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Resale — the segment of the secondhand market that ThredUP defines as offerings with more curated assortments — is expected to account for more than half of that total, $47 billion , by 2025. Perhaps more important is the fact that of those first-time buyers, 76% said they plan to increase their spend on secondhand in the next five years.
A whopping 81% of first-time thrifters said they plan to spend the same amount or more on secondhand in the next five years. At the same time, the rental and fastfashion sectors are expected to remain relatively flat, and department stores, value chains and mid-priced specialty retail will lose ground.
In recent decades, fastfashion became incredibly popular due to its cost efficiency, both for manufacturers and consumers. Having these contingencies in place keeps organizations within the supply chain transparent and accountable while encouraging them to make greater environmental efforts in the future.
Fast-fashion retailer H& M announced plans to close approximately 250 stores next year as it seeks to step up the pace of its transformation via digital investments, store portfolio optimization and increasingly integrated channels. H&M has not yet identified which stores will be shuttered.
Consumers are also pushing for brands to step away from “fastfashion” trends and promote sustainability in both product development and manufacturing, making efforts to reduce or offset their carbon footprints. Fashion, style and clothing have always been about innovation and imagination. Green goals are a moving target.
UK-based fastfashion retailer In The Style is understood to have been bought out of administration. Accounting firm FTS Recovery was taken on as administrator of the struggling fashion brand on 10 March. However, the fashion retailer has struggled in recent years.
Global emissions from transportation account for approximately 16%, and plastics 4%, of total greenhouse gas emissions. These struggles to improve manufacturing processes are most visible in the textiles industry given the “fastfashion” trend — rapidly producing large volumes of inexpensive garments designed to capitalize on style trends.
Fast-growing Australian online retailer Canningvale plans to relaunch the iconic Singaporean department store Robinsons as an online-only business this month after acquiring the company’s digital assets for an undisclosed sum. Eventually, Prainito plans to roll out exclusive ranges and collections with key brands and suppliers. .
The offer is also seen as an expansion of the business’ successful click-and-collect offer, launched last year, which now accounts for up to 20 per cent of online orders. I recently went on a trip to Bali with my family, and I had planned to do a bit of running while I was there,” Low explained.
Incredibly, the second-hand clothing sector is expected to grow faster than fastfashion in 2022 and the resale market is expected to grow 11 times faster than the broader clothing sector by 2025. We are confident there will be many more members in this group in the coming months as we progress our retail climate action plan. .
A spokesperson for Shein said it is in the process of finalising statements required by UK law, and plans to publish them on its website. “We Over the past 18 months, privately-held Shein, whose official name is Zoetop Business Co, has taken the fast-fashion world by storm. Low prices, lack of transparency.
He also discusses his plans for the SA1NT Layers brand, and what growth will look like moving forward. Inside Retail : Tell me about the inspiration and vision behind SA1NT Layers, as well as your plans and goals for the new brand? Are there plans for stand-alone stores, a wholesale presence and so on?
In todays fast-moving retail landscape, outdated assortment planning methods lead to lost revenue, frustrated customers, and inefficient operations. Retailers using AI-based assortment planning have seen a 36% SKU reduction while increasing sales by 1-2% ( McKinsey ). Why Is Assortment Planning in Retail So Challenging?
The Fashion Sustainability and Social Accountability Act (or Fashion Act) would apply to global apparel and footwear retailers and manufacturers with annual revenues of more than US$100 million that do business in New York. All of this information would need to be accessible to consumers online or in written form.
Valued at US$100 billion ($150 billion) , fastfashion brand Shein is in hot water after a recent Channel 4 documentary hosted by British journalist Iman Amrani, Inside The Shein Machine , lifted the veil of secrecy behind the corporation’s operations in China. The next step. A race to the bottom. Will it change?
Last year’s must-have dress, yesterday’s flares and countless other Western castoffs are strangling the Global South, prompting calls for fastfashion to pay the price for rampant overproduction. Fashion reparations? Noi said the money could fund a recycling plant.
Online fast-fashion retailer Shein and its newer rival Temu are in a race to win shoppers’ attention for their inexpensive China-made goods. listing in the second half of this year, three people with knowledge of its plans told Reuters. Shein said it does not currently have plans for an IPO and declined to comment further.
Instead, Barrocas believes the only option is to embrace the plan changing, embrace the pivoting and spot the smoke early , he said. We are part of fastfashion because of the price that we offer, but certainly a low price doesn’t equal poor ethics or poor sustainability.
Fastfashion retailer Shein found two cases of child labour at its suppliers last year, it said in its 2023 sustainability report, as it stepped up audits of manufacturers in China to assuage criticisms of its low-cost business model ahead of a planned flotation. Reporting by Helen Reid; Editing by Jan Harvey, of Reuters.
H&M grew its online business by 24 per cent last year to the point e-commerce now accounts for about one-third of its total sales. In what the Stockholm-headquartered multinational fast-fashion retailer described as a “strong recovery” H&M increased its net profit nearly seven-fold to US$1.5 billion. “We
Research from fashion resale marketplace ThredUP and GlobalData found that the fashion market for secondhand goods (which includes resale as well as traditional thrift and donations) accounted for $28 billion in sales in 2019; it’s projected to grow to $64 billion by 2024. fashion market this year alone.
We are also committed to being honest and frank about our progress, so that we can be held accountable and to provide clear and evidence based information to our customers. IR: There has been a lot of criticism of fastfashion brands lately in terms of their lack of sustainability credentials.
