US-Based Poshmark Enters India’s Booming Circular Fashion Industry
Mansi (she only uses her first name) has set its sights on a Louis Vuitton Neverfull for years, but the constraints of the pocket have held it back. Now, with the arrival of American e-commerce giant Poshmark in India, she hopes to be lucky. Since launching about three weeks ago, she has been religiously scrutinizing the site in hopes of stumbling upon a pre-assignment – the preferred term is “pre-loved” – LV Neverfull.
Poshmark, a social commerce marketplace for buying and selling clothing and accessories, second-hand and new, is the latest addition to India’s burgeoning circular fashion industry.
According to “Unlocking the Future of Commerce in India,” a report by Bain & Company in collaboration with Sequoia, “social commerce, which today represents a GMV (gross value of goods) market of $ 1.5 billion to $ 2 billion. dollars, will be worth $ 16 billion to $ 20 billion in just five years and will likely grow to $ 60 billion to $ 70 billion by 2030. In short, India’s social commerce sector will be twice as large as the current commerce market. electronic within ten years.
Social commerce refers to the sale of products directly on social media. And the deals pages, where you can buy and sell second-hand clothes, largely work on these platforms. The number of these pages on sites such as Instagram has multiplied during the pandemic, as the purses fell but not the urge to shop.
Thrift stores regularly advertise “drops” where clothes are on sale. The catch is that there is usually only one piece of each article. Therefore, Mansi must remain vigilant.
Pritika Rao, who runs _allthingspreloved, which has over 2,500 followers on Instagram, held her first offline bargain sale at BKC Mumbai on March 8, 2020, where stock ran out on day one. Just two weeks later, as the Covid-19 lockdown went into place, Rao went online.
She believes that in many ways the pandemic has helped the thrift store market as people look to turn their wardrobes upside down. “The pandemic has allowed people to rethink their personal styles,” she says. “Another reason savings have grown is that people have undergone physical transformations. They need different sizes, and getting good quality, affordable pieces from thrift stores is a big plus.
Rao says 95 percent of the clothes on his page come from people’s personal wardrobes; the rest is simply given to him to be sold further. The price of these clothes, she adds, depends on their condition and brand.
Social media influencer Prapti B Elizabeth, who often buys from Instagram savings pages, says being able to get your hands on unique pieces is a plus.
The central government’s crackdown on Chinese apps, including Shein, an affordable fashionable clothing shopping platform, in June 2020 also restricted choices for consumers, giving the shopping circuit a boost. circular mode.
A growing concern for the environment has also prompted consumers to seek out sustainable, fashionable fast alternatives.
Sanskriti Sharma from Hyderabad, who started browsing and buying at Instagram thrift stores in late 2019, is now seeing a deluge of deal pages on the platform. “We all used our cousin’s clothes, our mother’s saris; so there is really no shame in buying something pre-loved. I recently became very aware of my consumption and purchases from fast fashion brands or online portals like Zara or H&M, ”she says. “A single pair of jeans consumes thousands of gallons of water and other resources (see box), and I don’t want to add to nature’s burden.
Mumbai-based psychotherapist Nishi Joshi, turned vegan in 2017, has also taken the step towards saving for similar reasons.
Dolce Vee Love, a popular Instagram savings page with 117,000 followers, is known for its celebrity pop-up charity closet and mass market sales. Komal Hiranandani, who previously worked with the IDFC Institute, launched Dolce Vee Love to promote sustainability and the circular fashion movement. “I was always looking to do something that could make a difference. Pre-loved is one of those areas where even a small change in behavior can have a huge positive social impact, ”she says.
Actress Amrita Puri, who recently collaborated with Dolce Vee Love, adds: “When I discovered the concept of charity second-hand sales, I thought it was a great way to support the NGO that I I chose, World For All, which works for the well-being of animals. It’s wonderful knowing that pieces that you may not be doing justice in your wardrobe will find a home with someone who will use them more, while also supporting a cause.
Stylist Namita Alexander, who has also opened her closet to others, agrees. “Stylists,” she says, “should lead the way in showing people how clothing can be a rewarding form of self-expression, while respecting our environment. I myself loved vintage shopping and thrift stores and decided to open my closet for a charity sale.
The resale process continues to be logistically intensive, with stores having to take care of everything from cleaning to photography. While profit margins remain low for now, thrift stores hope to increase sales soon.
According to ThredUp’s 2021 Resale Report, the global second-hand market is expected to double over the next five years, to reach $ 77 billion. As many as 33 million consumers bought second-hand clothing for the first time in 2020, 76% of whom plan to increase their spending over the next five years. Resale is expected to increase 5.4% in five years, according to the report.