Shoppers are invited to have their jewelry, handbags, and watches appraised and exchanged for "closet currency" to purchase authentic items from eBay's top luxury sellers
SAN JOSE, Calif., Nov. 16, 2022 /PRNewswire/ -- Open during Jewelry Week in the heart of New York's iconic Diamond District, the eBay Luxury Exchange capitalizes on the skyrocketing value of authenticated luxury items by letting shoppers exchange jewelry, handbags and watches from top brands like Gucci, Rolex, and Van Cleef & Arpels.
"It's never been easier for luxury enthusiasts to refine their collections in a trusted environment, and we wanted to create an IRL experience that reflects what's happening on eBay every day," said Tirath Kamdar, GM of Luxury at eBay. "The Luxury Exchange gives shoppers an opportunity to appraise and sell their valuable goods, and add something new to their personal collections – just in time for the holiday season."
eBay's Luxury Exchange: How it Works
Shoppers have their luxury items appraised and assigned a value with which they can shop the store's inventory of designer watches, handbags, and jewelry.
Once shoppers find an item(s) within their "currency," they can make the exchange and walk out of the store with their new luxury goods.
If nothing in the store catches a shopper's eye, guests can visit the on-site photo studio and opt to list on eBay themselves instead of exchanging.
The Luxury Exchange comes on the heels of the expansion of Authenticity Guarantee to jewelry, a move that significantly augments eBay's luxury offering. eBay launched Authenticity Guarantee in 2020, and the program now includes sneakers, watches, handbags, trading cards and now, fine jewelry. As a result, more and more shoppers are turning to eBay to buy and sell their collections. This behavior is reflected in the depth and quality of inventory available on the marketplace.
The Rise of Resale: Luxury As Currency
As economic uncertainty proliferates, interest in alternative investment classes has continued to climb. According to "The Rise of Resale: Luxury As Currency" – a new report from BoF Insights, the data and analysis think tank from The Business of Fashion, conducted in partnership with eBay – approximately 30% of U.S. luxury shoppers surveyed believe the value of luxury handbags, watches, and jewelry is less volatile than other investment assets they own1.
More than half of these shoppers see their luxury items as a form of currency, and they think about their collections dynamically, as a way to trade for other items that they want. What's more, sixty-two percent of respondents report that they have sold items from their collection for more than the original purchase price.
"Everyone Deserves Real"
Physical authentication is the leading factor in convincing a shopper to purchase a second hand luxury handbag, watch, and jewelry on an online resale platform. eBay's commitment to authenticity in the luxury category is further evidenced by its upcoming brand campaign – "Everyone Deserves Real" – which spotlights how the pervasiveness of 'fakery' in pop culture contrasts with the very real world of eBay's authentication service and its expert authenticators.
Luxury on eBay – By the Numbers
eBay's Luxury Exchange – at 22 W. 47th Street, New York, NY – is open to the public from Wednesday, November 16 through Thursday, November 17, from 11am to 6pm.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over $87 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
1 Business of Fashion survey data collection in the U.S. in October 2022.
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SOURCE eBay Inc.