Second hand platforms hit the jackpot

Posted on 26th March 2021

After turning the New York Fashion Week catwalk into a secondhand resale platform, second hand retailer Thredup has been valued at $1.3bn after filing for an IPO. The company, founded in 2009, has processed over 100 million secondhand items from over 35,000 brands. Meanwhile, in Europe, French secondhand marketplace Vestiaire Collective has been bought by fashion conglomerate Kering, who also own Gucci, Balenciaga, and Alexander McQueen. Kering have invested $216 million into the platform, essentially securing its continued success for years to come.

The second hand fashion market is growing 25 times faster than the overall fashion retail market, the second hand clothing industry is forecast to reach $64 billion over the next five years, with these recent fashion industry developments bolstering predictions.