eBay has never been shy about its ambition to capture more of the luxury resale market. But while the Silicon Valley company, widely regarded as a pioneer in online peer-to-peer selling of all kinds of goods since its early 1990s inception, has built a business to cater to high-end buyers and sellers. was difficult to do. Startups like The RealReal and Vestiaire Collective are also learning.
The news last week that eBay was part of a £7.5 million ($9 million) deal to invest in Cudoni, a UK-based VIP reselling service, means the company will be more successful in reselling luxury goods. It’s just one of several steps we’re taking to raise the . In 2020 he announced that since Jamie Iannone took over as his CEO,
However, reselling high-ticket items such as handbags and hype sneakers is arguably more complicated than other categories due to the level of trust required with both the seller and the marketplace before the buyer makes these relatively expensive purchases. .
One part of establishing that trust is ensuring that the item is authentic. Both eBay and Cudoni aim to address this issue through their respective certification programs. EBay’s Authenticity Guarantee program launched in 2020 with he watches selling for $2,000 or more, and has since expanded to other categories such as sneakers and handbags. Service goes further. We have our own team of certifiers and pricing strategists who manage the entire sales process, including home collections and listings of items on our platform.
Brand recognition is also important in building trust, and this is where eBay may be able to strengthen Cudoni. Over the years, eBay has built strong brand awareness in reselling fashion, something no other company in this space (including Cudoni) has yet achieved. When BoF Insights asked consumers to name fashion resale platforms, The RealReal, Vestiaire Collective and eBay topped the list. EBay’s investment in his Cudoni is certainly a mutually beneficial strategy. Cudoni has access to long-standing brand power as an industry pioneer, while eBay has access to expertise in serving top-end consumers in resale.
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For a more in-depth analysis of the resale landscape, see the full BoF Insights report. The future of fashion resale.