H & M’s online second-hand store Sellpy launches in 20 more countries

The H&M clothing store is seen in Times Square in Manhattan, New York, the United States, on November 15, 2019. REUTERS / Mike Segar

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.

Earlier this month, Lithuania-based Vinted raised 250 million euros ($ 305 million) to expand further in Europe and beyond, and said the fundraiser had put a pre-assessment – company money of 3.5 billion euros. Read more

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)

Our standards: Thomson Reuters Trust Principles.

Source link

About Renee Williams

Check Also

National Sports Department Store Fills Fashion Center’s Hole SanTan Sun News

By GARY NELSONDonor One of the two vacant big-box stores at the Chandler Fashion Center …

Leave a Reply

Your email address will not be published. Required fields are marked *