The pre-owned Hermès Fjord Leather Birkin 35 which sold for a record R280 000 this week. Picture: Supplied.
The luxury goods company which sold a pre-owned handbag for almost R300 000 this week says it will open a store in Durban in the next few months because the local market is booming.
While most of Mzansi reels as the cost of living rockets, a well-heeled South African forked out R280 000 for a used handbag, just eight minutes after it went on sale.
The black Hermès Fjord Leather Birkin 35, dubbed the country’s most expensive handbag, was sold by Luxity, one of the largest sellers of pre-owned and authenticated luxury items.
The bag, which costs more than some new cars, is crafted from durable fjord leather and features rolled leather top handles, a cross-over flap and a strap closure with palladium silver clasps and a palladium silver turn lock along with a hanging clochette with keys for the padlock, said Luxity.
For those left aghast by this sale, Luxity says business in the luxury goods market is on an upward trajectory and grew by 13% last year.
“The pre-owned market is really growing,” said Luxity’s co-owner Michael Zahariev. “Year on year we’re expecting more than 100% growth this year, after growing 190% during the pandemic. Luxity will also be opening a Durban store later this year due to this growth path.”
He said their buyers were mainly from the middle-upper class, aspirational and aged between 35-55, adding that tough times did not “really see it affecting their spending habits in the short term”.
The business, which started out as an online venture, branched into physical stores because of the demand by their clients, and apart from the shop opening in Durban this year, there are already outlets in the Cape Quarter, Menlyn Maine and Sandton.
The company has now listed the next most expensive bag for sale, a Hermès Swift Leather Kelly Pochette Étoupe with an asking price of R250 000.
Cape Town-based online store, Love Me Twice, is owned by Taryn Sive who confirms that the luxury pre-owned goods market is exploding.
She said even during the Covid-19 pandemic when people were losing their jobs or not working, sales were on the increase.
“My clients who have disposable income and access to cash to spend are still continuing to spend. Even during Covid, the luxury goods sales actually increased for me.”
Sive said her typical clients were mainly women, aged 25 to 55, although there were also moms who bought for their younger daughters.
She said the super wealthy were going to stores where they could purchase new goods at full price, but even people with money were always looking for a bargain and if there was a used item in immaculate condition and with proof of authenticity, then there was no reason not to buy it. The pre-owned goods were usually sold at between 40 to 60 percent of the original value.
She said Louis Vuitton was a “highly aspirational” brand and very popular among her clients while Chanel items were seen as the best investment pieces.
“Bags and accessories go in a heartbeat but if I have something that’s high fashion, currently in demand, a product can sell within minutes of posting on my platform.”
She recently sold a Chanel double flap classic caviar leather shoulder bag for R80 000.
Although Love Me Twice is based in Cape Town, Sive said her biggest clients were from Polokwane and Johannesburg.
The Independent on Saturday
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