Resale platforms like the RealReal, ThredUp, and Depop have made shopping for used clothing easier than ever—and consumers are buying in. Fueled by millennials and Gen Z, the secondhand market is on track to more than double over the next five years, from $24 billion to $51 billion, according to ThredUp and retail analytics firm GlobalData. Traditional retailers are taking note: In 2019, Foot Locker invested $100 million in shoe reseller GOAT, while Neiman Marcus paid an undisclosed amount for a minority stake in luxury reseller Fashionphile. Here’s a look at the numbers behind fashion’s latest trend.
A version of this article appeared in the Winter 2019/2020 issue of Fast Company magazine.