COS brand (part of the H&M group) is starting to develop its online platform for selling second-hand products.
As part of this project, called Resell, the company's customers will be able to buy and sell clothing from COS. COS management believes that with the help of such a platform, the company will achieve 100% stability in the fashion market and open new business opportunities. Resell project allows customers to buy and sell earlier purchased clothing from the COS brand. The company receives 10% of all the successful sales. These funds will support the project and pay for expenses. In particular, Resell will become a new online format of the well-known "discount-hand."
Resell will be launched in late September in Germany and the UK, and in other countries where COS is present, the project will start before the end of 2020.
Experts note that the Swedish company H&M is increasingly paying attention to the sale of used goods, particularly in the flagship stores of the chain that already have sections with such items. Besides, the chain has acquired a 70% stake in Sellpy, a company specializing in the sale of used goods in Sweden. This initiative is part of an ambitious H&M plan to use 100% recycled or environmentally friendly materials by 2030. The company's representatives believe that the development of second-hand projects will extend the life of its items and positively impact the environment by reducing the amount of waste.
Analysts also note that there is an active development of "second hand" in recent years in the world. According to forecasts from GlobalData experts, the world market for used clothing will double by 2023 and reach 43 billion euros.
Photo credit: depositphotos.com.
14 SEPTEMBER 2020, Germany