Fashion giant H&M are set to launch its own fashion resale platform, ‘Sellpy’ in 20 new markets in international push to join the resale sector.
Currently, Sellpy is 70% owned by H&M, and is only operating in 4 countries.
The second hand market place has become a focus for the fashion giant, who first bought into the start up in 2015, as a way to expand its revenue past the fast fashion offerings in store.
Sellpy has a unique approach to sustainability, which is proving a hit with more conscious shoppers.
Unlike other second hand platforms, Sellpy will collect a bag of clothing, and sort through and sell off the items that are desirable. The owner then receives 40% of the profits.
Those who use Sellpy can track their goods, and either have the money directly put into their bank account, or donated to one of the partner charities. Anything which does not sell will be donated.
H&M have reportedly invested $20 million into Sellpy, and is working with the company to give access to distribution networks and warehouse spaces.
Resale platforms are becoming major stakeholders in the fashion sector, with the amounting pressures for the fashion industry to become more sustainable and planet friendly. Resale is predicted to become 1.5 times larger than the fashion industry by 2028.
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