STOCKHOLM (Reuters) – Swedish on-line second-hand store Sellpy, which is majority-owned by vogue big H&M, mentioned on Monday it was opening in 20 extra European international locations, in a wager demand for sustainable vogue will continue to grow.
The beginning-up handles the whole gross sales course of from choosing up the products from sellers’ houses, to photographing, promoting and transport. The growth will take its variety of markets to 24 after it first launched in 2014 in Sweden.
Sellpy mentioned in an announcement second-hand was one of many quickest rising market segments inside the vogue business.
“Each garment purchased pre-owned saves sources for our planet. Demand in our new markets is rising quickly”, Head of Enlargement Gustav Wessman mentioned.
As customers turn out to be more and more acutely aware in regards to the origins and sustainability of their garments, the style business is coming beneath scrutiny for fuelling a throwaway tradition.
The H&M group, which is on the outlook for extra income streams following just a few tough years with slowing gross sales in lots of H&M shops, purchased its first stake in Sellpy in 2015.
H&M has invested greater than 20 million euros ($24.38 million) in Sellpy and owns round 70% of the corporate, Wessman informed Reuters.
Sellpy mentioned it had began a collaboration with H&M that provides it entry to an H&M warehouse in Poland, in addition to service round distribution, high quality management of clothes and order dealing with.
Earlier this month, Lithuania-based Vinted raised 250 million euros ($305 million) to develop additional in Europe and past, and mentioned the fundraising put a pre-money valuation on the enterprise of three.5 billion euros.
Sellpy mentioned greater than 9 million clothes had been offered in complete on its platform.
(Reporting by Anna Ringstrom; Enhancing by Mark Potter, Kirsten Donovan)
Copyright 2021 Thomson Reuters.