Poshmark picked up
It's been a big week in recommerce. Poshmark, the secondhand online superstore where sellers are encouraged to ‘cash in on their closet’, is set to be acquired by South Korean internet giant Naver for $1.2bn. Sometimes dubbed the Google of Korea, Naver’s bid for Poshmark suggests they see the online resale boom as here to stay. Incidentally, Goodwill, the 120-year-old grandfather of the secondhand scene, feels similarly — announcing its first ever online store this week.
(Online) thrift shop
As awareness of the damaging impacts of the fast fashion world grows, more people, particularly younger consumers, are turning to secondhand sweaters and thrifted tees to become more sustainable — and they’re increasingly doing so from the comfort of their own homes.
The online recommerce market has been trending up for a few years, but it really took off during the pandemic when thrifters saw their favorite stores shuttered and had to look elsewhere for their pre-loved fashion fix.
Search interest for platforms like Depop, ThredUP, Mercari and Poshmark has grown significantly and last year, apps and websites passed in-store retail sales, with $12.3bn of the $22.3bn secondhand fashion market resales going online.
Even luxury brands, which can be notoriously fickle about the resale category are getting in on the act too. The vintage table may have turned for good.
