By Anna Ringstrom
STOCKHOLM, Could 31 (Reuters) – Swedish on-line second-hand store Sellpy, which is majority-owned by vogue large H&M HMb.ST, mentioned on Monday it was opening in 20 extra European nations, in a guess demand for sustainable vogue will continue to grow.
The beginning-up handles your entire gross sales course of from choosing up the products from sellers’ properties, to photographing, promoting and delivery. The growth will take its variety of markets to 24 after it first launched in 2014 in Sweden.
Sellpy mentioned in an announcement second-hand was one of many quickest rising market segments throughout the vogue business.
“Each garment purchased pre-owned saves assets for our planet. Demand in our new markets is rising quickly”, Head of Growth Gustav Wessman mentioned.
As customers grow to be more and more acutely aware concerning the origins and sustainability of their garments, the style business is coming below scrutiny for fuelling a throwaway tradition.
The H&M group, which is on the outlook for added income streams following a number of 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 instructed Reuters.
Sellpy mentioned it had began a collaboration with H&M that offers 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.
Sellpy mentioned greater than 9 million clothes had been offered in whole on its platform.
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(Reporting by Anna Ringstrom Modifying by Mark Potter, Kirsten Donovan)
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