Second-hand clothing market is hot! Many brands announce their entry

Urban Outfitters , a trendy clothing brand based in the United States, has announced that it will enter the second-hand clothing market. According to a company press release, the company will launch a resale platform, Nuuly Thrift, this fall. Consumers will be able to buy or sell second-hand clothing and accessories on this platform.

Urban Outfitters is a trendy clothing brand that uses "coolness" as its selling point. It first became popular by selling "independent rock" style clothing and is deeply loved by young people.

Nuuly Thrift accepts clothing from any brand for resale. When an item is sold, customers can transfer the proceeds to their bank account or redeem it for Nuuly Cash, which increases in value by 10% when consumers use it to spend at Nuuly Thrift and Urban brands.

The hot second-hand clothing market is attracting more and more clothing brands to enter. In July, ThredUp acquired the European clothing resale company Remix for more than $28 million. In June, Etsy announced that it would spend more than $1.6 billion to acquire the clothing resale website Depop.

According to the survey, the second-hand market clothing sales are expected to reach $77 billion from $30 billion in the next five years , and it has been widely welcomed by young customers. It also has the potential to provide retailers with an additional source of revenue.

Urban Outfitters isn’t just following the crowd by launching a resale platform. According to the company’s own data, three-quarters of its shoppers bought a second-hand item in the past year, and nearly half sold it.

Richard Hayne, Urban Outfitters CEO and chairman, said in a statement: "With the launch of Nuuly Thrift, we are excited for Urban to capitalize on changing customer behaviors and gain share in the rapidly expanding online resale market."

Additionally, Nuuly Thrift will become a sister brand to Nuuly Rent, which primarily rents women's clothing. Urban Outfitters sees the two brands as a symbiotic relationship, as Nuuly Rent's end-of-life inventory will be sold through its Thrift. In turn, Nuuly Thrift is expected to introduce new customers to the rental platform. The company said Nuuly Cash "will incentivize customers from both platforms to continue spending in the secondhand space, extending the life of their clothing."

According to a report released earlier this summer by ThredUp, 60% of retailers already offer or are preparing to offer resale goods and services. Neil Saunders, managing director of GlobalData, which conducted the study, said the shift in consumer attitudes toward secondhand clothing "will make resale the most dynamic and fast-paced segment of the apparel market over the next decade."

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