The resale market for top luxury fashion brands in South Africa is booming – with customers willing to pay prices close to those of new purchases.
Louis Vuitton remains the most popular luxury fashion brand in South Africa in the resale sector.
A bumper year for Louis Vuitton
When French designer and businessman Louis Vuitton launched his revolutionary rectangular canvas trunk in 1858, he would have had no idea that his name would become synonymous with the epitome of luxury fashion.
More than 100 year later in 1987, the Louis Vuitton fashion house merged with Moët Hennessy to form the LVMH group.
Today, the luxury goods conglomerate controls more than 70 brands, including Tiffany & Co, Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Kenzo, Celine, TAG Heuer and Bulgari.
Despite 2022 being a tumultuous year economically and politically, the Louis Vuitton brand achieved record sales globally of US$21.8 billion.
Even with uncertainty in the Chinese market and a fourth-quarter slowdown, the LVMH group reported record sales of US$86.2 billion.
The luxury resale market is as buoyant as new sales. In 2021 globally, it was estimated to be worth US$32.61 billion. By 2026, it’s predicted to reach US$51.77 billion.
The resale market for Louis Vuitton in South Africa shows no sign of slowing down.
According to the Luxity 2022 report, which monitors the luxury resale market, Louis Vuitton is the most popular luxury brand in South Africa.
Louis Vuitton was the most popular brand in the shoes and clothing categories, came second to Chanel in bags, and third (behind Cartier and Hermès) in accessories. Unsurprisingly, it was not in the top three for watches, which was topped by Rolex.
Overall, Louis Vuitton’s resale value improved from 64% in 2021 to 67,8% in 2022.
Top luxury fashion brands in South Africa: shoes, bags and accessories
In Africa, the top brands by search interest were Louis Vuitton (19.43%), Gucci (12.89%) and Prada (5.72%).
Prada had 5.72% of total search but doesn’t make the top three in any category for resale value. This could be due to the fact that it closed its stores during the pandemic.
The table lists the top luxury fashion brands in South Africa by category, with the highest resale values listed as a percentage of the new price.
Shoes | Bags | Accessories |
|---|---|---|
Louis Vuitton 62.3% | Chanel 73.6% | Cartier 69.7% |
Gucci 62.1% | Louis Vuitton 70% | Hermès 68.3% |
Christian Louboutin 61.9% | Celine 68.3% | Louis Vuitton 64.7% |
Gucci
The growth of Gucci in the shoe category can be attributed to the ever-growing male sector influencing the data.
Christian Louboutin
The trademark red soles of Christina Louboutin shoes keep them perennially desirable.
Chanel
There are no Chanel stores in Africa, which limits supply of the brand and pushes up resale prices. These factors, along with items such as the Chanel Medium Flap bag being an investment piece with a return of 111.5% over five years, have bumped the brand into top spot for the resale value of handbags.
Céline
The cool, minimal trend introduced by Phoebe Philo during her tenure as creative director cemented the appeal of this fashion and accessories brand.
Cartier
The timeless appeal of Cartier jewellery is the primary reason it retains top spot in the accessories category.
Hermès
The iconic Birkin bag was once the rarest bag in the world. It is rumoured to only be sold to a select list of clients and is one of the most collectable bags in the world and a true investment piece with a return of 27.2% over five years.
Most sought-after luxury clothing brands
The top luxury clothing brands in South Africa are:
- Louis Vuitton 56.45%
- Fendi 49.8%
- Burberry 46.5%.
Fendi
For 50 years, legendary designer Karl Lagerfeld kept this Italian clothing brand relevant and highly desirable.
Burberry
This quintessential British brand – most famous for its trench coat – got a new lease of life in the Noughties.
3 top-performing luxury watch brands
The top luxury watch brands in South Africa include:
- Rolex 82.6%
- Hublot 75.5%
- Breitling 68.7%.
Rolex
Rolex remains the biggest name in luxury watches and continues to offer the highest resale value when compared to new purchases, achieving an average of 82.65% of the current retail price.
Hublot
This relatively new watch brand – it started in 1980 – is part of the LVMH group.
Breitling
The link with diving and aviation give this watch brand added glamour.
Luxury fashion trends in South Africa, and what’s driving them
In Africa, the ever-increasing demand for luxury fashion brands far outweighs supply.
People have increased exposure online and in the media to international luxury brands and the associated status and prestige they bring.
Added to this, the shopper for luxury brands is getting younger. “Precocious” teens as young as 15 are set to become the biggest buyers of luxury goods by 2030 as their demographic in the sector gets younger and wealthier.
In Africa, there are relatively few outlets for new luxury brands. This limited supply and access to the top brands, alongside ever-increasing demand, pushes up prices in the resale markets.
Increased demand in resale markets is also being driven by the increased awareness of and education around the environmental benefits of pre-owned shopping.
These factors have all both boosted the growth of shops and online platforms that sell second-hand luxury retail items.
Top 10 luxury brands worldwide, 2023
The global luxury fashion market is predicted to reach US$350 billion by 2030, growing at a compound annual growth rate of 4%.
According to Luxe Digital, the 10 most popular luxury brands in the world for 2023, based on how much they’re talked about and searched for, are all fashion brands, except Rolex and Tiffany:
- Gucci
- Dior
- Chanel
- Louis Vuitton
- Hermès
- Rolex
- Tiffany
- Prada
- Versace
- Ralph Lauren.
How much a luxury brand is talked about and searched online is an essential and reliable indicator of future performance.
Loans against luxury assets
If you need cash fast and own a watch, bag, pair of shoes or item of clothing from one of the top luxury fashion brands in South Africa, you can use it to get a loan.
Lamna offers short-term loans against top luxury fashion brands and other personal assets of value.
We’re an established financial services provider with physical branches across South Africa.
For more information, WhatsApp us on 068 725 9701, call 086 111 2866 or simply complete and submit our online application form.
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
|---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment terms range from a minimum of 3 months to a maximum of 24 months. Apart from the initiation and monthly fees shown in the table, the only additional fee is credit life insurance if the borrower does not have this already.
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