Second-hand fashion, driven by new markets, fast fashion and young people
Shopping in evolution. Growing worldwide, especially in Asia, selling and buying used fashion is no longer a niche choice but a new consumer model. And, for brands, an unprecedented revenue channel
4' min read
Key points
4' min read
Almost 20 million views of the first episodes of the fourth season (in the first four days alone) have already decreed that 'Emily in Paris', the successful Netflix series, will have a fifth. As it was 20 years ago for 'Sex and The City' (with which it shares the creator, Darren Star), in the series starring Lily Collins, fashion not only has a starring role, but also finds an interesting laboratory for development. In one episode, in fact, for the first time one of the protagonists enters a temporary store of Vestiaire Collective, a platform specialising in second-hand luxury, to sell a dress. At the same time, it was on Vestiaire Collective that a selection of creations inspired by the characters of the series was put on sale.
Fifteen years after the launch of the first platform dedicated to second-hand luxury, the market has come of age, abandoning its niche status to become a consumer paradigm with full dignity in a context where attention to price and sustainability and the desire for uniqueness are increasingly decisive elements in orienting consumption.
Growth prospects
.According to ThredUp's latest Resale Report, the global second-hand market will reach $350 billion by 2028, with an average annual growth rate of 12%. Moreover, by next year, 10% of global clothing sales will be second-hand. "This development is a powerful jolt to move the fashion ecosystem towards circularity," commented James Reinhart, ceo of ThredUp. In 2023, 139 apparel brands were offering resale services, up 39 from the previous year. A growing interest that can also be explained, the report notes, by the fact that this resale channel is expected to generate 10 per cent of brands' revenues within the next five years.
Fast fashion brands in the field
.Another of the most interesting aspects of this new phase of second-hand is that it no longer only concerns luxury, but also and increasingly fast fashion, which finds in this formula an effective and efficient channel to improve its complex sustainability parameters. The most striking case is that of H&M: on the occasion of the 20th anniversary of the launch of the first Guest Designer project for H&M, the new capsule traditionally made in collaboration with a designer is this year composed of garments from previous collections, sourced in cooperation with the pre-loved Sellpy platform and vintage stores around the world.
Zara, the core brand of the Inditex group, has just extended its Pre-Owned platform to the US - offering not only resale but also repair and donation - which now reaches 17 countries and aims to extend to all its key markets (out of a total of 93) within the next year.
