![]() The company closed a $77.5 million Series D funding round in August. Trove is another firm helping brands get up to speed on their own resale efforts. See also: Luxury Brands Rush to Own the Resale Experience In return for an initial set up fee and commission on further resale sales, Archive sets up sub-sites for these brands dedicated to resale.”īut the challenge, that coverage added, is luring consumers away from established multi-brand retail marketplaces, like Depop, ThredUp and Poshmark. “In total, Archive has raised nearly $10 million, and its clients include brands like Oscar De La Renta, The North Face and Dagne Dover. “Since launching in February 2021, Archive has quickly amassed funding and notable clients,” news site Modern Retail reported in January. Read more: Oscar de la Renta Adds Vintage Items to Resale Offerings Logistics and payments handled by resale site Archive, which is building resale platforms and experiences for brands. The report said it was upsetting “for the Oscar de la Renta team to see how poorly the brand was presented by third parties: Items were misidentified, there was a question of authenticity - all in all, it wasn’t of the same caliber as the brick-and-mortar shopping experience that the brand prides itself on delivering.” That brought about the Encore secondhand platform in November. In February, fashion news site Fashionista reported on the trend, opening on how fashion house Oscar de la Renta looked at the third-party resale market and didn’t love what it saw. Resale-as-a-Service (Raas) accomplishes several things for makers of clothing and accessories, first and foremost continued profit from items they originally made and sold in other channels. In 2020, Trove processed nearly 1m unique items and managed over 10m catalogue records, triple the number in 2019.Fashion brands are retaking resale, having watched a host of players make it big in the burgeoning “pre-loved” segment that’s putting green into apparel - and into cash registers. As resale sees skyrocketing growth, Trove is providing the technology platform and logistics brands need to control their own recommerce channels, allowing them to own their customer relationships and data, generate additional revenue, attract new and younger consumers to their brand, deepen customer loyalty, and drive sustainability by increasing the lifespan of their products. ![]() Recommerce will account for 14% of the apparel, footwear and accessories market by 2024, or roughly $60bn, up from about 7% in 2020, according to research from Cowen. “We’re thrilled to join forces with this group of prestigious investors to accelerate our expansion efforts and enable more brands and retailers to build successful resale channels that help them deepen their relationships with customers and reduce their environmental impact.” “Consumer demand for resale is soaring and premium brands know it’s now a strategic imperative to control their brand and stay close to their customers by owning their trade-in and resale channels instead of handing them over to third-party marketplaces,” says Andy Ruben, CEO of Trove. Trove, which powers circular shopping for Lululemon, Patagonia, Nordstrom, and Levi’s, will use the new funding to significantly expand its roster of brand partners, strengthen its technology and logistics infrastructure, enter the luxury vertical, and service a new customer audience in Europe.
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