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Advice on Selling an Expensive Suit

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    Advice on Selling an Expensive Suit

    I have recently come to own a NWT Dolce & Gabbana Silk Suit (details of ownership are a long story). But I came to own it for next to nothing. It still has all tags and has never been worn (it is a couple years old though, so the info on one tag is a bit faded, but still legible). The suit originally retailed for $4,250. 98% Silk, 2% poly exterior.

    It is a loud suit (black and white checkered) and EU size 54 (44R US). I'm not sure how to go about selling it as I'd much rather have the cash (assuming it's reasonable) than the suit itself.

    Any advice on where to list the suit? Tips on selling it? Reasonable listing price/expected return?

    Thanks!

    #2
    I don’t know specifics as I don’t sell used clothing let alone clothing valued at that price but my coworker uses posh mark all the time for selling items. She says brand items usually go fast. They take a decent cut but do a lot of the work. I believe she’s only had one weird transaction out of several.

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      #3
      I've never used them myself but you might want to check out Luxeswap. They consign items and sell on their website or ebay. Not sure how it works. Maybe a consignment shop near you would be a good option as well.

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        #4
        Try a consignment shop but my guess is that it won’t be worth much. Used suits don’t go for much and D&G isn’t known for their suit quality. The original retail price represents a huge markup for the actual quality of suit you’re getting. A quick eBay search for D&G suits should give you comparables.
        Instagram: WoofOrWeft

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          #5
          The synergy between your username and the suit description couldn't be better... hah.

          In all seriousness, when you combine the brand, size, pattern, and the fading resale of Classic Menswear items, that's going to be a pretty hard suit to move. I sold a Dolce and Gabanna mainline suit a couple years ago that was the definition of a staple suit (Size 40, Charcoal Wool, 2 Button, Notch Lapel, etc.) and very lightly used for $225. Sold listings on eBay show 3 NWT suits from size 42-46 in the United States, with sale prices of $300-500, but they're all much simpler suits than yours. Maybe set a goal of 10% of retail if you're very patient and closer to half of that if you need to move it quickly?

          Luxeswap does have a huge dedicated fanbase and can get top dollar for it. Whether or not he'll take it, and if their consignment rate (40%) will offset the difference versus selling it yourself on eBay or Grailed (10%) can be a real roll of the dice, especially with his required No Reserve auctions.
          Last edited by wsupjs; February 4, 2020, 10:24 AM.

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            #6
            Considering the "unique" pattern and the above average size, I wouldn't be overly optimistic about your chances of getting decent money on the resell market.

            A quick internet search showed the resell market for D&G suits is poor at best. Most were listed for a few hundred dollars and those were in more common sizes and colors (38/40R and plain black/navy).

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              #7
              I agree with above and would only add why it goes down so much from MSRP. With heavily-marketed designer brands, the MSRP only represents the potential retail cost if the garment just came out.

              Keep in mind that the retailer marked up their price to reach that brand-new MSRP. In apparel, a keystone markup is common, i.e. their cost was $1 for $2 of selling price. However, for designer goods, the retailer might charge 2.5x what they paid as the inventory is riskier, or in this case the retailer originally paid $1700.

              Take that $1700 and figure the wholesaler may have taken up to a 50% markup on designer good for their acquisition cost from the manufacturer. Thus, the wholesaler purchased it originally for ~$1135. With out-of-season items, you are dealing with what the wholesaler paid as a base price.

              However, a wholesaler is not going to continue to get $1135 when they are clearing old, leftover, perhaps less-desirable inventory, so they will have to discount. Let's say that discount is 50% of cost. Now, we are dealing with a $560 item.

              Liquidation markets have low overhead and thus low gross margin requirements. Selling in a marketplace for an item that isn't in stores anymore, you will be competing against them. This is why the market price ends up being 80-90% off what it once sold for at retail.

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                #8
                Maybe Grailed or The RealReal? Do some recon first, see what they have from the brand, what has sold and for how much.

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                  #9
                  I think your choices tend to be eBay, Grailed, or Poshmark. Facebook marketplace or offer up are potential options as well. Don't be surprised if you're underwhelmed at the selling price of the item on any of the platforms, it sounds like a speciality piece that will require a specific synergy of a brand-specific buyer in the market for a loud piece.

