Fashion costs money. And because we can’t simply frolic publicly in our birthday suits just yet, clothes are an inevitability. Like most of us, fast fashion is a cheap and cheerful way to get what we want and need without breaking the bank, but it turns out that spoiling ourselves could pay off. That’s because consignment services are popping up online, and a lot of these places have members selling their like-new goods for up to 50 per cent of how much they paid.
ThredUp is one of those services, and its recent Resale Report suggests the business model has worked. At a glance, the report states that one member was able to sell a $228 Michael Kors tote in just five minutes for $109, while another seller sold a $235 pair of Tory Burch flats for $140 in the same amount of time. Not too shabby for used purses and shoes you probably weren’t ever going to wear again, right?
In Canada, we have LAB Consignment, Trend Trunk and Boomerang Kids to name a few, so this isn’t just an American phenomenon. It’s worldwide, because living is expensive, and we occasionally want a nice thing or two. It got us thinking about what big names are actually producing returns, so we looked at ThredUp’s 2014 survey to find out. Dig through your old clothes – if you have one of these brands, you could be walking away with some quick cash:
These ten fashion brands are your best bets for making money
Tory BurchIf you like comfortable flats, you've heard of Tory Burch. And chances are you probably own a pair, right? Well, resellers make 17 per cent of the original price. Tory Burch
Diane Von FurstenbergDVF is the queen of the wrap-dress, so there's a good chance you or someone you know has one of these babies kicking around. On average, sellers have gotten 13 per cent of the original purchase price. Diane Von Furstenberg
Michael KorsThredUp's resale report found that sellers of this American sportswear brand received, on average, 12 per cent of the original purchase price. Michael Kors
Frye BootsFrye boots basically last forever, but if you ever get tired of them, you could get as much as 13 per cent of what you paid for them. Frye Boots
Kate SpadeKate Spade knows accessories, and its handbags and stationery do particularly well. Users reselling the bags earned, on average, 18 per cent of the original price. Kate Spade
Dooney and BourkeThis is one of the less costly brands that made ThredUp's top 10. Despite being on the cheaper side, it produces one of the highest returns: 16 per cent of the original price. Dooney and Bourke
Marc JacobsIf you like Marc Jacobs, then you know the brand is super pricey. But Marc Jacobs resellers give some of the best bargains, and they're rewarded for their kindness with an average resale return of 15 per cent the original price. Marc Jacobs
Rag and BoneRag and Bone makes basics, but they're expensive. If you dropped large dollars on a piece from the NYC brand, don't fret. On average, resellers could see at least 14 per cent of the original price. Rag and Bone
Alice + OliviaAlice + Olivia makes perfectly pretty dresses, and their potential resale value is, on average, 13 per cent of the original price tag. Alice + Olivia
Rebecca MinkhoffThe biggest payoff is from Rebecca Minkhoff bags. The average return is 22 per cent of the original price.Rebecca Minkhoff