Resale Fashion is going to be bigger than Fast Fashion market in the next 10 years...

Have you ever heard of the the company Vestiaire Collective? If not, we are sure that it is only a matter of time before everyone has heard of it. Vestiaire Collective was launched in 2009 and is an online luxury clothing reseller which raised US $62 million in 2017 and which already has over 400,000 members. In the US alone the secondary clothing market was worth US $18 billion in 2017 and it is expected to grow and be worth $33 billion by 2021. The most amazing news is the prediction that fashion resales will outstrip growth in fast fashion over the next ten years. Fast fashion is currently still putting a lot of pressure on the environment as it negatively contributes to water pollution, toxic chemical waste and textile waste.

On average in the UK an item of clothing lasts 3.3 years before its owner gets rid of it. The clothing lifecycle of younger generations of consumers tends to be much shorter. It has been also estimated by Wrap that 1.13m clothes have been purchased in 2016 in the UK alone. This is a lot of clothing that can be surely recycled or sold in secondary markets to reduce waste. Consumers can also reduce waste by placing more emphasis on quality rather than on quantity of clothes they purchase.

https://www.theguardian.com/fashion/2017/jul/29/fashion-must-fight-scourge-dumped-clothing-landfill

https://fashionista.com/2018/04/resale-clothing-market-thredup-report-2018