BoF Insights | The Future of Fashion Resale Report

A brand new report from BoF Insights reveals that simply 5 to 7 p.c of resaleable style is presently being purchased and offered on resale platforms, leading to an estimated $2.1 trillion of style sitting untapped in closets all over the world.

The Future of Fashion Resale is printed by the BoF Insights Lab, a brand new information and evaluation unit at The Enterprise of Trend offering enterprise leaders with proprietary and data-driven analysis to navigate the fast-changing international style business. The report estimates that the worldwide secondhand style market is presently value $130 billion.

After all, secondhand style has existed for many years, primarily in thrift and classic shops, however the introduction of on-line resale platforms has led to a step change in how used objects could be purchased and offered. Since 2019, there have been at the very least 13 new resale entrants, 6 new Resale-as-a-Service launches and 14 main model partnerships.

Right now, style resale is at an inflection level.

Whereas a flurry of platforms and companies have emerged in simply the previous few years, and a handful of platforms have gone public since 2019, the inventory efficiency of those public firms has been blended as markets debate the viability of their enterprise fashions and ponder their losses as these platforms make investments to scale.

In tandem, manufacturers and retailers are realising that they should set up their very own resale methods because the resale economic system turns into extra entrenched. By participating in resale, they’ve the chance to accrue financial advantages and deepen relationships with each new and present prospects, whereas influencing a product’s positioning and residual worth via its lifetime.

In talking to manufacturers and retailers, what we most frequently hear are analogies to how they debated e-commerce and/or retailers years in the past — and a way that they should proactively craft a resale technique now reasonably than reactively achieve this later.

Whereas resale could also be inevitable, crafting the precise resale technique is just not. Business members want to guage a posh set of dynamics and weigh varied choices for the way to interact, from partnerships to outsourcing capabilities to constructing them in-house.

On this new report, BoF Insights gives its perspective on on-line resale: how we take into consideration the upside of the business, how we consider the panorama will evolve, and the way we advocate business members construct their very own resale methods.

Why Purchase the Report

• The report offers a complete overview of style resale that deepens the understanding of all present or would-be business members
• Manufacturers and retailers can leverage our framework to develop data-driven methods for coming into resale and/or enhancing their present techniques and initiatives
• Buyers can establish and keep abreast of challenges and alternatives within the fast-moving resale house

The report is predicated on numerous public and proprietary analysis inputs, together with:

• 37 interviews with the founders, CEOs, and govt groups of main resale platforms, Resale-as-a-Service (RaaS) firms, manufacturers and retailers
• Client surveys within the US, UK, France, Germany and China fielded by YouGov on behalf of BoF
• Client survey of BoF’s international neighborhood of style professionals
• Proprietary quantitative analyses of business penetration, dimension and development
• Firms coated within the report embody ThredUp, Tradesy, Vestiaire Collective, Depop, Poshmark, The RealReal and plenty of different rising and established RaaS firms and platforms

The Way forward for Trend Resale is the primary in-depth evaluation to be printed by the BoF Insights Lab, a brand new information and evaluation unit at The Enterprise of Trend offering enterprise leaders with proprietary and data-driven analysis to navigate the fast-changing international style business. For assist and enquiries please electronic mail insights@businessoffashion.com.