The luxury resale platform Vestiaire Collective has released its first ever "Trust Report", detailing the company's internal product verification process and anti-counterfeiting work.
Vestiaire is the world's leading online marketplace for pre-loved luxury goods and cofounder Sophie Hersan recently confirmed that the the company's mission is "to be the most trusted and tasteful resale platform".
The Trust Report, released at the end of October, states that Vestiaire has declined to sell more than €360 million worth of fashion, accessories and jewellery in the last 2 years, as these products have failed internal authentication checks. Vestiaire has 60 physical and digital authenticators based around the world, and around 25,000 authentic items are listed on the site per day. Each physical authenticator will approve around 40,000 products per year.
The process that arguably sets Vestiaire apart is their internal Academy which specialises in training experts to recognise authentic materials and manufacturing techniques both online and in the company's physical authentication centres worldwide. Each member of the authentication team receives initial training for 2 months, followed by 180 hours of ongoing training each year to ensure that Vestiaire maintains its high standards of policing for counterfeit products.
The company reports a counterfeit detection rate of 99.9% as a result of their extensive training programme, as well as their internal counterfeit database which is updated daily and comprises samples, swatches and images of fake goods. As a result of these efforts, the Trust Report confirms that 91% of Vestiaire's customers feel they provide a trusted authentication service.
As well as promoting sustainability within the fashion sector, Vestiaire's work is also contributing to the fight against the multi-billion dollar global counterfeit trade and sets a strong example for other re-sale platforms. The company's chief operations officer, Charles Bellois, confirmed that Vestiaire is also working directly with brands on digital ID technology and using blockchain as part of the authentication process, which will be crucial to maintain Vestiaire's high standards as counterfeiters become more technologically advanced.
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