Trove has made headway in the space since rebranding over a year ago. Any brand that is worthwhile will want to own this market because this is a significant shift with how people shop.” “Brands aren’t going to let live outside the brand, they’re going to want to own it,” Ruben said. But he hopes that the company’s white label technology can encourage more brands enter the resale space and enable them to flourish, especially as they stand to benefit by taking ownership of their place in the red-hot secondhand fashion market. Like ThredUp, Trove does all the back-end processing so the shopper doesn’t have to, enabling them to return clothing from REI, for example, to an REI store for a gift card. But given the overall demand (and growing supply) of used apparel, the opportunity to capitalize on secondhand sales doesn’t have to be tied to a larger marketplace. The growth of businesses like ThredUp, TheRealReal, Poshmark and StockX among others has given used products a new lease on life and ushered in a new era of sustainability awareness. ![]() They’ve made it very easy to participate.” The way that you get a bag and you fill it, and the bag immediately goes away. “They’ve proven that and built a very good business on it. ThredUp has done a really impressive job of making it easy to get items out of a consumer’s closet,”Ruben said. ![]() But the back end is entirely processed by ThredUp’s distribution centers, taking the hassle of that process out of their hands. When items sell, sellers earn a payout in the form of cash, ThredUp online credits, select partner retailer credits or a charitable donation receipt. ThredUp Taps TikTok Star 'Committed to Ghosting Fast Fashion' ![]() It would be like looking at a brand today and saying, ‘Oh, they’ve just chosen not to do e-commerce,’” Ruben told Sourcing Journal. You’re going to be at a huge disadvantage. “If you’re not doing this in four to five years, you’re going to be rendered less competitive. Last week’s $168 million ThredUp IPO illustrated once again that secondhand retail is thriving, with the fashion resale platform’s initial $14-per-share pricing reach more than $22 per share when the Nasdaq closed Tuesday.Īccording to the CEO of one company aiming to reimagine re-commerce for retail, don’t expect the pace of growth and interest in the resale space to slow down anytime soon.Īndy Ruben, CEO of Trove, a technology provider that helps brands and retailers like Nordstrom build out their own resale platforms, said that while retailers have an obvious need to approach resale for sustainability and circularity purposes, they now must jump into the field to be competitive with customer acquisition, loyalty and brand protection.
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