The biggest fashion trend to look out for in 2020 is not a particular type of color, cut or material. What we should pay close attention to is a type of fashion–sustainable fashion and resale to be precise. As more and more consumers are becoming aware of fashion’s environmental and social impact–especially the fast-fashion consumer model that dominated the last two decades–our whole understanding of the industry is about to flip upside down.
People are realizing the amazing benefits of buying pre-owned fashion made from high quality materials, and they are learning that there is a way to own highly-coveted designer pieces without the designer price tag.
How big the Resale Industry really is?
The resale industry will be 2020’s biggest fashion trend, and likely well into the future. According to ThredUp’s 2019 resale report, the current $24 billion dollar market is expected to hit $51 billion by 2023. In 2019, over 60% of women have purchased pre-owned or are willing to purchase pre-owned fashion. While that number transcends age groups, the biggest drivers of designer resale market are millennials and Gen Z, which means the resale market is only going to expand in the coming years. And the benefits of resale are real: consumers can purchase authentic, high quality designer pieces from top brands like Chanel, Hermes, Louis Vuitton and Gucci, to name a few, for up to 70% less than their retail prices. The environmental benefits, especially compounded with resale’s growth expectations, are huge as well: buying something pre-owned negates the heavy carbon emissions and pollution associated with producing a brand-new, lesser quality garment or accessory. The more people recognize this, the sooner we can clean up the dirty fashion industry.
We anticipated the resale industry’s growth long before 2020, co-founding our sustainable designer resale business, Codogirl, in 2010. We wanted to give people a way to own that Chanel or Hermes handbag of their dreams and do our part to fight back against fast fashion. We also recognized the investmental potential of many classic designer pieces: because they are of high quality and in high demand, their value often increases over the years. Hermes Birkin bags, for example, have outperformed traditional investments like gold, silver and S&P500 stocks over the last 35 years! While we have Birkins in our inventory, the investment opportunity of designer fashion holds true for almost everything we offer. It always makes me happy to know that we can provide our customers with something they will own, wear, care for and love for many years to come, with a lower price tag, environmental benefit and a unique shopping experience.
A former finance professional with a passion for fashion, YuliaOmelich founded CODO, Inc, in 2010 with her husband Andrey. She wanted to establish a platform for women to own high quality, authentic luxury fashion without having to pay the retail price, as well as a way to shop sustainably. Her passion for sustainability is reflected in the business, which offers a unique refashion service that allows customers to upgrade their outdated or vintage garments with luxurious pre-existing materials.