How to Buy (and Sell) Luxury Handbags

Designer bags are highly coveted and sought after, the obsession is real guys! The luxury consignment market is growing rapidly year over year with no signs of slowing down. Companies like Fashionphile, Poshmark and TheRealReal have become formidable players in the space, and let me say I AM HERE FOR IT. I recently found my Chanel Boy Bag on Fashionphile…one could say it was fate. I was very specifically looking for a navy Chanel with gold chain (early birthday present to myself okay!). When I saw her online, I knew she had to be mine. I’m so happy with it, navy is a perfect year round neutral.

I love a good handbag because it’s probably the single most impactful thing to add to your outfit to look instantly more put together. Most days I’m running around in my gym clothes but best believe I have a cute bag with me. I’ve had great success buying and selling online - today’s post is all about my tips on what to look for when you’re buying or selling a luxury bag online. xox

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Why buy secondhand

  • You can find limited edition/discontinued pieces that would otherwise be unavailable in stores. I definitely have a few limited edition pieces I’ve set search alerts for!

  • It’s a more sustainable approach to fashion - not only is it more eco friendly and luxury bags are so well made they keep their value overtime.

  • THE PRICE! This is a big one guys - most luxury bags sell for 30-70% of the retail price. If you get lucky, you can often times find a BRAND NEW bag for hundreds less than what you’d pay in store.

  • If you take good care of your purse the resell value can be $$$. Most times I’ve been able to recoup about 70% of the purchase price.

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If you’re looking to buy

First and foremost, make sure you do your research! This is super important. The great thing about buying/selling online is all the information is literally at your finger tips with just a quick Google search. Make sure you put the time in to validate what market rate is, the reputation of the seller, and multiple options of the same bag. Stay away from sellers with lots of negative reviews or no reviews at all.

Remember, if it’s too good to be true, it probably is. That’s not to say you can’t find killer deals, however it’s important to take into account market value for the item. Is it super rare and sought after? In perfect condition? Then likely not going to be the item that’s on a major discount, ya know? Use your best judgement and remember to trust your gut. btw, if you ever want another opinion, DM me, I would love talk handbag strategy with you ;)

Buy from reputable companies. This is helpful with taking some of the stress out of the transaction. My personal favorite is Fashionphile - there are many out there like Ebay, Tradesy and TheRealReal.

Consider Vintage pieces. These items are trending, not to mention they’re often times overlooked and can be listed for super reasonable prices.

Or stick with a classic…Designers like Chanel, Hermes or Prada have proven staying power. While I love the trendiness of Gucci’s resurgence and the neon colors YSL has been putting out, when in doubt stick with proven classics. Considering most designers increase their retail prices 10% each year, bags are definitely an investment that can have a return.

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If you’re looking to sell

Same thing applies here as first rule. Do your research! It’s paramount to know the ballpark value for your bag. All the information is out there, just takes a little bit of research. This will help you price your item competitively.

I’ve had the best luck selling on Poshmark and Ebay. I love how Poshmark ensures the shipment, provides free authentication to the buyer, and handles payment. While they take 20% fees, it’s something I take into consideration when I set the price. Poshmark tends to have lower transaction fees compared to other buyers. While I love to buy from Fashionphile, they usually aim to make a higher profit margin on their sales, so I stick with Posh for selling!

What you purchased your bag for, does not necessarily have an impact on the resale value. Is it a popular “it” bag? Is it a bag that has a ton of replicas made? (like the amazing LV Neverfull sadly) Lots on the market already? Recently featured by influencers or celebs? All these factors can affect the demand for your bag.

Take high quality photos. Picture this - you’ve got your eye on a Gucci camera bag. You find one online in the right color and in your price range only for it to have super blurry, dimly lit photos. Would you be inclined to buy? Probably not. The same way staged homes sell for more $$$, the same thing applies here y’all!

Be honest - disclose any issues with the bag. If you don’t, this can bite you afterward. Most 3rd party sites like Posh allow the buyer to accept the item if it arrives as advertised. Not worth wasting your time rather than disclosing any damage.

Include all you can from the original purchase. I always try to include the dust bag, box, tags, authentication card and receipt. Basically everything! This drives more interest for sellers. Everyone can appreciate the feeling of having that “purchased in store” feeling, ya know?

So babes, what handbags have you been eyeing? Lmk in the comments!

Sarah BagamanComment