H&M’s on-line second-hand store Sellpy launches in 20 extra nations

The H&M clothes retailer is seen in Instances Sq. in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar

Swedish on-line second-hand store Sellpy, which is majority-owned by trend large H&M (HMb.ST), mentioned on Monday it was opening in 20 extra European nations, in a wager demand for sustainable trend will continue to grow.

The beginning-up handles the complete gross sales course of from choosing up the products from sellers’ properties, to photographing, promoting and transport. The enlargement will take its variety of markets to 24 after it first launched in 2014 in Sweden.

Sellpy mentioned in a press release second-hand was one of many quickest rising market segments throughout the trend trade.

“Each garment purchased pre-owned saves assets for our planet. Demand in our new markets is rising quickly”, Head of Enlargement Gustav Wessman mentioned.

As shoppers change into more and more aware concerning the origins and sustainability of their garments, the style trade is coming beneath scrutiny for fuelling a throwaway tradition.

The H&M group, which is on the outlook for extra income streams following just a few tough years with slowing gross sales in lots of H&M shops, purchased its first stake in Sellpy in 2015.

H&M has invested greater than 20 million euros ($24.38 million) in Sellpy and owns round 70% of the corporate, Wessman advised Reuters.

Sellpy mentioned it had began a collaboration with H&M that provides it entry to an H&M warehouse in Poland, in addition to service round distribution, high quality management of clothes and order dealing with.

Earlier this month, Lithuania-based Vinted raised 250 million euros ($305 million) to increase additional in Europe and past, and mentioned the fundraising put a pre-money valuation on the enterprise of three.5 billion euros. learn extra

Sellpy mentioned greater than 9 million clothes had been offered in whole on its platform.

($1 = 0.8201 euros)

($1 = 0.8205 euros)

Our Requirements: The Thomson Reuters Belief Rules.

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