Oct 25, 2024

Business Second-hand app. Credits: Sellpy. In recent months, the second-hand market has continued its meteoric growth. The main players and startups in the sector are adapting to this dynamic to meet a growing demand, driven by large-scale initiatives and changes in consumer habits. A booming market The second-hand sector is becoming a real economic driver, with market forecasts reaching billions of dollars. A study entitled 'The socio-economic impact of second-hand clothes in Africa and the EU27+' reports that by 2023, the second-hand clothing industry will contribute three billion euros to the gross domestic product (GDP) of the EU27+ region. This impressive figure is explained by an increased demand from consumers for greener and more ethical alternatives to fast fashion. Platforms specialising in the sale of second-hand clothing, such as Vestiaire Collective, Vinted, or Sellpy, are greatly benefiting from this global trend. Traditional players continue their investments H&M is increasingly investing in this area. After Spain, the Swedish fashion giant is set to bring its second-hand concept, Pré-Loved, to France and Belgium. Other companies have also extended their second-hand service to new markets, such as the French brand Sandro from the SMCP group, the department store BHV Marais or the Jules brand . Startup development: Fundraising and expansion Startups like Paradigme, a rapidly expanding second-hand marketplace, are banking on large fundraising rounds to accelerate their development. After a recent fundraising round, Paradigme plans to expand its offering and strengthen its market presence. These companies are benefiting from increasing attention from investors, who see the sector as an opportunity for sustainable growth. Another startup to keep an eye on: Pop Dressing. In addition, the Vinted platform, one of the leaders in second-hand fashion, concluded a secondary sale of shares at the end of October for an amount of 340 million euros, reaching a valuation of five billion euros. Second-hand fashion driven by trends Just like the “classic” market, second-hand also follows trends. During fashion weeks, several key trends for second-hand emerged, including the strong comeback of timeless classics, such as vintage leather jackets or the K-Way. The commitment of resale platforms and their partners Initiatives like Ebay’s also demonstrate the involvement of traditional platforms in promoting circular fashion. Recently, Ebay announced an investment of 1.2 million dollars to support small businesses and foster the growth of second-hand fashion. This support includes support programmes for independent retailers, aimed at expanding the supply of second-hand clothing available on the market. The role of influencers and the media TV series and influencers play a significant role in popularising the second-hand market. The latest striking example is the hit series “Emily in Paris,” which successfully promoted Vestiaire Collective through its content. This media visibility gives a spotlight to resale platforms, attracting a new generation of consumers interested in second-hand luxury fashion. New 'dream job' With the rise of second-hand goods, another important issue is the fight against counterfeiting. Training experts in the authentication of luxury clothing and accessories is becoming crucial to maintaining consumer confidence. The profession of counterfeiting expert is now one of the new "dream jobs" that the fashion sector is so good at producing. However, there are still few specialised training courses. This article originally appeared on FashionUnited.FR. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass. . FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com Circular Fashion