A recent report finds the online resale market is expected to grow from $28 billion to $64 billion worldwide over the next five years. It comes as top luxury retailers like Chanel and Louis Vuitton are raising their prices as they attempt to make up for lost sales due to the pandemic. Diana Nguyen, Founder and CEO of Lux Second Chance, Canada's leading online consignment shop, joined Wake Up with Cheddar to break down the trends.

Diana is a former trader/analyst who now curates luxury goods from US, Canada and France.

When Diana’s banking career took her overseas to Asia, she discovered her love for designer luxury goods. Diana quickly noticed that the pre-loved consignment market in Asia was far more advanced compared to North American markets.  When she returned to Toronto, she decided to launch Lux Second Chance by selling 23 of her own handbags and applied the same knowledge of the stock market to secondhand -- buy and sell wisely.