近年二手奢侈品市場持續快速成長，奢侈品牌陸續透過官方認證轉售計畫（certified pre-owned, CPO）、策略合作、資本投資與法律訴訟等方式主動介入市場，改變原本由第三方認證平台主導的市場結構。既有文獻多聚焦於平台擁有者進入互補者市場的情境，較少探討當生態系統中僅提供無形價值支撐的「間接參與者」轉為直接進入者時，平台與品牌關係如何演化以及這一轉變如何牽動整體生態系統結構變遷。
本研究以二手奢侈品平台生態系統為單一個案，採用縱向嵌入式個案研究設計，將 The RealReal 作為焦點企業。透過本研究建構的「生態系統競合動態分析架構（ecosystem coopetition dynamics analysis framework, ECDAF）」，從結構條件、關係動態、進入威脅與回應策略及演化方向四個維度，追蹤 2017 至 2024 年間品牌從觀望、試探到制度化介入的策略轉變過程。
三項研究結論：（1）當品牌從試探轉向制度化介入後，平台與不同品牌的關係由早期觀望與合作，演變為合作、競爭與對抗並存的「分層式競合（stratified coopetition）」結構；（2）面對品牌透過官方 CPO 計畫選擇性進入高價經典款品類的威脅，平台並非全面退出，而是沿「威脅梯度（threat gradient）」戰略性地將資源轉向強化跨品牌多品類聚合一站式服務等單一品牌無法複製的結構性優勢；（3）「以單一品牌為單位、逐一品類進入」所構成的「漸進式選擇外部衝擊（gradual selective external shock）」，使整體生態系統由平台中心化走向「分層共存（stratified coexistence）」，平台角色從認證中心演化為跨品牌多品類商品聚合樞紐。
在研究貢獻方面，不僅將平台進入理論延伸至「間接參與者跨界進入」情境，所建構的 ECDAF 架構亦可擴展應用於汽車或消費性電子等具備實體修復門檻特徵的產業，為理解複雜生態系統中的多邊競合關係提供一套系統性分析工具。

The pre-owned luxury market has experienced sustained rapid growth in recent years. Luxury brands have actively intervened through official certified pre-owned (CPO) programs, strategic partnerships, capital investments, and legal actions, altering the market structure previously dominated by third-party authentication platforms. Existing research primarily focuses on platform expansion or competition among third-party platforms, with limited exploration of how platform-brand relationships evolve when indirect participants shift from providing intangible value support to direct market intervention, and how this evolution drives overall ecosystem structural transformation.
This study examines The RealReal as the focal firm, defining the pre-owned luxury platform ecosystem centered on it. The study develops a conceptual analytical framework across four dimensions: structural conditions, relationship dynamics, entry threats and responses, and evolutionary directions. The research tracks the strategic transitions of luxury brands—as indirect participants—from observation through experimentation to institutionalized intervention during 2017–2024, observing how the platform reconfigures its operational network in response to the structural transformation triggered by brand entry.
Based on the analysis, this study constructs the ecosystem coopetition dynamics analysis framework (ECDAF) and yields three key conclusions:
(1) The pre-owned luxury platform ecosystem was originally established on an asymmetric interdependent structure among brand reputation, consignor supply, and buyer demand. As brands transitioned from experimentation to institutionalized intervention, platform-brand relationships evolved from early observation and cooperation into a“stratified coopetition”structure encompassing cooperation, competition, and confrontation.
(2) Facing selective competitive threats from brands entering high-value heritage categories through official CPO programs, the platform did not completely exit the competition for these goods. Instead, it strategically redirected resources along a“threat gradient”to strengthen structural advantages inimitable by individual brands, such as cross-brand integration, multi-category offerings, and one-stop services.
(3) An explicit division of labor has emerged between official brand channels and third-party platforms, shifting the overall ecosystem from platform-centricity toward “stratified coexistence,”with the platform's role evolving from an authentication center into a cross-brand product aggregation hub.
In terms of research contributions, this study not only extends platform entry theory to the context of cross-boundary entry by indirect participants, but the constructed ECDAF can also be broadly applied to other industries with physical repair thresholds, such as automobiles or consumer electronics, providing a systematic analytical tool for understanding multilateral coopetition relationships within complex ecosystems.

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四、 法院文件
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