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                    #10
                    You might be able to get what you paid for it. Start there. Any mark up should be reasonable, since the tag is merely a piece of paper and has no real bearing on this specific suits worth.


                    Sent from my iPhone using Tapatalk

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                      #11
                      Originally posted by identitycrisis View Post
                      he suit originally retailed for $4,250.!
                      The very most you'd be able to get is likely about $350. This is based on actual ebay listings that actually sold, and not just dreamer-priced items. Most likely it will be $300.

                      but then again, it also depends on so many things being right, it can be hard to even get that. Time of year, color, cut, style trends, size, fit all make a very big difference in the price as well.


                      As someone who used to ebay a lot of clothes, i would say i have high confidence in this. Usually super deluxe used clothes don't get more than 10%, though it's very brand/item dependent in so many cases.
                      Last edited by evanparker; February 6, 2020, 08:29 AM.

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                        #12
                        Originally posted by ianr View Post
                        I agree with above and would only add why it goes down so much from MSRP. With heavily-marketed designer brands, the MSRP only represents the potential retail cost if the garment just came out.

                        Keep in mind that the retailer marked up their price to reach that brand-new MSRP. In apparel, a keystone markup is common, i.e. their cost was $1 for $2 of selling price. However, for designer goods, the retailer might charge 2.5x what they paid as the inventory is riskier, or in this case the retailer originally paid $1700.

                        Take that $1700 and figure the wholesaler may have taken up to a 50% markup on designer good for their acquisition cost from the manufacturer. Thus, the wholesaler purchased it originally for ~$1135. With out-of-season items, you are dealing with what the wholesaler paid as a base price.

                        However, a wholesaler is not going to continue to get $1135 when they are clearing old, leftover, perhaps less-desirable inventory, so they will have to discount. Let's say that discount is 50% of cost. Now, we are dealing with a $560 item.

                        Liquidation markets have low overhead and thus low gross margin requirements. Selling in a marketplace for an item that isn't in stores anymore, you will be competing against them. This is why the market price ends up being 80-90% off what it once sold for at retail.
                        This is great information. You could just donate it and take the tax writeoff?

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                          #13
                          Originally posted by jonATL View Post
                          This is great information. You could just donate it and take the tax writeoff?
                          I’m not a tax expert but you don’t write off msrp but perceived value. Everyone’s deductions are different but I’d assume a 4K donation to Salvation Army etc for cloths might draw unnecessary attention.

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                            #14
                            Originally posted by hockeysc23 View Post
                            I’m not a tax expert but you don’t write off msrp but perceived value. Everyone’s deductions are different but I’d assume a 4K donation to Salvation Army etc for cloths might draw unnecessary attention.
                            Definitely not. Also, since the Trump tax changes. Donations only come into play if you're going to itemize vs. the standard deduction, if you're single, that's $12,200 (CPA here). Going to have to come across a couple more suits before that will make a difference on your taxes.

                            With the size and the style, I think good old fashioned eBay may be your best bet to reach the widest possible audience. I'd expect to be marginally disappointed in what the suit brings in...then to be disappointed in another month when you get the fees bill from eBay.

                            As a side note, if you are able to sell it for $200-$300, there are some pretty excellent suits (Canali, Zegna, etc.) on eBay from time to time in that price range.

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                              #15
                              Originally posted by hockeysc23 View Post
                              I’m not a tax expert but you don’t write off msrp but perceived value. Everyone’s deductions are different but I’d assume a 4K donation to Salvation Army etc for cloths might draw unnecessary attention.
                              Originally posted by CK83 View Post
                              Definitely not. Also, since the Trump tax changes. Donations only come into play if you're going to itemize vs. the standard deduction, if you're single, that's $12,200 (CPA here). Going to have to come across a couple more suits before that will make a difference on your taxes.
                              If he's close to having a benefit of itemizing, he could save up donations over two or three years and make them all in one year. Also, if you bring a few shopping bags full of clothing to Goodwill in my area, and you're really nice, they usually give you a receipt that says something like, "five bags of clothing." Who is to know how many $4,000 suits are in that bag?
                              WHY ARE THE GUYS IN SUITS HERE? HAS SOMETHING GONE WRONG?

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