![]() In fact, Trove, which has seven big clothing partners, is in talks with about 40 additional high-priced brands and is poised to double revenue this year from an estimated $20 million in 2020. The total resale market is worth roughly $30 billion and should more than double to $64 billion by 2024, according to research from GlobalData. ![]() Trove now faces increasing competition from marketplaces like ThredUp and Poshmark, both of which went public this year.īut there's plenty of room to grow in the resale business, which accelerated during the pandemic as shoppers spent more online and considered the unused stuff in their closet. The nine-year-old company, based in Burlingame, California, launched Patagonia as its first partner in 2017. Shoppers looking for second-hand goods can find them showing up on the individual website, and can expect to save 40% to 50%. That includes cleaning the millions of items of clothing and shipping them in the label's own packaging.Ĭustomers of these brands trade in gently used items in a store or by mail in exchange for a gift card. NEW YORK - After seeing young shoppers flock to thrift stores and online sites for used clothes, a growing number of fashion companies want to take back control.īut running a resale business is complicated, so some big iconic fashion brands like Levi's, Eileen Fisher and Patagonia are turning to Trove, a tech startup that handles the logistics of taking back merchandise and preparing it for resale.
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