September 4, 2024 | Industry News
LePrix initially launched as a B2C e-commerce platform but quickly grew into a pioneer in the pre-owned luxury wholesale industry. The company’s innovative B2B platform is transforming the way retailers source and sell pre-owned designer items, filling a critical need in a rapidly growing market.
“Since 2019, LePrix has been revolutionizing the $43 billion pre-owned luxury wholesale industry,” said Emily Erkel, CMO and co-founder of LePrix. “We pioneered this business model with our proprietary B2B platform to help retailers launch and grow successful pre-owned businesses.”
The pivot has been successful, and the company’s growth trajectory speaks for itself: “As of January 2024, LePrix has generated over $100 million in cumulative sales since its inception,” Erkel points out.
Duty free has proven to be a key channel, and Leprix sees growing opportunities as global air travel recovers. “Travel retailers are recognizing that vintage and second-hand luxury goods are becoming increasingly popular among discerning travelers,” said Erkel, adding that the luxury resale market is projected to reach $86 billion by 2028, growing 11 times faster than traditional retail.
Trust Through Technology
At the heart of LePrix’s success is its commitment to authenticity. To build trust with both retailers and end consumers, LePrix provides a Certificate of Authenticity tag with each item. “Each item sourced from LePrix has a tag with a QR code that consumers can easily scan to verify that the item has been certified as authentic,” says Erkel.
The company partners with an independent appraisal agency and employs a rigorous appraisal process: “Every item sourced through LePrix is appraised at least twice or three times.”
Acquiring new markets
LePrix aims to capitalise on the growing demand for sustainable luxury experiences, “which has allowed us to launch the category as an opportunity to capture new customers such as Gen Z and millennials, who are embracing sustainable fashion faster than other generations,” Erkel said.
The cruise channel is also growing: “Our pre-owned luxury platform for retailers is perfectly suited to help cruise lines navigate the rough waters of pre-owned luxury, ultimately enhancing the overall experience for passengers,” Erkel says.
Coming to Cannes
The company sees TFWA WE as a platform to showcase how second-hand luxury can transform duty-free. “Offering second-hand goods allows travel retailers to innovate in a space that is likely to be disrupted,” explains Erkel. LePrix aims to use the event to establish new partnerships and showcase its unique value proposition in the evolving luxury travel retail industry. “We’re looking forward to Cannes – it’s a great opportunity to connect with other companies looking to innovate in the travel retail industry.”
Regional International