Secondhand clothing is the hottest trend in apparel, and big brands are suddenly happy to make the profits—but avoid the headaches—by outsourcing the grimy work to tiny Trove.
Andy Ruben operates behind the scenes to power resale offerings for Patagonia, REI, Levi’s, Arc’teryx, Taylor Stitch and Eileen Fisher. There’s more to come: The company says it’s in talks with 15 additional brands and is set to double revenue this year from an estimated $20 million in 2020.
Trove handles the messy logistics of taking back merchandise and preparing it for resale, managing the online listings and shipping the merchandise in each brand’s own packaging.
It’s a one-stop shop for retail’s unsexy new trend: used clothes. Secondhand products represent a $28 billion business that’s expected to more than double to $64 billion by 2024, according to ThredUp, a San Francisco–based online consignment company. It’s also where the next generation of shoppers are: Most Gen Z consumers see no stigma in buying secondhand, and 40% have bought used clothing, shoes or accessories, double that of Gen X and Boomers.
Read the full profile on Forbes: https://www.forbes.com/sites/laurendebter/2021/02/03/gold-in-your-closet-the-startup-helping-patagonia-and-levis-cash-in-on-the-resale-boom/?sh=19002a3a1758
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How Trove Is Cashing In On The $28 Billion Resale Market Boom | Forbes