Well-heeled Hermes fans are splashing out twice the original price for second-hand bags thanks to a booming cottage industry targeting those who are ‘fed up’ with waiting for the real thing.
If you want to buy one of the brand’s much-coveted bags, having £6,000 to spare is only half the battle, as they’re so exclusive you can’t walk into a store and buy one thanks to limited supplies.
The ‘snooty’ French brand is extremely discerning about who it sells the bags to and will even turn down requests to join its infamous waiting list, creating a surge in demand in the second-hand market.
Recently, the New York Post reported that the ‘cottage industry’ in pre-loved Hermes bags has taken $200 million in the past few years, and in the UK, business is also booming.
Second-hand retailers buy bags from celebrities and wealthy women, who like to ‘flip’ their older model for the latest colour, and they sell them online and via Instagram for up to twice their original price tag.
Reece Morgan, head of handbags and accessories at Xupes.com, one of the UK’s leading pre-owned retail platforms, told Femail that anyone can now buy the elusive arm candy.
The catch is, however, that you’ll have to pay up to twice the original price for a second-hand bag due to high demand.
‘The second-hand market has grown incredibly over the last five years alone,’ he said. We see record traffic each week as visitors come to purchase their dream pre-loved handbag that they just can’t obtain in the brand boutiques.
Fans are turning to second-hand retailers on Instagram to buy Hermès bags such as this blue Birkin, which costs £7,500 new and £9,295 second-hand, according to Xupes.com
A pre-loved Kelly in a classic colour can cost more than £15,000, more than double the original price of £7,200. This Birkin would cost £6,400 new but is on sale for £15,999 second hand because it’s a sought-after colour
‘I don’t blame clients for not wanting to wait to find the bag they are looking for directly from the brand, when they can order online and have the handbag arrive directly to them the next day.’
Handbag expert Claudia Valentin from Prestige Pawnbrokers told Femail that even A-list clients can struggle to get their Hermes fix.
‘They are probably one of the most exclusive luxury brands in the world which only the wealthy and famous seem to get hold of,’ she explained.
‘If you’re one of the lucky few Hermes invite their VIP customers to order a new bag on a yearly basis, and are even then they are often limited to one bag per year. Think Victoria Beckham and the Kardashians for example.
This Hermès Kelly 35 Togo Capucine Ghw Bag and Strap will set you back more than £14,000, despite costing £7,200 brand new
‘It takes around 20 hours to make one Hermes Birkin, which would be in leather, so far more time and expertise for an exotic skin.
‘If you wanted to purchase a Birkin or Kelly in crocodile skin you would expect to buy new in the region of £45,000 upwards again this would depend on the hardware and finish.
‘For example the Himalayan crocodile skin Hermes could cost in the region of £200,000. There was one sold recently at auction in Hong Kong for £250,000 which was a Himalayan Birkin, encrusted in diamonds with palladium plated hardware.
Crocodile skin models such as this burgundy porosus crocodile palladium Birkin sell for up to £50K on eBay. A new Kelly in a seasonal colour costs £7,200 but you’ll face paying for than £9,000 to buy it second-hand
‘Reputable used handbag sites are popping up everywhere and as long as they can guarantee the authenticity you can ‘bag’ yourself a bargain.
‘Unfortunately the exclusive brands such as Birkin and Chanel never really lose their value because they tend to be classed as a ‘heirloom’ making them more desirable and wanted.
‘Instagram in particular proves easy access to bag lovers, however it can also be a prime place for individuals selling counterfeit goods yet selling them at unrealistic prices so do your research before you make the purchase.
‘A Wise investment can see a fantastic return in years to come.’