Fashion resale site ThredUp closes deal for Vera Bradley resale
Fashion resale site thredUp will release its 2021 resale report in July, but the retailer has shared some key points ahead of time. According to the ninth annual report with GlobalData, 80% of U.S. consumers, or 266 million people, plan to freshen up their closets after the pandemic is over, either by purging items they no longer want or buying items.
About 159.4 million U.S. consumers plan to get rid of clothes after the pandemic ends, 46.4% plan to get rid of clothes that no longer fit, while 24.8% will say goodbye to the clothes they used to wear during quarantine.
ThredUP calls this clothing transfer a “purge push,” which it says could be followed by a shopping spree where consumers who have made room in their closets buy new or used clothing. Some 155.9 million U.S. consumers plan to purchase items after the pandemic ends, with 34.4% planning to purchase items for suspended events and 31.1% saying they would purchase items to refresh their style.
Brands are also showing increased interest in savings, according to thredUP. The company’s 2020 Resale Report found that 72% of brands said they wanted to test resale. ThredUP has processed over 100 million unique second-hand items from 35,000 brands in 100 categories.
âWe’ve had hundreds of calls about reselling and setting it up,â said Pooja Sethi, senior vice president of Retail-as-a-Service, or Raas, and Retail Partnerships. . âWe have the unique ability to evolve the resale of a brand. This is important because only the scale can cause a significant change. We have simplified a complex process and made it very easy. “
Sethi was referring to ThredUP’s RaaS, which facilitates resale for a number of major brands and retailers, including Gap, Madewell, and Reformation. The latest RaaS deal is with Vera Bradley
Raas allows Vera Bradley to voice resale in “her own unique voice,” Sethi said. âWe want to support brands that are thinking about resale. This is the future of fashion. The consumer opts for it. More and more brands will start to think about how to get into resale and become more circular. The key to reselling is the offer, and that’s where our Clean Out program comes in.
âWe have all the data expertise and all the machine learning,â Sethi added. âWe can help brands with sourcing and see resale as another channel. One in five items will be second hand in 10 years. By putting products for resale, you reduce the carbon impact by 80%. “
âOur consumers share an interest in Vera Bradley. It’s a very popular brand on our platform and there is synergy there, âSethi said. âVera takes a strong stance on sustainability and they are forward thinking.â
Vera Bradley announced separately on Monday that she has partnered with actor and producer Lana Condor to launch a new collection of recycled cotton made from 50% recycled cotton and 50% conventional cotton. The line, available in solid colors, has the same soft feel as the original Vera Bradley cotton.
âOur recycled cotton construction expresses our vision to make the world brighter and happier, and Lana’s bright and colorful style, bubbly personality and passion for sustainable fashion make her the perfect partner to help us launch this new collection, âsaid Beatrice Mac Cabe, Creative Director of Vera Bradley. âSustainability is important to us. We are constantly researching and innovating to provide our customers with more environmentally friendly options. We’ve made sure this recycled cotton has the same softness, comfort and vibrancy as the signature cotton that Vera Bradley fans have loved since 1982. â
âVera Bradley leads her customers to more environmentally friendly products. Their global commitment to make 100% more sustainable fabrics by 2025, and their new collection of eco-friendly cotton are big steps towards reducing their carbon footprint. We are happy to be a part of this trip. “