Gen Z are reimagining what it means to shop for fashion, as a combined interest in sustainability and a desire to purchase unique clothing is driving the rise of the second-hand fashion economy. The resale market grew 25 times faster than the wider retail market last year and is set to rise to $64 billion in the next five years (Charged Retail, 2020).
Big brands are looking to capitalise on this growing market opportunity, investing in rising peer-to-peer platforms to reach new customers, create new revenue streams and elevate their sustainability credentials. This is a win-win for both buyers and sellers on these platforms, as they can reach and connect with more like-minded people, whilst having greater access and choice to unique products.
Etsy has expanded its brand portfolio by acquiring Depop for $1.6bn. Etsy acquired the brand to reach and attract Depop’s loyal Gen Z fan base – 90% of users are 26 and under. Depop will continue to operate as a standalone marketplace but hopes to grow and expand its existing community, and enhance its product offering with the support of Etsy.
Swedish second-hand platform, Sellpy (which is majority-owned by H&M) is planning to expand its operations to 20 European countries. Sellpy makes resale easy and convenient for sellers as it centralises the process. The brand picks up items from sellers’ homes, photographs, sells, and ships them directly to the new owners.
IKEA plans new store with rooftop park in Copenhagen, Denmark
Apple transforms a Palazzo in Rome, Italy into a new store
Burger King plans to open its first meat-free restaurant in Germany
Paul Smith opens new store in Borough Market, London, UK
Zalando will open four-storey flagship store in Berlin, Germany
Little Island opens in Manhattan near New York City’s Meatpacking District
The Palace Of Versailles in France opens a luxury hotel
Marriott International’s lifestyle brand, MOXY, debuts in China
Spotify’s Pride campaign celebrates musicians around the world
Etsy acquires Depop for $1.6bn
Sellpy plans to launch operations in 20 more countries
UK wellness brand Holland and Barrett launches Tmall store in China
Aldi partners with Klarna to launch buy-now-pay-later service online
Image courtesy of Depop