Portero's Clarbour on the Luxury Consignment Industry (Audio)

cost of luxury goods continue to rise. With a perfect entry point for Portrero, a place where you can find pre owned luxury goods, many of them of great quality at prices that you can take advantage of because someone else has owned it for a little while, but so luxury good people take care of them. We're very We're gonna be talking to the chairman of Portrayro here, and we're also gonna be talking to Dave Coudla. He's out

in the Detroit area. He's going to talk to us not only about the auto land escape, but the markets post Brexit. I'm Kathleen Hayes, my co host Pim Fox is on vacation. I'm going right to Katherine Catty now in the newsroom for a Bloomberg Business Flash. Well, Thank you, Kathleen. Consummer focused companies are helping to fuel modest games on Wall Street Today. The S and P five founded is up for a fourth day and is on track for

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Jill Schneider. This is Bloomberg Katherine. Thank you. And here's a quick check of the equity Banchmark style industrial laboratory main entire up at thirty four points at seventeen thousand, nine hundred sixty three smp F, I founded up five point at twenty one oh four, NaSTA twenty two point at forty eight sixty four. And that's a Bloomberg business flash. Bloomberg taking stock the Lutch Life, Jews properties valuable nature in a front house. Can I be your financial adviser?

It's good to be keen. I thought of your right and then I've got out in. Remember how much I wanted a big backyard with Grecian statue sh shaped hedges and three going cool. Well I got that. Bloomberg taking Stock the lux Life on Bloomberg Radio. A born and bred New Yorker, our next guest began her career in finance, working as a Nasdac trader, luxury has always appealed to her. In fact, whenever first Luxury Splurges was a Todd's bag

many years ago. Now she is the chairman of Portero Inc. She is set up a curated marketplace more than ten years ago for authentic, pre owned luxury goods. Alexis Clarbert joins us now here in our New York studio. Welcome, Thank you for having me. So what first? When did you get interested in luxury? And growing up in New York just luxury all around you, right? Is that what? It was? A family connection? What really entice you to luxury? Well, it was the idea that people really love, the idea

of of luxury. And I started working for a company called water Works, which is a very high end luxury fittings, fixtures, bathroom company, and I learned a lot about those kinds of customers and what their expectations were. And the reality is is that there is value to be found in in many different things. And I really gravitated towards the luxury markets and the luxury customer. So how did you go from the NaSTA to water Works? Good question? Through

a family connection. My mother worked in materior design magazines and I just loved that whole world. And but I learned a lot from water Works about branding, about marketing and luxury good So then if you set this company in two thousand four, so what how did you get then? I mean, what was it you just said, bingo, everything is going online e commerce or was it just what was it? Right? Well, Portero was set up before I said that Portero has is really the pioneers of the

pre owned luxury marketplace. I came in about three years ago and recognize that we had more work to do. The reality is is that the Portero customer is a very astute customer. Are average dollar transactions about two thousand dollars, which not many of those other websites that you might know that sell pre owned goods can say, um, So we really focused on the best of the best. We leave the rest to others, and we're very highly curated.

So when we say an item's an excellent condition, it means it's really probably even worn a couple of time. Who you got two groups of people I'm interested in. One of course is your customer, But the other side of it, who are the people who come to you to consign their their vintage handbads. They're very high and goods. Well, these are people that have done their homework. They recognize that Portero is a place where they can get the

fair market value for the item. There are other websites that almost have a liquidation type mentality, but we really want to um, you know, value the bag and want and want to preserve the integrity of the secondary market place. Tell me about the bag you have in front of us today here in York. Sure, this is a beautiful vintage crocodile Kelly bag. Um. This was purchased back in the eighties for about in Paris. We are selling it

on our website for twelve thousand dollars. WHOA so? How much with the customer, the person who's consigned it to you get out of that? What's the what's the fee or what's the um? Well, if an item is over ten thousand dollars, we take a commission so they get se of the value. That is highly competitive. If the item is under ten thousand dollars, they actually get um seventy percent of the value. How big is the business now? How big can it get? Oh? The secondary resale market

is a billion dollar industry. It is, and it is growing everyday. Portero for example, this year we're up. We do not see the momentum slowing at all. I think that people look at set at the secondary market and understand the value that that they can buy in the in the market and also that they can sell or consign in the secondary. Are your customers and your consigners or consignments are they mainly in the United States? Is

it global? It's global. I mean, we focus our consignment program in the United States, but we because we are a global marketplace, we do get inquiries all you know, from all over the world. A lot of our buyers are all over the world. Um actually right now it's about seventy US thirty percent international. You see a lot of demand in Asia and duh. So if somebody wanted to uh actually just send you something to sell or

buy something, what do they do? They go online to poor terot dot com and uh, actually, we're having a great Independence Day sale right now off of select items. So it's a great time to shop our site. Just really quick. What's one of the least expensive items for people who are still striving to the top of luxury

the most expensive. Well, I'm gonna focus on handbags. Um I would say on handbags you can get a great value Louis Vuitton for about fifty percent off, and then you have your holy grail of the rez Birkins, which can run you six figures. But that's for a pristine bag meaning unused. Alexis Clarbor, how fast. What a great job it is. It's a lot of fun. Come over and see us sometime. You bet. She's chairman at poor terot Egg based here in New York City. I'm Kathleen Hayes.

This is taking stock and this is Bloomberg. Where do you put your money now? A post brexit and ahead of the US jobs report? What should you be watching if you try to want to make some money in bonds and stocks? That's coming up ahead of the market closed right here on Bloomberg.