On November 14, Chinese fashion resale platform Hongbulin – also known as Plum – released its “Double 11 Cycle Report”, revealing that over 100,000 consumers participated in secondhand consumption during the nation’s annual shopping bonanza.
According to the report, the top 3 best-selling brands during Double 11 were Chanel, Louis Vuitton, and Gucci. In addition, the number of cosigned and recycled goods by Plum increased 56% year-on-year, while merchant participation increased by 25% year-on-year.
In its Double 11 livestream, Plum’s average watch time surpassed 700 seconds, and its per capita purchase price increased by 15%. The platform’s success is largely due to the fact that the company began developing a integrative live broadcast model back in 2019. As a result, Plum now stands as one of China’s largest platforms with the highest traffic of sales and livestreams in its industry.
Since launching its circular fashion business in 2021, the secondhand luxury platform has grown tremendously. On November 1, the platform announced that it had secured 100 million USD in its series C funding from Zhuanzhuan, a Tencent-backed goods trading marketplace in China. Looking forward, Plum will use these funds to develop databases, standardise servers as well as enhance overall user experience.
At present, China’s secondhand luxury market is booming due to shifting attitudes towards used goods in the luxury landscape as well as young consumers who are increasingly willing to buy used clothing and accessories. According to iResearch, China’s domestic luxury resale market was valued at 51 billion RMB (8 billion USD) in 2020 and is forecasted to grow to 208 billion RMB (32.75 billion USD) by 2025 with platforms like Plum, Feiyu, ZZER and Ponhu leading the trend in mainland China.