We all know that second hand doesn’t mean old hand-me-downs anymore, but Selfridges has blown any doubt out of the water this week by announcing the launch of its first “swap shop” in its flagship Oxford Street store. The initiative, which will run during summer 2023, will allow customers to bring in their pre-loved clothes to be valued and exchanged for other second hand items in store. A team of valuers will be on hand to determine the quality and value of the items being exchanged.
Sustainable fashion markets are expected to grow this decade due to demand from consumers for sustainable shopping, ethical manufacturing habits and the lessening of environmental impact. Recycling high-end clothing is not a new concept but fun new initiatives to promote second hand shopping are likely to become more prominent and could lead to increased investing in this market. ESG focussed investing is already a common consideration for many investors and, whilst it brings with it the worries of greenwashing and “jumping on the bandwagon”, the growing appetite for increasing ESG in the fashion space will undoubtedly lead to new ideas, innovation and events such as the swap shop.
