There’s a reason they call them “investment pieces.” At $22,000 for a Proenza Schouler tote or $9,000 for aRalph Lauren dress, luxury goods are meant to last a lifetime and hold their value. That’s why the market for used designer goods is the most attractive category for online consignment.
奢侈品被称为“投资品”自然有其理由。不论是22,000美元一件的普罗恩萨o施罗（Proenza Schouler）手提包，还是9,000美元一件的拉夫o劳伦（Ralph Lauren）裙子，奢侈品的本意是终生保值。因此，二手的设计师商品成了最具有吸引力的在线寄售商品类别。
One such marketplace, a website called The RealReal, is on track to do $100 million in sales this year. (The company takes a cut of each sale.) The RealReal recently tapped its database of 500,000 luxury goods from 500 designer brands to find which brands have the highest resale value, and which ones hold their value the longest. The startup found that Chanel, Christian Louboutin, and Hermès hold their value the longest. Tod’s and Versace lose their value the fastest.
一家叫做The RealReal的网站今年的销售额将达到1亿美元。（这家公司从每笔销售中抽成。）最近，这个网站对来自500个设计师品牌的500,000件奢侈品进行了研究，希望找出转售价值最高的品牌和保值时间最长的品牌。这家初创公司发现，香奈儿(Chanel)、克里斯提o鲁布托（Christian Louboutin）和爱马仕（Hermès）保值时间最长。托德斯（Tod’s）与范思哲（Versace）则贬值最快。
Perhaps more surprising is which brands carry the highest and lowest resale value. Items from Givenchy, Victoria Beckham, Charlotte Olympia and Alexander McQueen all sell for much closer to their original price than goods from Marni, Alexander Wang, 3.1 Philip Lim, and Marc Jacobs.
而更令人意外的，或许是转售价值最高和最低的品牌。相比玛尼（Marni）、亚历山大o王（Alexander Wang）、菲利林3.1（3.1 Philip Lim）和马克o雅各布（Marc Jacobs）等品牌，纪梵希（Givenchy）、维多利亚o贝克汉姆（Victoria Beckham）、夏洛特o奥林匹亚（Charlotte Olympia）和亚历山大o麦昆（Alexander McQueen）等品牌奢侈品的转售价格更接近原价。
Resale values of fashion or luxury goods can fluctuate depending on buzz around a certain designer, particularly if a fashion houses hires a a new creative director or chief executive, according to Rati Levesque, Chief Merchant at The RealReal. “When Phoebe Philo joined Céline as the creative director, it added more resale value to the brand,” she says.
The RealReal首席商务官拉蒂o莱维斯克表示，服装或奢侈品的转售价值会因为与设计师有关的传闻而出现波动，尤其是时装公司聘用新的创意总监或首席执行官的情况下。她道：“菲比o菲络加入赛琳（Céline）担任创意总监就提高了这个品牌的转售价值。”
But more important than buzz is availability and discounting. If a luxury brand frequently discounts its goods at outlet stores or online via flash sales, consumers will perceive that they don’t have to pay full price for that brand, says Milton Pedraza, CEO of Luxury Institute, a luxury industry research group. While baby boomer shoppers tend to research something online and then buy it in the store, millennials do it the other way around. They “showroom,” the term for checking out an item in the store before finding the best deal for it online.
但比设计师的流动更重要的是奢饰品的可获得性与折扣。据奢侈品行业调研机构奢侈品协会（Luxury Institute）CEO米尔顿o佩德瑞扎表示，如果一个奢侈品牌经常在名品折扣店或通过限时抢购的方式在线打折出售，消费者会认为，他们就没有必要全价购买这个品牌的商品。婴儿潮一代会在线搜索某件商品，然后到店铺中购买，但千禧一代的做法却截然相反。他们会事先到店铺中查看一款商品，然后在网上以最划算的价格购买。
“These days you can find ways to arbitrage the brands, because you have so much information and the market is inefficient,” Pedraza says. “Brands have to be careful where they allow their product to be sold.”
佩德瑞扎说：“如今，消费者可以通过各种方式，利用奢侈品进行套利交易。因为消费者可以得到海量的信息，而市场却效率低下。所以，奢侈品牌要决定允许哪些渠道销售自己的商品时，必须慎重。”
For example: Chanel and Hermès do not hold sales in their stores and they have a limited number of outlet stores. Chanel doesn’t even sell its goods online, with the exception of beauty products. “In that sense, it creates a perception of purity,” Pedraza says.” The brands then “back it up with design quality and heritage,” he says. “If I buy something, I will think, ‘Wow it has long term investment value.’”
举例来说：香奈儿和爱马仕从来不在店铺中举行特价活动，而且名品折扣店的数量也极其有限。除了化妆品，香奈儿甚至从来不在网上出售自己的商品。佩德瑞扎说：“这在某种意义上给人一种纯粹的感觉。”他说：“再加上这些品牌的设计品质和底蕴，如果我购买一件这些品牌的奢侈品，我会想：‘哇哦，它肯定具备长期的投资价值。’”
Below are some luxury brands that fall on both sides of the spectrum.
下面是调查结果中排在首尾的部分奢侈品牌。（财富中文网）
Brands that hold their value the best (and longest)
保值价值最高（且最长久）的品牌
Chanel, Louis Vuitton (pictured), Hermès, Christian Louboutin, Cartier, David Yurman, Alaia, Van Cleef & Arpels, Goyard.
香奈儿，路易威登，爱马仕，克里斯提o鲁布托，卡地亚，大卫o雅曼，Alaia，梵克雅宝，戈雅
Brands that lose value the fastest
贬值最快的品牌
Valextra, Tod’s, Versace (pictured), Etro.
Valextra，托德斯，范思哲，艾特罗
Brands with surprisingly high resale value
具有极高转售价值的品牌
Givenchy, Victoria Beckham, Charlotte Olympia, Alexander McQueen (pictured).
纪梵希，维多利亚·贝克汉姆，夏洛特·奥林匹亚，亚历山大·麦昆
Brands with surprisingly low resale value
转售价值极低的品牌
Marni, Alexander Wang, 3.1 Philip Lim, Marc Jacobs(pictured).
玛尼，亚历山大·王，菲利林3.1，马克·雅各布