Imagine having access to your dream wardrobe of limitless clothes and designer bags – and being able to do so in a way that is cost-efficient and kinder to the environment.
That is, essentially, the proposition that the resale market makes to modern-day consumers. According to a market study conducted in 2021 by retail analytics company GlobalData, the resale market is expected to skyrocket from its current value of US$36 billion to US$77 billion in 2025 . Given that 76 per cent of polled participants indicated interest in joining the resale circle for the first time, the industry is anticipating a future marketplace with 118.8 million unique sellers.
With so much opportunity to diversify a market that is starting to attract direct attention from large, renowned fashion houses, Style Theory is stepping up to add yet another economical and environmentally-conscious way of shopping to their repertoire. The circular fashion leader has now launched their new resale platform, Style Theory Shop .
Expanding beyond their rental model – where users pay as little as $59 for a monthly subscription plan – Style Theory's move into the resale business is a way of tapping into their customers' evolving shopping behaviours.
Style Theory's co-founders Raena Lim and Chris Halim say, "Resale has been a core pillar of our business since 2020 and we began to direct more attention to it last year. Since launching Style Theory's resale pillar and investing in the inventory growth, which is independent of rental retirement stock, we've seen a tenfold growth in 12 months. This growth is very heartening."
Offering affordable entry points
In February 2020, a study in multi-disciplinary journal Science of the Total Environment posits that within the last two decades alone, the global annual consumption of textiles has almost doubled from 7kg to 13kg per person, with only 15 percent of consumption being recycled again.
"Like all our circular services of rental and restoration, our resale platform offers more ethical values such as living more sustainably and less wastefully," shares Mr Halim.
Style Theory Shop aims to offer an economical way of sourcing for fresh finds and authentic pieces each season. With over 5,000 preloved designer apparel and more than 800 secondhand handbags for sale, your dream wardrobe is just a click way.
Says Ms Lim, "Rather than cannibalising full-priced sales, pre-loved products sold at a discount broaden the market for luxury goods and provide more affordable entry points to high-end brands, thereby serving as a gateway for first-time shoppers."
Beyond simply consuming, this new pillar also opens up the opportunity for shoppers to make money off their existing pre-loved fashion items. One particular way is Style Theory's unique White Glove Selling Programme for pre-owned designer apparel and handbags. Potential sellers submit a series of photographs and information to the Style Theory team, who will review the product before issuing a quote for a one-time resale payout. Once accepted by the consignor and physically authenticated by the team, the bag is listed on Style Theory's website.
It's a simple process facilitated by Style Theory, but one that effectively allows anyone to join the circular economy sans fuss or worry. Just a few snaps and clicks, and you're in.
What’s more, buyers can have peace of mind. In line with its zero-counterfeit tolerance policy, Style Theory works with AI-powered technology and experts who provide multiple layers of verifications and authentication checks before the goods are even made accessible to customers. By taking the doubt and guesswork out of shopping resale items, Style Theory is designed to be a trustworthy platform that instills both sellers’ and buyers’ faith in the preloved luxury space.
Plans for further expansion
Since piloting the launch of their resale business with the domestic market, Style Theory is also looking at extending this service to other parts of Southeast Asia, and building on their showroom spaces across their existing physical touch points in Singapore, Hong Kong and Indonesia. They are also working on a sell-back programme for customers, and opening up their product offerings to include menswear and childrenswear.
Presently, the site offers over 50,000 clothing items as well as more than 2,200 bags from fast fashion to designer labels available for rental. All these can be accessed from a user-friendly site, but for those who prefer the physical element of shopping, Style Theory has also invested in a 3, 200 sq ft showroom to feature over a thousand authentic designer bags, clothes, and accessories – thus welcoming consumers to experience a more tailored shopping experience.
Through its new resale platform, Style Theory's hope is to offer a wider group of shoppers the power to explore the world of authentic luxury and designer fashion. Consumers would be able to commit less of their resources – be it space-wise or financially – by taking part in this transaction of buying something pre-owned that can be sold back to the resale community, post-wear. Mr Halim adds, "With the increased saliency of mindful consumption within affluent Gen Z, we see the sharing economy in Southeast Asia gearing up."
To start building your dream wardrobe, visit shop.styletheory.co .
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