More often than not, we muse, ponder and ruthlessly lust after a Louis Vuitton or a Chanel arm-candy but might end up settling for a run-of-the-mill bag from a local or a moderately priced brand. And since we aren’t Samantha Jones or Kangana Ranaut sashaying their way with a Birkin, owning a handbag (even a pochette) by a luxury label is only a far-fetched dream. Luxurypop is giving wings to these unfulfilled dreams, in its effort to bridge the gap between luxury and the increasing number of consumers wanting to buy it but haven’t been able to. Over time, they have formed a clout of luxury enthusiasts comprising buyers and sellers where fashion is not just shared but also recycled. It is a two-way street where sellers can do away with pieces, which have now become redundant and invest in newer ones and buyers can avail them at considerably slashed-down rates.
Punit Anand, Co-Founder, effortlessly fuses her love for fashion and luxury with practicality to create a secure online platform, which ensures an optimum luxury shopping experience. Manveen Chadha, Co-Founder and Creative Director, has had a trail of experiences in the fashion and e-commerce space. At Luxury Pop, both work harmoniously in a bid to make luxury affordable.
The concept of reselling pre-owned items has fared well in the States, think RealReal, a luxury consignment service which has grown significantly over the years, churning out sales worth $100 billion a few years back. However, whether the same can be said about India remains a question. In an exclusive with TFE, Punit Anand offers an insight into the workings of Luxurypop, their authentication processes, how luxury can be recycled, and how they aim to change the way luxury is shopped, one product at a time:
1. How did the idea of selling pre-owned designer brands come to you?
Luxurypop started with the idea of bridging the gap between luxury brands and affordability. When we started noticing that we, as girls, have so many luxury bags and items which we don’t use anymore and are simply bored of looking at it more than a couple of times, it would do so much good to sell them off and earn money in return to invest in a new one. On the other side, girls who can’t afford these luxury items easily, get to buy them at upto 70% off their retail prices. Thus the idea of Luxurypop started, the idea of recycling luxury fashion, an idea which we had noticed was already big in the United States.
2. In a world where counterfeits are as good as originals — how do you and your team tell the difference?
We understand the authentication concern of people buying from us. That’s the reason that authenticity has remained our first priority in any product.
We have in-house experts who examine every product. This includes the right stampings, symmetry, stitching, hardware, materials, serial codes and numbers. In addition, we have partnered with a third party company called Real Authentication which helps us in authenticating all our items. We do provide authentication certificate of our own company and of the third party company on request. Rest assured, our products are 100% genuine and authentic, if found counterfeit, we provide 100% refund.
3. Which brand has a better resale value and is popular among your customers?
Brands like Louis Vuitton and Chanel are our topmost inquired brands. Classic and latest models in these brands and others sell the fastest along with other factors like good condition, good price etc.
4. COD (Cash on Delivery) is a concept mainly used in Indian markets, what is your take on the same?
Indian market is very partial to COD so we do provide the same but on an upper limit of 35-40k. We do not encourage COD due to the risks involved in bigger transactions.
5. Keeping in mind that Luxury Pop is a digital E-commerce platform, how do you keep up with providing your customers the shopping experience they would otherwise get in a boutique/store?
Our main motto at Luxurypop is quality and luxury service. We make sure our products are true to their mentioned condition and are packed in the most luxurious way to provide the same experience as you may have in a luxury boutique store. Since our products are preowned, a little difference is expected.
6. Where do you get most of the sales from when it comes to city/country?
Most of our sales are from Tier 1 and Tier 2 cities in India. We do receive international inquiries and will start international shipping soon.
7. What is your opinion on the sale of luxury goods under EMI (Equated Monthly Instalment)?
Luxury goods for sale under EMI is a great option and we shall be coming up with it soon. It is an easy and convenient way of owning luxury where you can pay at your own pace.
8. Considering that pre-owned goods are originally highly priced, what factors are considered before deciding the price of an item for sale on your website?
Sale price of an authentic item depends on its condition and model. For example, if it is the latest model in the newest condition, the sale price would go down by 20%. If it’s in a gently used condition (with few stains and marks), the prices could go down by 40-50%.
9. Do you see yourself expanding to clothes? If not, why?
We do plan to expand to other sectors like clothes, jewellery, cars and other luxury sectors but they are all in the planning.