It’s not news that luxury fashion has woken up to the potential importance of the secondary market. As the CEO of One of None, I have spent the last two years talking to fashion companies about the issue of authentication. Brands primarily see the problem through the lens of reputation protection and address it via litigation. But the missing provenance from luxury resales is much more than that.
The Future is
Risk Missing the
Provenance – or the lack of it – lies at the heart of a radical, transformational shift in the marketplace. Solve the provenance conundrum and you shape the future of luxury sales – and positively impact every player in the creator-collector-consumer-investor nexus. Continue to kick the can down the road, and the secondary marketplace doesn’t go away, it simply grows disfigured and misshapen. (Cue the Darth Vader music.)
Provenance has dramatically increased in importance because the secondary market is now unrecognizable from even just a few years ago, upended by a convergence of new buyer preferences and new technology platforms: think peer-to-peer digital exchanges such as Poshmark and eBay, and curated marketplaces such as StockX and Goat.
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