Introducing Luxury Promise: The Best Designer Resale Platform For The Eco-Conscious Fashionista
Artificial Intelligence has infiltrated the world of pre-loved luxury, providing resellers with a new option to instantly price and sell their goods — sometimes within a matter of days…
From designer goods to the latest in streetwear, the resale market has been having its moment within the region as the sniffy reputation surrounding second- hand shopping dissipates among increasingly socially conscious consumers. After all, buying, selling and exchanging luxury items is not only a practical way to add covetable accessories to your wardrobe, but also a smart solution to simultaneously reducing your carbon footprint whilst on the hunt for your next handbag.
“The luxury resale market is growing four times faster than the primary luxury market – and this is all driven by the appetite of the consumers,” says Sabrina Sadiq, founder and CEO of Luxury Promise, a new digital resale platform that provides its international clients with the options of buying, selling, exchanging and placing special orders for the most sought-after luxury accessories – some which, often, cannot be procured by any other means. She notes that while Millennials and Gen-Zers are fueling the growth of the pre-loved luxury market, smart shoppers from the region understand that shopping second-hand is often the only way to obtain some of the most-desired items of the season, or unique vintage pieces.
“The consumers of the MENA region have always been connoisseurs of luxury with a real desire for rare and highly sought-after luxury goods,” she notes. Here, she shares what makes Luxury Promise different from other reseller platforms and her thoughts on the future of the resale market within the region.
How is Luxury Promise different from other luxury resellers?
Our model is unique as it gives the consumer the option to either sell for cash, consign, exchange and repair their item. We are a female-led business and not only are we the experts [in shopping pre-loved luxury] we are also consumers.
We’re also an interactive platform and can showcase our items via live streaming. Customers are craving sustainability as well as interaction. Any of our community members can speak to any one of our expert buyers and authenticators, giving the time and attention they deserve when buying and selling with us. What makes us different is that our business is driven by what our consumers want, not just the product and market potential.
Can you share with us any insight into the technology Luxury Promise uses to authenticate and price pre-loved pieces?
Our unique AI tool allows us to price up our items, instantly ensuring we are getting the best price for our customers, and the combination of human expertise with AI allows us to ensure triple pricing and authentication checks. All our items go through a robust authentication process.
What will the resale market within the region look like in the next few years?
The stigma of buying second hand is fading very quickly; more people are proud of buying pre- owned items. It is an opportunity for consumers to save money and extend the life-cycle of a product. In this region, there is a desire for limited capsule collections and this will fuel the growth of the resale market.
For more information, visit luxurypromise.com
From Harper’s Bazaar Arabia’s April 2021 issue. Lead image courtesy of Instagram/@luxurypromise
