Jackie Kennedy did it. So did Betsy Bloomingdale. Tonnes of Hollywood stars and socialites do it. Reselling your fabulous clothes, shoes and handbags, often worn only once, if at all, used to be the rich woman’s dirty secret but is now out in the open. In London last week, my girlfriend, Ms English Jet Setter, told me about Sign of the Times, a beloved Chelsea consignment shop frequented by society lovelies to find bargain Chanels, Balenciaga, Gucci and other high end fashion brands.
The clothes, sourced discretely by owner Lorraine Fraser, are in top-notch condition, some even have their original price tags, and are offloaded by the original purchasers for a variety of reasons. Some women — especially those photographed on the red carpet — can’t be seen wearing the same outfit twice, while others suffer buyers’ remorse. And some, of course, just need the cash. “Darling, it’s fabulous,” said the aforementioned jet setter, as we ambled down Kings Road. “I had this limited edition Louis Vuitton bag that I never used, and someone told me about Sign of the Times. I went in with my bag, and it sold in a day!” It’s a win-win proposition – the consigner quotes a price, the store adds a mark up, and if the goods sell, then everyone gets what they want.
Intrigued, I begged my friend to take me there. We found ourselves on Elystan Street, in a well appointed store that looked like any other high end clothing boutique, looking upon rows of designer clothes arranged by colour. Pretty much every brand was on offer. As I lusted over a fabulous Gucci leather jacket, that fell to the knees, (sticker price £425, when the original was probably well over a £1,000), one friend found a lovely winter coat with fur trim, another a smart Valentino jacket and brand new Tom Ford snakeskin boots. This place was high fashion heaven at a fraction of the price! I spoke to Fraser, the owner, who’s had her store for 35 years. She doesn’t kiss and tell, so I couldn’t get the names of any of her more famous consigners, but she did hint that they include aristocrats, visiting overseas royalty, society doyennes and other one percenters. She often goes to their homes, and through their closets, to pick out pieces.
Many moons ago, I had interviewed Cameron Silver, the owner of Decades, the Los Angeles vintage store that is an institution. He’s been going strong for, well, decades, and his boutique’s Instagram feed is filled with gorgeous Hermes, Oscar de la Renta, Yves Saint Laurent, Givenchy and the like. He was always gung-ho about the opportunity in vintage and “neo-vintage” fashion as he calls it. I must admit, I had been sceptical of the idea in the late 1990s, when Silver and I spoke, but today, I see the appeal. Apparently, so do others, given that in the US, the resale industry has grown 7% in the past two years. Most people selling clothes get anywhere from about 40% to 60% for their items, with the stores getting the rest, according to Forbes magazine.
A few days after my exciting excursion to Sign of the Times, I found myself on New Bond Street, at Sotheby’s annual Diwali party, which is always a big blow out. On view, apart from miniatures and ancient Indian art, were works from Howard Hodgkins estate. As I air-kissed my way through the throngs, side stepped the chaat counter, and admired the works, I wondered which women might be wearing vintage. It was hard to tell since so many were in Indian wear en route to the Hinduja’s Diwali party. Ah well, it hardly mattered, because in this era of environmental degradation, recycling beautiful clothes and accessories seem smart for both the planet and for your wallet.
This fortnightly column tracks the indulgent pursuits of the one-percenters.
