The resale industry is witnessing significant growth.
According to thredUP's annual resale report, the global secondhand market is projected to nearly double and reach a value of $350 billion by 2027, outpacing the global apparel industry by threefold. As consumers increasingly seek more responsible ways to engage with fashion, resale platforms and secondhand marketplaces have gained momentum, prompting fashion brands and retailers to launch their own resale initiatives to attract new customers, enhance their brand image, create an additional revenue stream, and boost their sustainability credentials all while catering to evolving consumer preferences and demands.
As a result, various resale options have emerged, from resale-specific websites to plug-and-play solutions like Trove, enabling brands and retailers to seamlessly integrate resale into their operations. However, the soaring success of the secondhand market does not guarantee automatic success for brands and retailers that simply adopt a resale model. While some have seamlessly integrated resale into their business models and thrived, others have struggled to find the right formula for success.
In today’s episode of the Crash Course Fashion podcast, host Brittany Sierra chats with Trove’s Founder and Executive Chairman, Andy Ruben. Together, they delve into key strategies for success in the secondhand market, exploring how companies can make resale a profitable part of their business model while navigating the industry's nascency.
Additional Resources:
Check out Trove
Read Trove’s Brand Resale Index
Read thredUP’s 2023 Annual Resale Report
Make your next career move with the SFF Job Board
Follow SFF on Instagram @thesustainablefashionforum
Connect with Brittany on LinkedIn
