Swedish second-hand online store Sellpy, majority owned by fashion giant H&M (HMb.ST), announced on Monday that it will open in 20 more European countries, in a bet that demand for sustainable fashion will continue to grow. .
The start-up manages the entire sales process, from collecting goods from vendors to photography, sales and shipping. The expansion will bring its number of markets to 24 after its launch in 2014 in Sweden.
Sellpy said in a statement that second hand is one of the fastest growing market segments in the fashion industry.
“Every item of clothing purchased second-hand saves resources for our planet. Demand in our new markets is growing rapidly, ”said Gustav Wessman, Head of Expansion.
As consumers become more aware of the origins and durability of their garments, the fashion industry is coming under scrutiny to fuel a throwaway culture.
The H&M Group, which plans to generate additional income after a few difficult years with slowing sales at many H&M stores, bought its first stake in Sellpy in 2015.
H&M has invested more than 20 million euros ($ 24.38 million) in Sellpy and owns around 70% of the company, Wessman told Reuters.
Sellpy said it has started a collaboration with H&M which gives it access to an H&M warehouse in Poland, as well as a service around distribution, garment quality control and order processing.
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Sellpy said more than nine million items of clothing have been sold in total on its platform.
(1 USD = 0.8201 euros)
(1 USD = 0.8205 euros)
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