Shopping on Vestiaire Collective just got cheaper.
In a move spearheaded by new ceo Max Bittner, the online resale platform has overhauled its commission structure in a bid to let sellers sell faster.
The changes will in particular impact lower-priced pieces, with a fixed commission of $17 on items upto $170. Rare and desirable vintage finds, meanwhile, will be subject to a capped commission–$1,700 on products priced $8,500 and over.
Prices will drop by an average of 10% across the site’s catalogue of preloved pieces, Vestiaire Collective said.
According to Vestiaire, the resale industry is estimated to be around 8% of the €260bn luxury market, and is predicted to double in size by 2022.