{"id":216751,"date":"2024-12-18T17:34:03","date_gmt":"2024-12-18T17:34:03","guid":{"rendered":"https:\/\/businesnewswire.com\/?p=74737"},"modified":"2024-12-18T17:34:03","modified_gmt":"2024-12-18T17:34:03","slug":"e-to-enter-the-streetwear-resale-market-by-the-end-of-2025","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2024\/12\/18\/e-to-enter-the-streetwear-resale-market-by-the-end-of-2025\/","title":{"rendered":"E to Enter the Streetwear Resale Market by the End of 2025"},"content":{"rendered":"

\"duce\"<\/p>\n

A customer browses through clothes in a secondhand store. Credit: Jessica Myers\/The State Press<\/span><\/p>\n

Background: Global Environmental Context<\/b><\/h2>\n

The 2019 Global Assessment Report of the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) found that nature is declining globally at rates that are unprecedented in human history. This decline has led to a rapid increase in species extinctions, climate change and\u2014directly relevant to businesses\u2014major declines in nature\u2019s capacity to sustain contributions to the economy.<\/span><\/p>\n

\u201cSustaining nature is not just an environmental goal\u2014it is an essential component of sustainable business\u2014and requires that we redefine business success to include the wise stewardship of nature,\u201d argue Professor Stephen Polasky and Matt Jones in <\/span>Redefine Business Success to Include Nature<\/span><\/a>.<\/span><\/p>\n

Company Overview and Strategic Move<\/b><\/h2>\n

In a bold move set to expand into a new market while supporting sustainability initiatives within the fashion industry, <\/span>E<\/span><\/a> has announced plans to enter the clothing resale market by the end of 2025. This strategic decision aims to capitalize on the growing demand for pre-owned, high-demand streetwear items while strongly encouraging consumers to recycle clothing.<\/span><\/p>\n

E was originally formed based on three principles, inherited from its parent company,<\/span> Hellenic Venture Technologies<\/span><\/a>: Business activities should have a positive social and environmental impact, utilize technology to innovate and improve the industry, support mission-driven organizations and initiatives.<\/span><\/p>\n

Sustainability Commitment<\/b><\/h2>\n

By entering the resale market, the company is reinforcing its commitment to sustainability. The resale of streetwear fashion items extends the lifecycle of products aiming to reduce the environmental impact associated with producing new clothing. This move aligns with E\u2019s broader sustainability goals, which include reducing waste and promoting circularity.<\/span><\/p>\n

\u201cBeing a company in the apparel resale market doesn\u2019t inherently make the way you operate sustainable. There are major players in the industry whose reselling process introduces additional environmental pollution associated with increased transportation,\u201d said J. Tsinalis, founder of Hellenic Venture Technologies. \u201cE has been designed to promote sustainable options to consumers. Likewise, the reselling process is deliberate and targets a minimal environmental impact. By facilitating resale, we aim to help reduce the clothing industry\u2019s environmental footprint and promote a more sustainable future.\u201d<\/span><\/p>\n

Market Potential and Strategy<\/b><\/h2>\n

The streetwear resale market has seen exponential growth in recent years, driven by a surge in consumer interest in sustainable fashion and limited-edition releases. According to Statista, the <\/span>secondhand apparel market value worldwide<\/span><\/a> is projected to reach $350 billion by 2028, with streetwear being a significant contributor to this growth. E\u2019s entry into this market is expected to leverage its existing infrastructure and customer base to offer a seamless resale experience.<\/span><\/p>\n

The formation of partnerships solely with brands (manufacturers) that follow ethical processes aims to enhance the platform\u2019s offerings and provide exclusive access to rare and limited-edition items that highlight the company\u2019s commitment to sustainability and quality.<\/span><\/p>\n

Brand Philosophy and Approach<\/b><\/h2>\n

E is known for supporting talented but early-stage brands that follow sustainable practices\u2014ethically producing quality items in small quantities within the EU\u2014as a direction derived from the company\u2019s mission. From a business perspective this aligns with the concept of resale, encouraging consumers to purchase limited items and collections while having the opportunity to resell them directly on the same platform.<\/span><\/p>\n

Implementation and Technology<\/b><\/h2>\n

The decision to enter the clothing resale market by the end of 2025 is a strategic move that aligns with the company\u2019s commitment to sustainability and technological innovation. The company is focused on building a robust infrastructure to support its new venture. This includes investing in technology, expanding its team, and developing marketing strategies to attract buyers and sellers. The new feature is expected to launch by the end of 2025 marking a significant milestone in the company\u2019s journey.<\/span><\/p>\n

E plans to utilize advanced technology to authenticate and grade pre-owned items, ensuring buyers receive genuine products in excellent condition. The company will also implement a user-friendly platform that allows users to list their items easily and other users to find sought-after pieces.<\/span><\/p>\n

\u201cWe are committed to making our apparel resale platform a success,\u201d said Tsinalis. \u201cOur team is actively working on delivering a rewarding experience for consumers.\u201d<\/span><\/p>\n

Future Innovations<\/b><\/h2>\n

Beyond developing the reselling system that will host a secondhand market on the platform, Hellenic Venture Technologies has expressed interest in investing in the development of virtual fitting software that will be integrated into its platforms. The investment aims to enhance the buying experience while reducing order return rates and environmental pollution related to transportation.<\/span><\/p>\n

Ongoing Sustainability Initiatives<\/b><\/h2>\n

The company is committed to minimizing its environmental footprint through various sustainability initiatives. By listing and promoting only options of high quality that have been ethically produced in low quantities inside the EU. By investing in virtual fitting technologies that aim to reduce shipments associated with product returns. By investing in the development of in-app features that allow consumers to resell old products, encouraging consumers to recycle and upcycle clothing.<\/span><\/p>\n

NOTE: <\/b>Prof. Stephen Polasky is Regents Professor and Fesler-Lampert Professor of Ecological and Environmental Economics at the University of Minnesota, specializing in the intersections of biodiversity, economics, and sustainability.<\/span><\/p>\n

Matt Jones is Chief Impact Officer at the UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), where his role is to empower the organization to generate maximum positive impact for people and planet.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A customer browses through clothes in a secondhand store. Credit: Jessica Myers\/The State Press Background: Global Environmental Context The 2019 Global Assessment Report of the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) found that nature is declining globally at rates that are unprecedented in human history. This decline has led to a rapid increase… Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":344,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[374],"tags":[],"class_list":["post-216751","post","type-post","status-publish","format-standard","hentry","category-ipsnews"],"yoast_head":"\nE to Enter the Streetwear Resale Market by the End of 2025 - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2024\/12\/18\/e-to-enter-the-streetwear-resale-market-by-the-end-of-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E to Enter the Streetwear Resale Market by the End of 2025 - Business\" \/>\n<meta property=\"og:description\" content=\"A customer browses through clothes in a secondhand store. 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