H & M’s Sellpy debuts in 20 European countries

Sellpy, which is majority owned by H&M, will expand to 20 other European countries, US News reported.

The move appears to be built on the bet that sustainable fashion will continue to be in demand, according to US News. Sellpy works through the entire sales process, from collecting the goods to photographing, selling and shipping. This move will bring Sellpy’s markets to 24.

“Every second-hand garment bought saves resources for our planet”, explains the head of expansion Gustav wessman said, according to the report. “The demand in our new markets is increasing rapidly.”

Customers are increasingly aware of how their clothes are made, and many companies are coming under scrutiny to fuel a “throwaway culture,” US News reported.

H&M bought its first share of Sellpy in 2015, according to the report. The company was looking for new sources of revenue after several years of lagging sales. The retail giant has invested more than 20 million euros (around $ 24 million) in Sellpy and now owns around 70% of the company.

Sellpy said it was working with H&M on a new warehouse in Poland, as well as distribution, clothing quality control and order management, US News reported.

The past few years, including the pandemic, have seen a boom in activity for the reCommerce market, with second-hand sales reaching a new high as consumers struggled in a chaotic economy, PYMNTS reported. The second-hand clothing market is worth around $ 28 billion and is well positioned to go even further.

By 2025, the resale market is expected to hit a new high of $ 64 billion. The resale market in 2019 had grown 25 times faster than the overall retail market.

And while some experts were paranoid that the pandemic would slow that momentum, research has shown the virus does not spread through second-hand clothing.

According to ThredUP Co-founder and CEO James reinhart, the resale market is now “here to stay”, and it’s just a matter of who wins and who loses.

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NEW PYMNTS DATA: CRYPTOCURRENCY PAYMENTS STUDY – MAY 2021

About the study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million people plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS is polling 8,008 cryptocurrency users and non-users in the United States to examine how they plan to use crypto to make purchases, which crypto they plan to use. to use – and how merchant acceptance can influence merchant choice and consumer spending.



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