With the climate crisis, current pandemic, economic crisis, American elections, black movement on the agenda, luxury brands are also trying to determine their direction and clarify their steps in an environment of complete uncertainty. The new steps of luxury brands started with technology. They successfully announced their Summer 2021 collections without wasting time in the period when everyone was locked in their homes and went digital. Brands such as Saint Laurent, JW Anderson, and Louis Vuitton took part in the digital fashion month presented by Tiktok. Twitch, an Amazon organization, also published the Burberry Summer'21 collection. According to the research, despite the period of lock down, sales of luxury brands increased by 4%.
Amazon has long been after the luxury market. In my opinion, it has come quite close to his vision recently. It has set up a sales platform for Luxury Brands, and to make it special, it has given access only to invitees and private American customers. Luxury brands again preserved their privileged sales.
Another step is the climate crisis and sustainability concepts, which many brands under the name of fast fashion have been after for years to make a difference in marketing and sales. While none of this really serves the cause, at least it raises awareness. As there are many topics that need to be done and taken responsibility when it comes to being environmentally friendly, water consumption, carbon emission, waste control and recycling. Burberry allocated 300million pounds for these, while Chanel budgeted 600million euros. For now, Chanel started by controlling cotton and material sources and starting with recycled packaging. I'm also curious about their advertisement and promotion process.
Finally I would like to mention their entry into the second-hand market. The second-hand market has doubled its growth between 2019 and 2023, heading towards an increase of approximately 51 Billion euros. Gucci has started selling second hand on the RealReal site. Chanel sued the same site in 2018 on the grounds that it profited from the sale of second-hand products and damaged the sales of new collections. But now it seems that luxury brands may consider taking over the operation of their own used products.
Amazon has long been after the luxury market. In my opinion, it has come quite close to his vision recently. It has set up a sales platform for Luxury Brands, and to make it special, it has given access only to invitees and private American customers. Luxury brands again preserved their privileged sales.
Another step is the climate crisis and sustainability concepts, which many brands under the name of fast fashion have been after for years to make a difference in marketing and sales. While none of this really serves the cause, at least it raises awareness. As there are many topics that need to be done and taken responsibility when it comes to being environmentally friendly, water consumption, carbon emission, waste control and recycling. Burberry allocated 300million pounds for these, while Chanel budgeted 600million euros. For now, Chanel started by controlling cotton and material sources and starting with recycled packaging. I'm also curious about their advertisement and promotion process.
Finally I would like to mention their entry into the second-hand market. The second-hand market has doubled its growth between 2019 and 2023, heading towards an increase of approximately 51 Billion euros. Gucci has started selling second hand on the RealReal site. Chanel sued the same site in 2018 on the grounds that it profited from the sale of second-hand products and damaged the sales of new collections. But now it seems that luxury brands may consider taking over the operation of their own used products.