Layering With Over-The-Top Accessories
With credit to Zoom dressing (yes, still) and plenty of early-aughts nostalgia, layer-friendly pieces — including chunky chains and statement chokers — increased 181% in sales this year, followed by pearl jewelry, which increased 60%.
THE BEST OF WATCHES
Are luxury watches the new real estate? They just might be. Even with prices softening and the market cooling down, average sale prices for premier watches have increased YoY, with Rolex and Cartier watches ranking highest. Joining them is Patek Phillippe with noticeably great growth in value, due to scarcity and an ever-changing dynamic of supply and demand.
Tick-Tock on the Clock & Holy Horology
INVESTMENT WATCHES: Premier watch sales at FASHIONPHILE increased 95% this year, with more women-identifying shoppers tapping into the watch category more than ever.
PATEK PHILIPPE NAUTILUS 5980/ 1R: Patek Philippe tells time in the most ultra-luxury of ways. After the discontinuation of the 5711 reference, value for the brand’s most popular model, the 5980, soared. With only about 150 made, the market price for this Nautilus is roughly 300% above retail.
COLORCORE
Dopamine accessorizing? That’s right. With neutral palettes reigning supreme last year, people went in a different direction in 2022, with euphoric bright hues, shimmery metallics, and soft pastels.
Color Trends
TOP-SELLING COLORS BY CATEGORY
The following are the colors that saw the biggest increase in sales YoY.
SHOPPING
Gen Z may be busy dominating headlines, but Millennials and Gen X have been busy, too, quietly owning luxury re-commerce. In fact, the majority of our first-time shoppers are Millennials, who make up 45% of our new customers in 2022, followed by Gen X who make up 26%, Gen Z at 18%, and Boomers at 11%. Together these demographics look to resale to afford some of the most recognizable pieces from top luxury brands.
Who Likes What?
Once a pre-loved shopper, always a pre-loved shopper. FASHIONPHILE customers have strong brand affinity, and this differentiates by age group. Baby Boomer and Gen X’s preferred brands lean heavily towards the “tried-and-true” icons of ultra-luxury. Millennials and Gen Z – the group with the highest growth in revenue this year – gravitate toward the market’s hottest names seen across pop culture and social media.
Who’s Watchin’?
Demand for Rolex is a common denominator across all demographics, with Gen Z and Millenials gravitating toward colorful dials. Gen X and Baby Boomers, meanwhile, are embracing vintage-inspired leather straps. But together more than ever, watches have become a gender-fluid accessory. We’re here for it.
A CASE FOR SIZE: Sales for 36-45mm case sizes increased by 146% amongst all genders.
CIRCULAR SELLING
The FASHIONPHILE selling experience is incredibly unique. Our convenient services and upfront buyout offers are what appeal to our customers the most — but everyone sells with us for different reasons and different seasons.
Our hottest tip about selling? Sell to shop.
You earn 10% more when you choose to be paid in store credit.
Selling Trends by Generation
- GEN Z: Intention: Exchange last season’s “It” bag for cool vintage-inspired, Y2K pieces | Method: Online | Reason: Convenient and sustainable
- MILLENNIALS: Intention: Switch out quiet brands to buy what’s hot | Method: Online, Virtual Appointment | Reason: Competitive offers and fast buyouts
- GEN X: Intention: Sell older pieces to buy something fresh | Method: Online, In-person | Reason: Upgrade closet
- BABY BOOMERS: Intention: Pass down what’s no longer used for something more practical | Method: In-person | Reason: Trusted platform and experts
FEEL THE INFLUENCE
This year, FASHIONPHILE felt the love from some incredible creatives. With a passion for ultra-luxury, they used their platforms to educate you about FASHIONPHILE, and the products and services we offer our shoppers that are unlike anything else on the market.
CONSCIOUS CONSUMPTION
The Power of Pre-loved
If every shopper replaced just one new purchase with a pre-loved one:
- 8,700 garbage trucks full of waste would be diverted from landfills.
- A billion showers worth of water would be conserved.
FASHIONPHILE total active shoppers have increased 33% this year compared to last.
