The “stealth wealth” quiet luxury trend is one of 2023’s biggest breakout hits, with shoppers gravitating toward refinement over ostentation, according to Rebag.
The luxury resale company’s Clair Report, released Wednesday, revealed that the logo mania behind Gucci and Versace’s cultural influence may be on the decline. Instead, many consumers want unfussy clean lines and high-quality materials.
Creative director Jonathan Anderson has spent the past decade propelling Spanish luxury fashion house Loewe to must-have status. “Known for avant-garde designs and expert craftsmanship, Loewe seamlessly blends tradition with innovation, offering an array of exceptional leather goods, among other categories,” according to Rebag. The Loewe Basket Tote, one of summer’s hottest bags, retained 92 percent of its value when traded on the site while the Puzzle Bag showed an 83 percent value retention.
Mary-Kate and Ashley Olsen’s The Row boasted several of Rebag’s hottest styles, from the N/S Tote, which retained 85 percent brand value, as well as its Half Moon Shoulder Bag (73 percent) and its Margeaux Tote (70 percent). Bottega Veneta’s understated woven leather silhouettes, from the BV Jodie Hobo (73 percent) to the Box Knot Clutch (60 percent) and the Cassette Chain Crossbody Bag (54 percent) were also among Rebag “winners.”
The BV Jodie Hobo by Bottega Veneta.
Courtesy of Bottega Veneta
“2023 welcomed several interesting shifts in the luxury resale market,” Rebag CEO Charles Gorra said. “This year’s Clair Report illuminates the impact of primary market scarcity and price increases on resale value,” as well as “pop culture’s influence on value retention.”
Greta Gerwig’s “Barbie” was the year’s biggest pop-culture sensation, feeding a frenzy for pink apparel, accessories and bags after Pierpaolo Piccioli’s “Valentino Pink” collection in March 2022 erupted into the zeitgeist. “Barbie” star Margot Robbie’s press tour further fueled demand for the bubblegum hue.
Pink handbags retained an average value of 81 percent this year, outpacing the 76 percent average for all other colors combined. Top performers include the Chanel Single Flap Quilted Lambskin Mini (110 percent), the Chanel 19 Flap Bag Quilted Leather Medium (102 percent) and the Prada Re-Edition 2000 Hobo Tessuto Mini (81 percent). “It’s no surprise that two of the top three magenta-hued styles of the year are by Chanel, which provided several of Robbie’s looks for the film and the red carpet,” Rebag said.
The second season of “And Just Like That” also inspired viewers and shoppers. Rebag cited key fashion standouts including the Fendi Peekaboo and Fendi Baguette, a longtime favorite of protagonist Carrie Bradshaw, played by Sarah Jessica Parker. According to Rebag, the Peekaboo’s average value retention was boosted by 48 percent, while the Baguette saw a 34-percent increase. Overall, Fendi gained 4 basis points from the Baguette, the First and the Sunshine Shopper.
The Fendi Fuchsia Sequined Baguette.
Courtesy of Fendi
Big-name players retained their foothold in luxury resale. Telfar, Rebag’s top performing brand in 2022, achieved 228 percent value retention in 2023. For the fourth consecutive year, Hermès has retained 110 percent of its value on Rebag.
Celine, Prada and Valentino remained strong contenders this past year, retaining their value from 2022 in despite inflation and macroeconomic concerns. After adding a waitlist for its bestselling Neverfull tote, “a classic entry point to the brand,” Louis Vuitton’s popular style rose 8 percentage points to achieve 136 percent average value retention.
Not all top luxury brands gained or maintained value. According to Rebag, several top brands saw declines in average value retention given that their primary market price increases outpaced those in the secondary market. “Savvy buyers will know that this trend only emphasizes the potential to uncover exceptional value in the resale market for many coveted luxury handbags,” Rebag said.