Williams shared plans to expand its Adelaide workshop following the launch of its ‘Crafted in Australia’ collection. This means that any fashion brand wishing to sell goods in the US must have complete oversight of its supply chains, from farm to manufacture, and be able to prove it to US Customs at the time of import.
New ultra fastfashion competitors like ASOS and Boohoo entered the market and did what Forever 21 did but better. Not only are these retailers fast to market with their trendy designs they are also skilled eCommerce operators. In the 2000s the internet met fastfashion, and a slew of new competitors began to emerge.
We all know those great Aussies fashion start-up stories, those household names who cut their teeth in the city markets,” John said. Essentially, anyone wanting to flex their fashion muscle with less risk.” Creating an account with Inkse is free with users only paying for what they purchase and delivery costs.
As part of the deal, PixelForce is building a Shopify app that will enable designer fashion brands to show customers exactly how much they could earn if they rented out items on Designerex after purchasing them. Kore frequently describes Designerex as the Airbnb of fashion rental.
“Unspun was founded on the notion that we can create fashion on-demand to help eliminate the massive waste issue within the fashion industry,” Walden Lam, CEO and co-founder of Unspun told Inside Retail. There is also an element of taking responsibility and maintaining accountability,” she concluded. A long way to go.
Ashley’s bid for the top position has been slammed by Boohoo, which accused Frasers of using its stake in the fashion brand and other retailers to promote its own “commercial self-interest”. What’s happened so far? The latest half-year results for Boohoo show its pre-tax losses tripled from £36.6m to £147.3m
In a crowded market like the home fragrance category, where everyone from fastfashion and beauty brands to discount department stores and pharmacists are selling candles, it’s near impossible to create and retain cut-through, much less develop an iconic brand synonymous with luxury and quality like 60-year-old Parisian brand Diptyque.
The head office restructuring follows not just the store closure plans but the sale of The Body Shop’s loss-making businesses in much of mainland Europe and parts of Asia back in January. Sainsbury’s Last month Sainsbury’s revealed plans to cut 1,500 roles as it looks to save £1bn over the next three years.
She is referring to the Australian Bureau of Statistics’ finding that 67 per cent of Australian adults are overweight or obese, which she sees as a rough indication of the level of demand for plus-size fashion. In the US, they account for 19 per cent of that country’s US$113.8 However, most of that demand goes unmet.
When I looked around me, I noticed a significant change in the way people – including my friends and myself – consume fashion: we bought more but wore less. This vision then led to the creation of Vestiaire Collective, with the aim of transforming the fashion industry to a more sustainable future.
The Range has since started opening Wilko stores and owner Chris Dawson told Retail Gazette earlier this month that he plans to open 40 more next year. Although White has had some successes, such as the launch of John Lewis value range Anyday, some elements of her plan such as its foray into housing has been met with criticism.
With qualifications in both law and accounting, her career has covered both disciplines, focusing on corporate finance, treasury and commercial transactions. British online fast-fashion firm Asos announced a shock management reshuffle on October 11, with CEO Nick Beighton stepping down after six years in the job.
Around 400 jobs are set to be axed across fastfashion chain Primark’s UK stores as the group looks to overhaul its retail management team. The retailer, which is owned by Associated British Foods, has launched a consultation with staff as part of plans to simplify its UK store retail management structure.
While traditionally, BNPL services were used to split payments for high value items, they soon became associated with online fastfashion brands, targeting Gen Z and Millennial shoppers. Mastercard recently announced it is keen to start rolling out plans to make crypto an ‘everyday way to pay.’
With the clothing market, for example, cheap fast-fashion brands and trending designer labels reign supreme — no pun intended. This helps us make improvements, plan future products, and demonstrate our commitment to progress to our GoDark community Social media — We engage across platforms like Instagram, Facebook and X.
Seasonal Variability The apparel industry is highly seasonal, with demand fluctuating throughout the year based on factors such as weather, holidays, and fashion cycles. Managing inventory levels to meet demand during peak seasons while avoiding overstock during slower periods requires careful planning and forecasting.
Fastfashion and affordable products are cool. The quality is acceptable for the price, and they always get to look fashionable. Social media marketing requires careful planning. Target customers can use their app to scan a code on an endcap; then, the account code is shown at the checkout and they get their discounts. .
Why Are Online Fashion Marketplaces Booming So Fast? Fashion marketplaces that are available online offer way more convenience to online sellers and marketers to reap the best benefit in the most convenient way. Here are the reasons why fashion marketplaces’ popularity has grown so much online.
I’ve seen some fabulous new products, and some new accounts opened.” Richard Keel, Managing Director of Keel Toys said, “The footfall and orders across Sunday and Monday have been really good, we have opened a high number of new accounts. Communication and planning with the event organisers, Hyve has been seamless.
Frasers Group stated that at the time of the acquisition, that the online fastfashion retailer owed £13m to its shareholders. Since then, the group has been persistent on its expansion plans for the retailer opening new flagship stores in major UK cities and entering the Irish market. Next plans to relaunch Joules in October.
.” Sustainable fashion Xeni set up Nobody’s Child in 2015 to deliver stylish, affordable clothing with a strong commitment to ethical practices. With fabric choice accounting for up to 80% of a product’s environmental footprint, that’s where its focus lies.
Whether it’s fastfashion or high-end brands, at the end of the day, the goal of a business is to maximize shareholder value. These variables, along with pricing and vendor lead times make planning demand very difficult. Retailers are easily able to account for all the factors outlined above when forecasting demand.
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