It seems there can never be enough bags in the Asian luxury fashion market, with sales continuing to remain strong in both the brand new and pre-owned categories.
This is according to Reebonz’s 2017 Asia Luxury Index, which combines the Singapore platform’s sales data across Singapore, Malaysia, China, Australia, Hong Kong, Indonesia and New Zealand.
Although bags continued to dominate with an average of 77 per cent of total transactions in 2016 and 2017, Reebonz also reported steep sales growth in the shoes and apparel categories.
In particular, Hong Kong experienced a six-fold growth in luxury t-shirts 48% rise in sales of luxury sneakers.
Reebonz, which started out as a flash sales site in 2009, said Balenciaga, Prada and Saint Laurent were its top-sellers in the category of new bags in 2017.
The website’s sales data also revealed a 40 per cent sales growth in the pre-owned category in 2017.
Chanel emerged the most popular choice for millennials purchasing pre-owned brands, as the number of Chanel bags almost doubled in 2017 compared to the year before. Taking up 33 per cent of all resale bag brands, second- and third-runners up Louis Vuitton and Hermes paled in comparison, occupying just 13 per cent of sales each.
This growth in resale volume has in turn given rise to a community of individual sellers.
According to Reebonz, the top most investment-worthy brands can fetch resale values as high as 125 per cent of their original retail price in the secondary market.
In fact, a pre-owned Hermès Etoupe Togo Birkin 35 was sold at a resale value of 143 per cent, Reebonz said.
Based on its resale value data, Reebonz found that the particular Hermes model has experienced an average rise of 43 per cent in resale value in 2017.
Daniel Lim, co-founder of Reebonz said: “With a rich heritage of over 180 years and intricate craftsmanship that is still practiced by artisans today, Hermès has a legacy which falls under the ultra-luxury range, apart from the mainstream luxury.”
This means the brand is likely able to withstand bad economic factors that usually affect other industries and categories.