The BoF Podcast: The Rise of the Resale Financial system - Upsmag - Magazine News

The BoF Podcast: The Rise of the Resale Financial system

“Vogue is extra than simply the final season… The life cycle of a product doesn’t finish on the main sale,” mentioned

’s Chief Government Max Bittner at

A message that holds specific poignancy as eco-conscious customers search out sustainable options within the type of re-commerce — a market set to exceed $50 billion in 2023 in line with GlobalData.

In dialog with BoF’s Senior Sustainability Correspondent Sarah Kent at VOICES 2019, Bittner was joined onstage by Depop’s Chief Government Maria Raga, who defined why the social promoting platform has develop into a cult hit amongst Gen-Zs and Millennials who need to purchase or promote pre-owned garments.

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“When you consider the exercise that’s on Depop, you see tremendous younger, artistic folks constructing companies and creating traits,” she mentioned. “On the finish of the day [they] are making second-hand cool which once more contributes… to creating the resale market develop faster.”

This highlights a shift within the narrative round pre-owned clothes as greater than 50 % of customers are directing their consideration to sustainable consumption, an idea that might have appeared far-fetched a number of years in the past, in line with Raga.

Cellular-first platform Depop — hailed as one of many quickest rising start-ups in resale — has amassed over $100 million in funding, whereas customers have bought over $500 million value of clothes since its inception in 2011.

The re-commerce mannequin has grown exponentially and can proceed to take action, in line with Vestiaire Collective’s Bittner, who highlighted the rise in dialogue about sustainability and circularity within the style business, “which mirrors what’s occurring in society” as extra people start to query their very own consumption and the way they’ll impact change.

When you consider the exercise that is on Depop, you see tremendous younger, artistic folks constructing companies and creating traits.

Regardless of an rising shopper urge for food for re-commerce, in style resale platforms have come underneath fireplace following various current missteps. For instance, a BoF investigation into Depop uncovered allegations of sexual harassment and inappropriate messaging.

Raga addressed resale’s rising pains. With 90 % of the mobile-first platform’s customers underneath 26 years outdated, “belief [is] a important factor that we have to keep on the platform and we’ve got completely zero tolerance to dangerous behaviour.”

However Bittner inspired the viewers of world thought-leaders, executives and entrepreneurs to think about resale’s constructive contribution to the style business, each when it comes to sustainability and circularity. Re-commerce additionally has potential to remodel an business that “defines itself by changing into an increasing number of unique,” by connecting consumers, sellers and types throughout the globe to make luxurious extra accessible, he mentioned.

To be taught extra about VOICES, BoF’s annual gathering for giant thinkers, go to our VOICES web site, the place you will discover all the main points on our invitation-only international gathering.

Subscribe to BoF Skilled for limitless entry to BoF articles, plus unique advantages for members. For a restricted time, get pleasure from a 25 % low cost on the primary yr of an annual membership, completely for podcast listeners. Merely, click on right here, choose the Annual Bundle and use code PODCASTPRO on the checkout.

To contact The Enterprise of Vogue with feedback, questions, or speaker concepts please e-mail podcast@businessoffashion.com.

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