Neiman Marcus, H&M and Farfetch take a gamble to win over young

Neiman Marcus, H&M and Farfetch take a gamble to win over young shoppers

 

 

New York (CNN Business) The notoriously boom-or-bust fashion industry is turning to secondhand clothes and handbags.

Over the past three years, the secondhand clothing market has grown 21 times faster than the overall industry, according to a GlobalData Retail research report prepared by resale site ThredUp. The resale clothing industry is expected to nearly double from $28 billion today to $51 billion by 2023.
Neiman Marcus, H&M and online luxury site Farfetch (FTCH) have all recently entered the resale industry to adapt to Americans' love of secondhand heels, handbags and dresses. They are looking for younger, environmentally conscious and aspirational luxury shoppers who want bargain prices on premium brands.
In April, Neiman Marcus took a minority stake in Fashionphile, a resale site that hawks pre-owned luxury handbags and accessories for up to 80% below their original price. In the future, shoppers will be able to drop off their used shoes and bags at Neiman Marcus stores to ship back to Fashionphile.
 
 
 
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