In the ever-evolving landscape of the fashion industry, trends come and go in the blink of an eye. Amidst this dynamic environment, a new phenomenon is emerging as a significant force shaping the future of fashion: reselling. From ThredUP to The Real Real the western market has been one of the first to adopt the reselling trend a long time ago. One of the first questions that arises is, What about the Asian market? and Why does it taking too long? Recently, what might have once been considered a niche market has now burgeoned into a thriving industry even in Asian countries, offering both consumers and brands new opportunities and challenges. this is exactly why Brands need to know about reselling. The rise of reselling is not just a trend; it’s a paradigm shift that demands attention.
What Brands need to consider before taking Reselling a business opportunity.
Reselling: Could it be A Thriving Market?
The fashion resale market is witnessing unprecedented growth, with the global second-hand apparel market estimated at US$ 71,225.6 million in 2022 and is projected to expand at a prolific CAGR of 14.8% from 2022 to 2032, reaching a valuation of US$ 282,748.6 million by 2032. It is more likely fueled by shifting consumer attitudes, sustainability concerns, and the embrace of online platforms. Reselling involves the buying and selling of pre-owned garments and accessories, enabling consumers to curate unique wardrobes and reduce their environmental footprint. Platforms like The RealReal, Depop, and Poshmark have transformed reselling into a digital marketplace, offering a seamless experience for both buyers and sellers.
Thrifting as a Trend
The cyclical nature of fashion is well-known, and reselling leverages this phenomenon. Vintage and retro styles are making comebacks, and savvy consumers are capitalizing on this by purchasing older pieces and reselling them at a premium when they regain popularity. For instance, iconic designer handbags from the past are regaining their luster on resale platforms, allowing both sellers and buyers to partake in fashion history.
Sustainability in Style
Sustainability is no longer a buzzword; it’s a fundamental consideration for modern consumers. According to sustainable fashion industry statistics, the market is expected to rise to $9.81 billion in 2025 and $15.17 billion in 2030 at a CAGR of 9.1 percent, due to the growing attention to ethical fashion. The fashion industry’s environmental impact is staggering, and reselling offers a solution by extending the lifecycle of garments. By participating in the resale market, consumers actively contribute to reducing textile waste and the excessive consumption associated with fast fashion. Brands are also recognizing the importance of sustainability and are embracing reselling as a way to align with eco-conscious values.
Luxury’s New Lease
The luxury sector, which traditionally relied on exclusivity and limited availability, is not immune to the reselling revolution. Luxury brands are now partnering with reselling platforms such as Poshmark to facilitate the secondary market for their products. This shift presents an opportunity for brands to retain control over their products’ afterlife while also engaging with a new demographic of consumers who prioritize value and uniqueness.
Reselling as an Investment
The global secondhand market is expected to nearly double by 2027, reaching $350 Billion. Thus beyond style and sustainability, reselling has emerged as an investment avenue. Limited-edition releases and collaborations often appreciate in value, attracting collectors and investors alike. Streetwear brands like Supreme and sneaker collaborations with the likes of Nike have demonstrated the potential for significant returns on investment in the resale market in 2000s. This trend walks to this date, blurs the line between fashion and finance, opening doors for cross-disciplinary conversations.
Challenges and Considerations
However, the rise of reselling also poses challenges. Brands must navigate the fine line between supporting resale and protecting their brand integrity. Counterfeit products and authenticity concerns remain real issues. Moreover, the oversaturation of the resale market could potentially devalue certain brands or products, leading to a reevaluation of traditional business models.
The Future of Fashion’s Second Act
As the fashion industry continues to transform, reselling is undeniably shaping its future trajectory. From redefining sustainability to influencing luxury and investment trends, the resale market’s impact cannot be ignored. Brands and consumers alike are recognizing the power of extending garments’ lifecycles, contributing to a more circular fashion economy.
In a world where fashion is not just a commodity but also a form of expression, reselling offers a novel way to engage with trends, history, and sustainability. The future of fashion is taking shape through the lens of reselling, making it not just a passing trend, but a permanent fixture in the industry’s landscape. As consumers and brands continue to embrace this phenomenon, the question remains: will you (The consumer) be part of fashion’s second act?
How Indian Brands are taking a leap at reselling/rental?
LabelCentric: This luxury fashion resale platform in India specializes in curating pre-owned luxury fashion items from renowned brands. They provide a platform for individuals to buy and sell gently used designer clothing, handbags, shoes, and accessories. This platform not only encourages sustainable fashion practices but also enables people to own high-end items at a more affordable price point.
Flyrobe: When we talk about rental, Flyrobe is the first platform that comes to mind. It offers clothing and accessory rentals for special occasions. Users can rent designer outfits and accessories at a fraction of the retail price, making it a cost-effective and sustainable option for occasions like weddings, parties, and events.
Secret Dresser: Secret Dresser is a unique online fashion marketplace that allows users to rent or purchase pre-owned designer apparel and accessories. This model promotes a more circular economy, where users can borrow outfits for special occasions, reducing the need for constant purchasing. It’s a creative way to enjoy high-end fashion without the commitment of ownership.
Dressfolk: Dressfolk is an Indian brand that focuses on slow and sustainable fashion. They create handcrafted clothing using traditional techniques, ensuring quality and longevity. While not primarily a reselling platform, their approach aligns with the principles of mindful fashion consumption. They have a subdivision called Relove where they offer this service.
Vestiarie Collective: Although originally a global platform, Vestiaire Collective is well-known in India as well. It’s a luxury fashion resale platform that connects buyers and sellers of high-end fashion items. They have a wide range of luxury brands and products available for purchase.
The Clothing Rental: If you are looking for ethnic wearables, this brand focuses on clothing and accessory rentals. They offer a wide range of options for both men and women, making it easy to find outfits for various occasions.
Conclusion
In the dynamic realm of fashion, the rise of reselling is not just a passing trend but a transformative shift that demands attention. The fashion resale market is flourishing globally, and India is being part of it via e-commerce, a website, or a mobile-based application, driven by shifting consumer attitudes and sustainability concerns. This paradigm shift offers brands a unique opportunity to align with eco-conscious values, leverage cyclical fashion trends, and engage with a new generation of consumers who prioritize value and uniqueness.
While reselling presents avenues for style, sustainability, and investment, brands must also navigate challenges such as protecting brand integrity and addressing authenticity concerns and quality. As the fashion industry evolves, reselling emerges as a permanent fixture, shaping a more circular and conscious fashion economy. It’s not just about owning fashion; it’s about being a part of fashion’s second act – one that redefines, reimagines, and revolutionizes the way we engage with style, history, and the planet.
