The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Plum raised “tens of millions” of dollars in an investment round led by Matrix Partners and Unity VC, local tech media outlet 36Kr reported; the exact amount was not disclosed.
Founded in 2017, Plum is leading the charge in China’s luxury resale space and previously raised $58.4 million in six rounds of funding. At present, the consumer-to-consumer platform’s sell-out rate within 90 days has hit 90 percent; its inventory turnover averages at 45 days.
The development of digital solutions, like in-platform livestreaming, have helped Plum drive sales in a market full of consumers new to buying resale; the stigma surrounding secondhand goods and savviness of counterfeiters have made China a tricky market for pre-loved marketplaces to flourish.
At present, China’s luxury resale market is dominated by homegrown businesses like Plum and rival Pawnstar. Vestiaire Collective, despite announcing in 2017 that China would be a major target for expansion, said this year that though China could be a big supply market in the future, the company doesn’t have plans to enter the country in 2020.
The Future of Fashion Resale Report — BoF Insights
BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy. To explore the full report click here.
The Future of Fashion Resale is the first in-depth analysis to be published by the BoF Insights Lab, a new data and analysis unit at The Business of Fashion providing business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.