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Resale apparel and footwear markets have exploded in the last few years, with consumers eager to snap up their favorite brands at lower prices while also reducing their carbon footprint by giving used items a new life.
Brands are taking notice at these booming secondary marketplaces–and want to cash in.
Several high-profile brands, including Nike and Lululemon, have recently announced “recommerce” (pre-owned item resale) plans. The brands are likely seeing the writing on the wall: the resale market is expected to grow five times over the next five years, according to a 2020 industry report from online resale marketplace ThredUp. In 2019, the resale marketplace grew 25x faster than the broader retail sector. By 2024, reworn clothing sales are expected to reach $64 billion, representing a huge opportunity for brands to recapture some revenue on the secondary market.