
- Second-hand luxury goods retailer Luxity says it has increased sales by 63% despite the pandemic.
- One of the most expensive items he has sold is a Hermès Birkin bag which sold for 220,000 rand.
- The preferred brand of its buyers is Louis Vuitton, and customers are now showing significant demand for Hermès and Chanel, which do not have stores in South Africa.
- Watches are also growing in popularity, and Rolex is the most popular. One recently sold one for R210,000.
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As many retailers suffered during the Covid-19 pandemic, Luxury, a second-hand luxury goods dealer in South Africa, was booming.
In its fiscal year ended February 2021, the retailer sold a wanted Hermès Birkin bag for Rand 220,000, just two minutes after listing it on its website.
Sales at the company, which has stores on Nelson Mandela Square and Menlyn Main in Pretoria, have jumped 63%, he said.
Here are the five most expensive Luxity items sold during the period.
Hermès Togo Birkin 35 Black – 220,000 rand
Rolex Oyster Perpetual Datejust– R210,000
Hermès Taurillon Clémence Returns Kelly 35 Gold– 200,000 rand
Rolex GMT-Master II– 150,000 rand
Christian Dior Diamant Christal Watch– 100,000 rand
Michael Zahariev, the co-founder of Luxity, said the sales were driven by a combination of factors, including increased demand from wealthy people who diverted their usual vacation spending to luxury purchases due to international travel restrictions caused by the pandemic.
âWe have had a lot of high net worth clients who have told us that they have never had more money available than they do today,â Zahariev said.
Spending for luxury brands that would have occurred while traveling abroad also landed at Luxity.
“You’ve seen it in the luxury goods industry in general; if you look at Louis Vuitton and Gucci in general in South Africa they work really well.”
“A lot of people who would buy overseas now come to us because, for example, there is no Hermes in South Africa, there is no Chanel in South Africa,” said Zahariev.
Customers have also purchased weird luxury items, including these.