FASHIONPHILE & Circularity
You hear us say this a lot, but it’s true. Investing in ultra-luxury is a never-ending sustainable cycle. We’re proud to be among the 11 founding members of the American Circular Textiles (AMCIRC) policy group to address material reuse, and make sure ultra-luxury products remain in circulation as long as possible.
FASHIONPHILE GOES SOLAR
In just seven months after installing solar on the roof of our Global Headquarters, we have generated over 140,000 kWh of electricity, and are on track to produce well over 200,000 kWh before the end of the year!
WHAT DOES THIS MEAN FOR THE ENVIRONMENT?
- Roughly 120,000 lbs of CO2 emissions have been prevented to date, equivalent to 2,500 trees absorbing CO2 for an entire year!
- Excess energy created during the sunniest hours from our PV (photovoltaic) system is constantly being sent back into the grid, powering our neighbors with clean energy.
NORA CUMMINGS
Head of Impact“At FASHIONPHILE, we are mission-driven to help extend the life cycle of ultra-luxury accessories. Our teams are passionate about revolutionizing the fashion industry by committing to social and environmental improvements. For the past year, we worked through a B-corp assessment and have submitted for certification! It has been a great experience, expanding our knowledge and reinforcing our commitment to create a business as a force for good. I am excited about the future as we continue to identify best practices to achieve our impact goals.”
FASHIONPHILE x SXSW
The future of resale is shaping the future of fashion. This year, we hosted an interactive fireside chat with fellow resale masterminds and top powerhouses about how the future of resale is shaping the future of fashion. Watch the full chat!
INFLATION & INVESTMENTS
Inflation continues to be top of mind, and as retail prices go up to historic highs, resale prices go up in lock step. Not only is this a good time to sell those investments you may have sitting in your closet, but resale is a lucrative place to stash your cash in ultra-luxury investments. Prices may be higher than ever in retail, but in resale, where there is no MSRP, discounts can be found in every brand. During moments of economic fluctuation when buyers are looking for a bargain, resale offers a discount when the brands will not. Despite changes in the market, covetability for ultra-luxury handbags, watches, and jewelry will always make for desirable assets.
PARTNERSHIPS
FASHIONPHILE x Neiman Marcus
We are the only luxury reseller that has joined forces with a major retailer to make shopping and selling more sustainable all in one trip. Together, Neiman Marcus and FASHIONPHILE are working to close the circular loop. In fact, Neiman Marcus offers 10% more to your earnings when you opt for a Neiman Marcus gift card as payment when you sell to us.
FASHIONPHILE x Neighborhood Goods
We’re a mission-driven company that exists to increase access to more sustainable fashion choices. Partnering with Neighborhood Goods enables us to bring our curation of ultra-luxury accessories to the forefront of circular commerce.
AFTERTHOUGHTS
The cycle of buying and selling pre-owned ultra-luxury goods is endless, and each item we procure is truly someone else’s Holy Grail. FASHIONPHILE is a destination where customers from all over the world can discover their favorite pieces that are notoriously hard to find in the primary market, or just want to snag a deal. Whatever the reason, these investments are things we all can feel good about. They’re sustainable, accessible, and retain their value for years.
READY TO SHOP AND SELL WITH US? VISIT FASHIONPHILE.COM TO GET STARTED! SHOP. SELL. REPEAT.
Glossary
| YOY | Year over Year (YoY) data comparing findings from 6/1/2020 - 5/31/2021 vs. 6/1/21 - 5/31/22 unless otherwise noted. |
|---|---|
| ASP | Average sale price (ASP) of an item at FASHIONPHILE. |
| VALUE | How much an item is worth secondhand. |
| DEMAND | Determined by comparing sales & searches YoY at FASHIONPHILE. |
| SHOWROOM | Our Carlsbad Showroom and NYC Showroom & Authentication Center include both shopping and selling. |
| ULTRA-LUXURY | The most exclusive, iconic, heritage fashion brands that hold their value. Think Hermes, Louis Vuitton, Cartier, and Chanel. |
| SELLING STUDIO | Physical locations within Neiman Marcus stores where customers can sell their pre-owned ultra-luxury accessories to FASHIONPHILE. |
| PROCUREMENT OFFICES | The behind-the-scenes offices in any FASHIONPHILE location (Headquarters, Showroom or Selling Studio) where our trained procurement specialists quote ultra-luxury items. |
