The pre-owned fashion sector is experiencing rapid growth during the on-going pandemic. In the current scenario, the growth is being driven by most of the younger consumers who now focus on circularity when making purchases, as well as on sustainability and trends for social shopping and online communities. The amount of secondhand pieces in people’s closets is predicted to grow from 21 per cent in 2021 to 27 per cent in 2023. As for the value of the secondhand sector, it is expected to be worth over $60B (approx €49.75B) by 2025.
In a recent development, Paris-based Vestiaire Collective, a global marketplace to buy & sell luxury, pre-owned fashion products, has secured €178M in a fresh round of funding.