This #BoFLIVE event was based on the ‘The Future of Fashion Resale Report — BoF Insights’ article. Click here to read our full analysis.
Resale is on trend. The fast-growing market, boosted by the rise of online platforms, has attracted mounting interest from brands initially wary of the space, and a flurry of deal activity. Over the last year, Gucci-owner Kering invested in Paris-based resale platform Vestiaire Collective, second-hand retailers like Poshmark and Thredup went public and Etsy acquired Gen-Z-favourite resale platform Depop for $1.6 billion.
Now the sector is at an inflection point, with resale looking likely to become a more entrenched part of the market. The opportunity is substantial. Only between 5 and 7 percent of resaleable fashion is currently being traded on resale platforms, resulting in an estimated $2.1 trillion of fashion sitting untapped in closets, according to The Future of Fashion Resale, a new report from the BoF Insights Lab.
Meanwhile, post-pandemic consumer trends towards value and sustainability are likely to fuel further growth. The question of affordability is especially likely to attract new shoppers from the luxury market, said Charles Gorra, chief executive of luxury-focused resale platform Rebag. “At the core there is a change in fashion; fashion speed and trends are constantly accelerating,” said Gorra. “The items cost more and more and more, and they are worth less and less and less so [customers are] constantly priced out of the trends and that is how people get into secondhand.”
In the latest BoF Live, BoF director of research and analysis Diana Lee and head of strategy Rahul Malik are joined by Rebag’s Gorra, chief executive of resale technology provider Reflaunt, Stephanie Crespin, and chief executive of resale platform Thredup, James Reinhart to discuss the future of fashion resale.
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.
To participate in #BoFLive, BoF’s digital events series offering insight, advice and inspiration, visit our calendar where you can find details of upcoming digital events.