BoF Insights | The Future of Fashion Resale Report

A model new report from BoF Insights reveals that merely 5 to 7 p.c of resaleable type is presently being bought and provided on resale platforms, resulting in an estimated $2.1 trillion of fashion sitting untapped in closets all around the world.

The Future of Fashion Resale is printed by the BoF Insights Lab, a model new info and analysis unit at The Enterprise of Development providing enterprise leaders with proprietary and data-driven evaluation to navigate the fast-changing worldwide type enterprise. The report estimates that the worldwide secondhand type market is presently worth $130 billion.

In any case, secondhand type has existed for a few years, primarily in thrift and traditional retailers, nonetheless the introduction of on-line resale platforms has led to a step change in how used objects might be bought and provided. Since 2019, there have been on the very least 13 new resale entrants, 6 new Resale-as-a-Service launches and 14 fundamental mannequin partnerships.

Proper now, type resale is at an inflection stage.

Whereas a flurry of platforms and corporations have emerged in merely the previous couple of years, and a handful of platforms have gone public since 2019, the stock effectivity of these public companies 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, producers and retailers are realising that they need to arrange their very personal resale strategies as a result of the resale financial system turns into additional entrenched. By collaborating in resale, they’ve the prospect to accrue monetary benefits and deepen relationships with every new and current prospects, whereas influencing a product’s positioning and residual value by way of its lifetime.

In speaking to producers and retailers, what we most regularly hear are analogies to how they debated e-commerce and/or retailers years up to now — and a manner that they need to proactively craft a resale approach now moderately than reactively obtain this later.

Whereas resale may be inevitable, crafting the exact resale approach is simply not. Enterprise members wish to guage a fancy set of dynamics and weigh different selections for the best way to work together, from partnerships to outsourcing capabilities to developing them in-house.

On this new report, BoF Insights offers its perspective on on-line resale: how we think about the upside of the enterprise, how we take into account the panorama will evolve, and the best way we advocate enterprise members assemble their very personal resale strategies.

Why Buy the Report

• The report presents a whole overview of fashion resale that deepens the understanding of all current or would-be enterprise members
• Producers and retailers can leverage our framework to develop data-driven strategies for coming into resale and/or enhancing their current methods and initiatives
• Patrons can set up and preserve abreast of challenges and alternate options throughout the fast-moving resale home

The report is based on quite a few public and proprietary evaluation inputs, along with:

• 37 interviews with the founders, CEOs, and govt teams of fundamental resale platforms, Resale-as-a-Service (RaaS) companies, producers and retailers
• Consumer surveys throughout the US, UK, France, Germany and China fielded by YouGov on behalf of BoF
• Consumer survey of BoF’s worldwide neighborhood of fashion professionals
• Proprietary quantitative analyses of enterprise penetration, dimension and improvement
• Companies coated throughout the report embody ThredUp, Tradesy, Vestiaire Collective, Depop, Poshmark, The RealReal and loads of totally different rising and established RaaS companies and platforms

The Approach ahead for Development Resale is the first in-depth analysis to be printed by the BoF Insights Lab, a model new info and analysis unit at The Enterprise of Development providing enterprise leaders with proprietary and data-driven evaluation to navigate the fast-changing worldwide type enterprise. For help and enquiries please electronic message insights@businessoffashion.com.