What is the opposite of fast fashion? Secondhand clothing is the hot new thing for retailers. In December, the National Retail Federation’s annual conference presented vintage clothing as an opportunity for growth and strength in an industry that could use some good news.
While no one can say for sure just how much growth and strength, the financial services firm Morningstar estimates the used clothing market could hit $300 billion by 2031, “for two reasons. One, resale is good for the planet. And also hopefully, it’s going to be good for business as well,” explained Brian Ehrig, a partner at consultancy Kearney, during an NRF conference panel.
That’s the bet J. Crew is making. The 40-year-old brand recently launched J. Crew Always, a secondhand market for used and vintage styles. Pre-owned duds can be bought and sold on the J. Crew website and through the consignment platform ThreadUp. A selection of vintage items from the 1980s and 1990s—an era that some people consider the heyday of J. Crew—will also be sold at two J. Crew stores in New York City, both in tony locations (Fifth Avenue and a recently redesigned men’s store in the Bowery).
“Resale is still quite small for us, but ultimately the goal is to grow a circular business where you can extend the life of a product and it’s profitable and it does really well,” Liz Hershfield, senior vice president & head of sustainability for J. Crew Group, said at the National Retail Federation’s December conference.
Discussion Questions:
- Why are retailers getting into selling secondhand goods?
- Do you think this part of the market will keep growing, even if the economy gets (or at least feels) more stable?
- What advice would you give to J. Crew, about how to make J. Crew Always successful?
Sources: Reuters, “J. Crew Brand Launches Resale Program, to Offer Vintage Styles,” U.S. News, January 17, 2023; Daphne Howland, “J. Crew Embraces Resale,” Retail Dive, January 18, 2023; Jake Silbert, “Inside the Gorgeous New Digs of Brendon Babenzien’s J.Crew Collection,” Highsnobiety, September 19, 2022; Daphne Howland, “Resale Dominates National Retail Federation’s ‘Big Show,’” Retail Dive, January 19, 2023
Photo from iStock.com/OKrasyuk