Amid shifting consumer preferences, Reebok and Abercrombie & Fitch Co. are the latest brands to embrace the resale market.
Online consignment giant ThredUp today announced that it is bringing on the two brands as its newest partners. Through the collaboration, Reebok customers will be able to receive Reebok loyalty points in exchange for secondhand apparel they send to ThredUp. Meanwhile, Abercrombie & Fitch shoppers can give their used wares to ThredUp for a credit to be redeemed at Abercrombie or Hollister. They will also receive a 15% payout bonus.
“ThredUP’s Resale-as-a-Service platform was built with consumers and forward-thinking retailers in mind,” said ThredUp co-founder and CEO James Reinhart. “We are excited to add more legacy brands to our portfolio of brand partnerships, and we look forward to delivering this convenient, sustainable service to their customers.”
Abercrombie & Fitch Co. CEO Fran Horowitz added: “Sustainability is integral to our success, and it’s as important as ever to our customers. This collaboration not only allows us to help reduce textile waste, but it also offers our customers a convenient way to do good, something we know they are eager to do.”
As an increasing number of millennial and Gen Z shoppers keep a closer eye on their carbon footprints, the rental and resale markets have enjoyed a steady climb. According to ThredUp’s 2019 Fashion Resale Market trend report, the resale market is worth $24 billion today and is expected to hit $51 billion by 2023 — growing 21 times faster than traditional retail over the past three years. This forecast does not take into account the impact of the coronavirus outbreak.
With resale on the rise, Reebok and Abercrombie join a growing list of traditional brands and retailers that have tapped into the resale space. In February, ThredUp announced a partnership with Gap Inc., wherein shoppers who send their used wares to the consignment platform can receive credit for use at Gap, Banana Republic, Athleta and Janie and Jack. Further, two department store chains — Macy’s and JCPenney — announced partnerships with ThredUp in August 2019.
Other resale platforms have also teamed up with brick-and-mortar-focused retailers. In October 2019, France-based re-commerce company Vestiaire Collective opened its first permanent boutique as a shop-in-shop in Selfridges’ London flagship. Further, Neiman Marcus took a minority stake in online consignment boutique Fashionphile in April 2019.