On the fashion side, second-hand goods are suffering as much from the crisis as the ready-to-wear industry. Silently, Vinted’s French competitor closed and no one knows it…
While the financial setbacks of fashion brands are the subject of much discussion; This summer, a second-hand gem made in France almost disappeared into indifference. Rival of the giant Vintedit permanently closed its doors on July 24, some time after being placed in receivership because it was unable to honor its debts.
Specializing in the resale of high-end bags, the brand had significant digital strength: 252,000 subscribers on Instagram – more than 1/3 of the audience of its Lithuanian rival. At the height of her fame, she was even approached by the department store Spring and can pride itself on having collaborated, in the form of a permanent corner, with the Galeries Lafayette – just that.
Since its birth in 2015, this phygital model consignment store has made the headlines in numerous media, on television and computer screens, with flattering reports establishing it as a Success Story to follow: Forbes, 50 Min Inside… In 2023, the company manages to raise 3 million euros – a strong signal indicating good financial health. This luxury second-hand specialist is none other than Monogram Paris.
Customers used to drop off their luxury bags with specialists who authenticated them and then resold them either in the store in the 16th arrondissement or in the sales stand. Galeries Lafayetteor on the site.
Without a single noise in the general press, but with countless stories and online publications from the founder, the company which resold Birkin and everyone went out of business. If it displayed success without a shadow of a cloud, through storytelling depicting a glorious image; behind the scenes, it was in fact a disaster. It had been in deficit since 2021, with a net result going from -57,109 euros in 2021 to -1.5 million in 2023. But the drama does not stop there: if it affects the founder and the employees, there are also the customers – collateral victims of the story.
Some complain of never having recovered the bag dropped off or the money from the resale. On Instagram, they don’t hesitate to empty their bags. Among them, @marieluvpinkfollowed by more than 55,000 subscribers, who dedicated an entire post to this subject. And expected repayments often run into four figures, reports Glitz.*
Faced with questions of @Isabellecolin86, the liquidator explains that“there are no longer any assets to be able to compensate customers (…) the company no longer has a single cent in the accounts.” In this sense, Monogram indicates that “not all demands (of creditors) can be satisfied.”*
