May 2, 2021 12:17 PMBEIJING: It’s the world’s biggest market for luxury goodsso an expert eye for telling a bona fide Chanel handbag from a bogus one is a skill set in hot demand across China.
Now the second-hand luxury market is also booming as those unwilling to part with thousands of dollars for a handbag seek out the prestige at a discount price.Many are fooled by “good imitations with little difference” from the originals, said Zhang Chen, founder of the Extraordinary Luxuries Business School, who tools his graduates with the gift of detecting fakes.
China’s second-hand luxury market value reached 17.3 billion yuan in 2020, almost double the previous year, according to consultancy Forward Business Information. Knowing which letters in the Chanel logo use a rectangular rather than square font can “detect a third of the fakes on the market”, he added.
A Louis Vuitton Neverfull handbag bought two years ago can still be sold at 9,000 yuan on second-hand platforms, a 20% discount, while a small Chanel Gabrielle bag goes for about 60% to 70% of the counter price.But the condition of the bags can have a heavy impact on value.
Counterfeit people manufacture and use counterfeit products
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