🛒 Trove’s Resale Revolution
Trove, founded in 2016, is leading the charge in the booming resale market. With early adopters like Patagonia and REI, Trove provides fashion brands with comprehensive solutions to dive into resale. The U.S. resale market is expected to reach $44B by 2028, growing six times faster than traditional retail. Consumers are increasingly drawn to secondhand shopping, with 52% of shoppers buying used clothing last year. Trove’s services help brands tap into this lucrative trend, offering the tools they need to integrate resale seamlessly into their business models.
🛠️ Expanding Services with Recurate
Trove’s recent acquisition of Recurate fills a crucial gap in its offerings by adding peer-to-peer resale capabilities. This model allows customers to trade directly with each other, without brands taking physical possession of items. “Our goal is to be a one-stop shop for brands,” CEO Terry Boyle shared. Recurate brings along partners like Steve Madden and Frye, enhancing Trove’s already robust platform. This acquisition strengthens Trove’s position, with the company already commanding 75% of the U.S. branded resale market, including major brands like Levi’s and Lululemon.
📈 Resale: A Growth Engine
Under Boyle's leadership, Trove is focused on using resale as a growth engine for fashion brands. Resale not only attracts new customers but also helps retain existing ones by offering more affordable, yet high-quality, options. "Resale allows brands to hit price points that attract customers," Boyle noted. Trove’s technology integrates easily with brands' websites, making it simpler for them to scale their resale programs. The company also offers backend support, handling everything from returns processing to logistics.
🌍 Resale and Sustainability
Resale is not just about profits; it’s also about sustainability. The fashion industry is one of the top environmental offenders, with many garments worn only a few times before being discarded. Trove's platform helps brands reduce waste by extending the life cycle of their products. Boyle believes that as more brands embrace resale, they can significantly impact the environment. “Resale can be good for a fashion business beyond just from an environmental perspective,” he emphasized, urging more brands to prioritize sustainable practices.
Will more fashion brands jump on the resale bandwagon?
