Since the start of the summer, Gucci has been building anticipation around its mysterious project, code-named “Gucci Vault.” Initially, the luxury house shared a few Instagram stories and tweets, but then went silent for weeks. However, Gucci recently unveiled a dedicated website for the project, featuring hypnotic animations, cryptic phrases, a video with the principle of mise en abyme, and even an unpublished playlist on Spotify and Apple Music. Despite a confirmed launch date of September 25th, the exact nature of this initiative remains unclear. Alessandro Michele, Gucci’s artistic director, provided some hints in a manifesto that explores the relationship between the past, present, and future.
One intriguing aspect that arises from Gucci’s content on social media is the recurring theme of vintage, old, and new. This has sparked speculation about whether the luxury house is venturing into the second-hand market. The idea seems plausible, especially considering Gucci’s recent partnership with luxury resale leader, The RealReal, as well as its previous recognition as the most popular brand on pre-owned platform Vestiaire Collective. Kering, Gucci’s parent company, also invested in Vestiaire Collective, demonstrating its interest in the second-hand luxury market. François-Henri Pinault, the Chairman and CEO of Kering, acknowledged the significance of second-hand luxury as a growing trend among young consumers and expressed a desire to embrace this opportunity for more innovative and sustainable practices in the industry.
With Gucci being a flagship brand of Kering and boasting a substantial turnover of €4.48 billion in the first half of 2021, it could potentially become one of the first entities within the group to enter the second-hand market. This market has the potential to contribute up to 20% of a luxury company’s revenue by 2030. As such, Gucci’s endeavors in this area are definitely worth watching closely.
Useful links:
1. The RealReal
2. Vestiaire Collective
