Fashion resale has become a very important segment in the fashion industry. Millions have been poured into it in 2015, however it didn’t start out this way. James Reinhart’s idea of ‘ThreadUp’ which is now a well known secondhand clothing marketplace, was once shot down 27 times by venture capitalists. ThreadUp has recently raised $81 million round of financing led by Goldman Sachs, which is a total funding of more than $131 million. There are dozens of players in the fashion resale market now, the competition is so stiff that some companies like Bib + Tuck have already announced their exit.
Some of the players in the fashion resale segment include online consignment shop Tradesy, vintage luxury reseller RealReal, social commerce site Poshmark and European resale shop Vestiaire, Vinted and ThreadFlip. There are also some more product or service focused companies like Rebagg which deals only in handbags or Vaunte which sells clothes by fashion insiders. Most of the firms are trying to fill a very visible void being generated by the inability of Amazon and eBay who are failing in the fashion resale category. The trend is really catching on as customers are very keen to keep their closet refreshed, by using subscription and renting services.
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