Let's Talk Resale
In 2022 alone, there were 150 billion new garments produced to clothe a world of only 8 billion. 90% of that ends up in landfills. No question, the fashion industry is hurtling toward a reckoning. Here at Trove, we intend to learn, unlearn, and relearn so we can inspire our peers, the industry, and our youth that as a collectively conscious body, we can achieve growth without growing our emissions. Let’s Talk Resale is a foundational series that considers the emerging landscape of resale also known as recommerce. We follow Andy Ruben - Founder and Executive Chair of Trove - as he dives deep into the trends shaping the circular economy. Each episode’s theme will address key issues that brands face when adopting a recommerce platform. We’ll interrogate the nuances of sustainability and discuss the implications of recommerce for brand control. You’ll hear key anecdotes from brands with resale models that are already thriving, such as REI, in addition to a bottom-up approach, where we interview several members of Gen Z, and gain insight into the future consumer. To capture the fast-paced weekly news in the resale industry, we have an episode every Tuesday, The Resale Edit, that highlights the key trends and takeaways for brands and their teams which is hosted by Trove's Head of Content, Samantha Dersarkissian. Subscribe to the accompanying newsletter here. This series is a tour de force that will educate, inspire, and offer insight into Trove’s product and vision. While targeted to thought leaders and luxury executives, all listeners will gain a robust understanding of the state of recommerce. Along the way, you'll come to face the inevitable choice fashion brands must make to stay relevant in the 21st century. Looking for more resale content? Check out www.trove.com
Episodes
In this second episode of Let’s Talk Resale, we consider brands' future customers. We live amid a massive cultural shift in customers' beliefs and priorities. Digital commerce and internet ubiquity have changed the shopping experience - brands, pricing, reviews, and comments. Gen Z is coming into their earning years with a fresh poin...
This Weeks Key Takeaways:
- Embrace in-house resale channels: While brands can learn from resale marketplaces, it's essential to bring resale in-house as it becomes a more significant portion of sales
- Leverage strategic partnerships with marketplaces: As platforms like eBay continue to grow their partnerships with brands, every brand must incorporate ...
- Selling second-hand products has the potential to attract customers in ways that one-off, sustainability-oriented products haven’t
- Brands and retailers looking to increase profits can benefit from launching resale programs that include returns, as they can provide cost savings starting point
- Brands will continue to innovate toward a listing/trade-in value proposition that makes sense to their customers. Lululemon and Frye were good examples highlighted in the 2023 Resale Index
- Although the economics differ, rental and resale both hold brand benefits in more circular models. Brands will want to pick the right model(s) that make sense for their customers
- Changes at The RealReal present opportunities for others in the resale market.
- Brands will need to treat emissions with the same level of importance as financial performance, as poor performance may have negative market consequences, similar to financial underperformance, down the road.
In this episode of Let’s Talk Resale, we discuss Trove’s inaugural resale Index, a report that takes a step back, assesses our progress so far, and anticipates what’s to come for the circular economy. Our discussion touches on the construction of the report and reflects on key findings with industry exper...
As the article points out, the growing resale market has made these on...
The Fast ...
According to WWD, “The J. Crew items already listed on ThredUp are not part of the J. Crew Always initiative.” Historically it has been a marketplace limitation to pull in th...
@Sucharita Kodali, princip...
The birth and evolution of Patagonia’s Worn Wear is a story of confronting the hard truths about our linear business models that overproduction is ultimately unsustainable. It is a story of innovation through iteration baked with intentionality, failing forward and trying again. As Nellie and Andy recount these early years, the audien...
Let’s start with Glossy’s article, The state of resale in 2023: Competition, consolidation and a push for profitability. The piece assessed players from The RealReal to Treet and summarized with “twin challenges of an overcrowded market and the growing expectation for profitability will be difficult to overcome.”
A critical element is missing in this assessm...
Let’s start with how the end of this year. 2022 will be the year Branded Resale became table stakes. We went from 31 to 120+ brands with dedicated resale programs. There is no going back.
Brands didn’t start the shift, customers did as pioneers such as The RealReal, Poshmark, Rent the Runway, and Th...
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