.SaksOFF5TH wants to dominate the resale sector.
With new and pre-owed combined, more than 1,000 brands were introduced over the last two years, the company said.
“In our journey for market share entirely within the luxury off-price space, we’ve been building out the core business in off-price, but we see resale as a huge opportunity,” Paige Thomas, president and chief executive officer of Saks Off 5th, told WWD in an exclusive interview. “Resale offers a real strong value proposition for Saks Off 5th customers. They are engaged in resale and overall 85 percent of respondents to a survey we conducted are comfortable to purchase resale from Off 5th.
“We are still really in the beginning of this in terms of the penetration of resale to our total business,” said Taylor. On the Off 5th website, as of Monday, there were about 1,100 pre-owned items for sale, though the item count changes very rapidly considering the speed on which Off 5th buys and sells merchandise, and the fluid and opportunistic nature of the off-price model.
The executives said they want to expand the pre-owned selections within the categories being offered and continue to have conversations with other suppliers in the sector.
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