Circularity, a concept emphasizing the reuse and extended use of goods, is gaining traction in the fashion industry, primarily through resale websites like eBay, Vinted, and Vestiaire Collective. These platforms, established over 15 years ago, have seen significant growth, with the apparel resale market estimated at $193.7 billion in 2023 and projected to reach $350 million by 2028. This growth outpaces that of luxury goods, prompting brands to partner with resale sites.
A notable newcomer in this market is Bulgaria-based startup The NOLD, founded by Boryana Uzunova in 2023. Uzunova, along with co-founders Ana Kremenlieva and Teodor Savov, aims to revolutionize the resale model by making circularity the first choice for shoppers. The NOLD integrates brand partnerships, allowing seamless product listings and data sharing, enhancing both seller and brand experiences.
The platform’s unique features include AI-driven product listings and detailed data reports to help brands understand resale trends. This integration encourages brands to reduce overproduction and focus on high-value products. The NOLD also offers financial incentives for sellers to keep their earnings within the brand ecosystem, promoting sustainable purchasing practices.
Despite the lack of concrete evidence that resale reduces new product sales, studies suggest that circular strategies could significantly reduce carbon emissions. The NOLD’s approach aligns with Gen Z’s sustainability values, potentially fostering brand loyalty among younger consumers. The startup’s advisory board, including industry experts, further strengthens its position in the market.
Ultimately, for circularity to truly transform fashion, the value of second-hand goods must surpass that of new products. The NOLD’s innovative model and market timing position it as a promising player in achieving this goal, promoting a sustainable and profitable future for the fashion industry.
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