The Fashion Resale Market is Getting Hotter
With influencers literally selling the clothes off their back via social media, the fashion resale market is a boom industry far removed from high street charity shops or even quirky stalls peddling vintage gear.
The fashion resale industry overall has grown 21 times faster than the average rate for retail over the past three years and is projected to be worth $51 billion within 5 years.
The RealReal, a key player in the resale market, has over 9 million users and turns over an estimated $500 million in annual revenue. It’s latest move – opening a store on Madison Avenue, New York not only reflects it’s transformation from Digital Native to Multichannel operator but also highlights localisation as a key bricks and mortar retail strategy.
Products in the Madison Avenue store are picked specifically to capitalise on the tastes of it’s Upper East Side customers. Localisation is a strategy that’s employed across it’s stores and one that is delivering success with turnover expected to keep growing and an IPO on the horizon. http://bit.ly/2H7owMm