Sweden based second hand online shop Sellpy has expanded its customer base after launching in 20 more countries across Europe. The company backed by fashion giant H&M AB (STO: HM) decide to expand its reach due to increasing demand of sustainable fashion.
Sellpy is a startup engaging in sale of second-hand items, the company handles everything from picking up the items from the home of the seller to photographing, selling and shipping the item.
The company was operating in four countries, this means that following this expansion the company will now have a customer base of 24 countries.
In a public statement issued by the company’s head of expansion, Gustav Wessman, the company says trading of second-hand items is one of rampant growing market segments within the fashion industry.
“Every garment bought pre-owned saves resources for our planet. Demand in our new markets is growing rapidly” said Wessman.
Wessman also said H&M is the largest investor in Sellpy as it has pumped in over 20 million euros ($24.38 million) in the company translating to 70% stake in the company.
