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State of play: Resale

Kimberly Chin
May 24, 2023
Illustration of a person retrieving a newspaper titled "State of Play" from a mailbox.

Illustration: Gabriella Turrisi/Axios

Last updated May 23, 2023

Circular fashion is in vogue, as some of the luxury giants and cult favorites jump on the bandwagon.

One of the biggest resale deals of the year was South Korea tech giant Naver’s acquisition of U.S. secondhand clothing platform Poshmark for around $1.6 billion.

  • The merger is intended to help Poshmark expand geographically, while also introducing live streaming and image recognition technologies that could help jumpstart slowed revenue growth, Axios’ Dan Primack wrote.

Other activity included:

  • The Volte, a luxury dress sharing platform, raised $4 million in Series A funding led by eBay Ventures.
  • ThredUp, an online resale platform, dual-listed itself on the Long-Term Stock Exchange.
  • Kream, a reselling platform for luxury goods, raised $168 million in a Series C round led by Altos Ventures, with participation from Naver, SoftBank Ventures Asia, Mirae Asset Capital, Samsung Securities and Axiom Asia.
  • Circ, a circular fashion startup, raised $25 million from Circulate Capital.
  • Looper Textile, a joint venture between H&M Group and Remondis, was created to collect, sort and sell used and unwanted garments and textiles.
  • Cudoni, a U.K.-based luxury resale platform, raised £7.5 million from eBay's venture arm.
  • Beni, a secondhand shopping browser extension, raised $4m in seed funding led by Buoyant Ventures. Better Ventures participated.
  • Archive, which builds resale software platforms for brands, raised $15m in a Series A round led by Lightspeed Venture Partners and Bain Capital Ventures participating.
  • Goodwill, the nonprofit group colloquially known as the OG of thrifting, launched its very own secondhand marketplace.
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