BREAKING NEW GROUND IN FASHION: THE MYTHERESA X VESTIAIRE COLLECTIVE
By: Prachi Khatri
in today’s economy it is impressive for most fashion businesses to break even however, leading luxury e-commerce platform Mytheresa has reported €855.8 million in sales during its 2023 fiscal year. So why exactly are luxury fashion shoppers chomping at the bit to score exclusive products on Mytheresa?
Currently this online mega-store is offering exclusive capsule collections that you won't find anywhere else. More than 200 international luxury brands such as Gucci, Valentino and Moncler can be explored among an exciting list of designers from around the world that are worth discovering.
Mytheresa has been a trendsetter in the fashion industry for its experimental, unconventional and fearless edits of what is on trend. The brand has a forward-thinking mindset by also offering exclusive capsule collections by designers that fashion lovers admire.
Another fashion e-commerce giant that has made its mark in fashion is Versatile Collective, which has garnered a lot of attention from its sustainable practices promoting circular fashion as an alternative to overproduction and wasteful practices. Launched in 2009, this global app has transformed the way we perceive fashion by making pieces from each other’s wardrobe accessible. Known for resale of pre-loved luxury pieces, Versatile Collective has built a community of users populating its inventory to 3 million items, 12000+ brands.
Circular fashion is said to be the future of fashion and collaborations are key to powerful growth so it was only a matter of time before Mytheresa began to work with with Versatile Collective.
Tired of wearing that Chanel classic piece year over year and want something different? List it on the Versatile Collective app to receive a quote for how much it may be worth and upon receiving the product details you get an instant Mytheresa store credit. Boom! just like that you can then choose one of the 3 million pieces listed on the site on a budget.
“By partnering with Mytheresa, we're combining our expertise in curated luxury to offer you an even wider choice of pre-loved pieces. It's the first time that a multi-brand retailer is embracing resale in a comprehensive way - for Mytheresa to encourage their community to sell back items is a huge deal for circular fashion!”
Courtesy of Vestiaire Collective website
The perfect match of Mytheresa x Vestiaire Collective was introduced in Europe during June 2021. Over 26,000 pieces of clothing, bags, shoes, etc. have been listed on the platform since its launch receiving a Mytheresa credit in return.
This merger of fashion powerhouses threatens to break boundaries and aims to drive the fashion industry’s shift towards more sustainable practices. Setting new trends in pre-loved fashion, Mytheresa x Vestiaire Collective has expanded the collaboration to all Mytheresa customers in May 2024.
“We are committed to delivering a seamless and responsible luxury shopping experience. Therefore, offering our loyal customers a quick and easy way to give new life to their pre-loved designer pieces is highly important to us.”- Michael Kliger, CEO of Mytheresa, said in the release
It is no secret that fashion is the world’s biggest polluting industry, with every 100 billion pieces produced each year, 92 million end up in landfills. Mytheresa x Vestiaire Collective resale program is all about fighting hand in hand to tackle the issue of fashion waste and encourage people to embrace resale. Not only its helping planet but ever since its launch to all customers in Europe and US Mytheresa net sale grew by 5% in April Q3 report and Versatile has doubled down on its luxury reputation.
This partnership is an innovative approach to make fashion accessible while also taking resale to a bigger audience. U.S customers now have access to European customers closets and vice versa. It is the first time in the fashion industry that, a multi-brand retailer has supported resale this comprehensively. Mytheresa is encouraging its community to re-sell their gently used items, which is a big step forward in the circular fashion industry. Tapping into the demand of luxury resale world, Vestiaire Collective is selective with its partnership, banning vendors that are considered selling fast fashion and adapting to more long-lasing high end fashion brands.
Mytheresa x Vestiaire Collective fusion is a powerful reminder that fashion can be a force to influence trends and drive positive change. It challenges us to rethink our approach in fashion. A movement that promises brighter future in fashion and set new standard to act bold and think planet first!