The Fashion Secondhand Market Faces Hard Times
In the world of fashion, secondhand shops have been hit as hard as the retail industry. Quietly, a French competitor of Vinted has shut down, and it seems no one is aware…
A French Gem in Secondhand Fashion Silently Extinguishes
While the financial troubles of fashion brands are widely publicized, this summer, a French secondhand jewel quietly faded away. Competing with the giant Vinted, this platform closed its doors for good on July 24, shortly after being placed under judicial reorganization due to its inability to pay off debts.
This brand specialized in the resale of high-end bags and boasted a significant digital presence: 252,000 followers on Instagram, which is more than a third of its Lithuanian rival’s audience. At its peak, it even caught the attention of the prestigious Printemps department store and boasted a permanent corner at Galeries Lafayette.
Since its inception in 2015, this hybrid physical-digital sales model had been featured in numerous media outlets, including TV and online, with flattering reports hailing it as a success story to watch: Forbes, 50 Min Inside… In 2023, the company managed to raise 3 million euros, a strong signal of financial health. This luxury secondhand specialist was none other than Monogram Paris.
Monogram x Galeries Lafayette
Customers once deposited their luxury bags with experts who authenticated them and then sold them either in the 16th district store, at the Galeries Lafayette stand, or on their website.
Without making noise in the mainstream press, but through countless stories and online posts by the founder, the company, which traded Birkins and the like, has shuttered its doors. While outwardly displaying success through a narrative that painted a glorious image, behind the scenes, it was actually floundering. It had been in deficit since 2021, with a net result plunging from -57,109 euros in 2021 to -1.5 million in 2023. However, the tragedy doesn’t stop there: it affects the founder, the employees, and also the clients – the collateral victims of the story.
Customer Complaints on Social Media
Some are voicing their frustrations about never having recovered their deposited bags or the money from their sales. On Instagram, they are openly expressing their discontent. Among them, @marieluvpink, with over 55,000 followers, dedicated an entire post to this issue. The expected reimbursements often involve four figures, reports Glitz.
Legal Liquidation and Client Losses
In response to inquiries from @Isabellecolin86, the liquidator explained that “there are no assets left to compensate the clients… the company doesn’t have a single cent left in its accounts.” In this regard, Monogram indicated that “all creditor requests cannot be satisfied.”
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Olivia Martinez is the Fashion Editor at Lady and The Track, bringing over seven years of experience in the fashion industry. With a background in fashion design and styling, Olivia has worked with top fashion brands and magazines. Her keen eye for trends and styling tips helps readers stay ahead of the fashion curve. Whether she’s covering runway shows or street style, Olivia ensures that Lady and The Track readers are always in the know when it comes to the latest in fashion.