VESTIAIRE COLLECTIVE: THE WORLD CANNOT AFFORD FAST FASHION
Exposing the True Cost of Fast Fashion
PARIS, April 22, 2024 /CNW/ -- Vestiaire Collective, the world's leading global platform for pre-loved luxury fashion, is continuing its mission to change the way people consume fashion with the release of their latest research, which shows that the world cannot afford fast fashion. Beyond fast fashion's devastating climate consequences, the report reveals it's a false notion that fast fashion is more affordable. As price barriers remain a significant consideration for consumers, Vestiaire Collective takes its mission a step further by introducing an innovative approach to understanding the true value of fashion: the cost-per-wear[1] metric. Through this study[2], Vestiaire Collective aims to shift consumers' perception of an item's price, encouraging them to invest in financially, as well as environmentally, sustainable pieces.
The cost-per-wear metric reveals the true cost of an item based on its frequency of use, total lifespan, and its resale value. While fast fashion items might initially appear more financially attractive, the report proves that select pre-loved curated[3] fashion items are a more financially-sound investment in the long term.
"I think about cost-per-wear all the time, but it's not perfect. I try to track how many times I wear my shoes for example." - Amber, 41 years old, from the United States
Key findings on Vestiaire Collective vs. fast fashion:
- When looking at comparable price ranges:
- Pre-loved curated fashion coats are worn 4+ times more on average vs. new fast fashion coats (worn 28 times). This results in a cost-per-wear of $1.72 vs. $4.82 for new fast fashion coats
- Pre-loved curated fashion dresses are worn 8+ times more on average vs. new fast fashion dresses (worn 9 times). This results in a cost-per-wear of $1.56 vs. $5.66 for new fast fashion dresses
- Pre-loved designer bags have a ~72% lower cost-per-wear as the resale value is more significant
- $2.56 cost-per-wear vs. $9.05 for new fast fashion items
- Fashion consumers are encouraged to take better care of their items thanks to their resale value and invest in long-lasting, quality items
- Across all categories and all price points, pre-loved curated fashion pieces offer about 33% lower cost-per-wear vs. fast fashion items, which are worn 2+ times less on average
- Pre-loved curated fashion consumers hold on to their items 31% longer than average, with the highest gap in the shoe category (+48% vs. average)
Regardless of the circumstances, the cost-per-wear is consistently lower when buying pre-loved items. This is particularly true for seasonal and occasional items, like coats and dresses.
"In today's climate of inflation, it is obvious: neither people nor the planet can afford fast fashion. We want to educate consumers about the benefits of circularity while sounding the alarm on fast fashion's devastating impact. This report is a wake-up call to combat overconsumption and overspending, fueled by tempting low initial prices." - Fanny Moizant, President and Co-founder of Vestiaire Collective
"Fast fashion is a false economy. Buying cheap fast fashion is deceptive, as in the end you end up replacing items again and again. We champion circularity as it not only benefits consumers' wallets, but also protects our planet. Pre-loved luxury items are more cost-effective over time with a longer lifespan. Our mantra 'Think First, Buy Second' makes more sense than ever." - Dounia Wone, Chief Impact Officer at Vestiaire Collective
Titled 'Exposing the True Cost of Fast Fashion', this Circularity Report[4] also discloses the business' environmental and social impact. To mark its launch, Vestiaire Collective has announced the next installment of its Think First, Buy Second campaign, featuring a series of videos, testimonials, and memes, debuting on their social media channels on April 22nd. Five months after the initial launch — which went viral on Instagram — this campaign will playfully lift the curtain on the cost-per-wear approach and challenge perceptions to shatter the illusion of affordable fast fashion, encouraging conscious consumption to protect both personal finances and the environment.The full Circularity Report is available to download at: LINK
Visuals are available to download at: LINK
About Vestiaire Collective
Vestiaire Collective is the leading global platform for pre-loved luxury fashion. The company's mission is to transform the fashion industry for a more sustainable future, promoting the circular fashion movement as an alternative to overproduction, overconsumption and the wasteful practices of the industry. Driven by the philosophy "Long Live Fashion," Vestiaire Collective offers a trusted space for its community to prolong the life of its most-loved fashion pieces. The platform's innovative features simplify the selling and buying process and give its members access to one-of-a-kind wardrobes around the world. The company boasts a curated catalog of five million rare and highly desirable items. Founded in Paris in 2009, Vestiaire Collective is a Certified B Corporation® and is active in 70 countries worldwide. To learn more, download the app, visit vestiairecollective.com and follow @vestiaireco on Instagram.
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[1] Cost-per-wear = (Initial Price-Resale Value)/Number of Wears; The price delta for Vestiaire Collective was calculated using more than 250K Vestiaire Collective transactions over the last 12 months. For the external panel, the price of new and second hand items were directly asked in the survey. The number of wears from surveys is cross verified and scaled with the literature values.
[2] Our comprehensive March 2024 study, in collaboration with Vaayu, delves deep into consumer behavior, analyzing responses from 13,400 participants, alongside data from 250,000 transactions and insights from 28 qualitative interviews across key global markets.
[3] Around 12,000 brands are listed on Vestiaire Collective. The authenticated items from these brands represent a curation of 5 million items on the platform that meet Vestiaire Collective's standards following their Fast Fashion Ban campaigns.
[4] This Circularity Report is Vestiaire Collective's third annual Impact Report.
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SOURCE Vestiaire Collective
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