From partnering with resale websites to facilitating consignment selling, brands are increasingly exploring ways to be more involved with their products as they continue through their lifecycles.
Part exercise in brand control and part push for more sustainable consumer habits, the move is of course also an enormous opportunity for extended revenue streams.
The secondhand market is projected to double in value over the next five years, skyrocketing from $24bn to $51bn, according to a report from resale site, thredUP.
We’re also seeing heavy investment in the resale space as a result. Foot Locker just put in $100m into GOAT, while Farfetch recently acquired Stadium Goods for $250 million. There’s also a round of funding coming up for sneaker marketplace StockX, which will turn the company into the first sneaker reseller valued at $1bn, according to Recode.
Here are three ways brands are otherwise experimenting with and promoting the resale market: