Many of the world’s largest retailers are adopting more circular business models as fashion consumers display a shift toward more conscious consumption, especially among younger generations. According to thredUP’s Resale Report 2023, the global second-hand market grew 28% in 2022 to $177 billion and is expected to double in value to exceed $350 billion by 2027, with the second-hand apparel market growing three times faster on average than the global apparel market overall.
By 2024, 10% of the global apparel market is expected to be made up of second-hand apparel. Most of the change is expected to be led by Asia, followed by Europe and North America. The U.S. second-hand market is expected to be worth $70 billion by 2027. The resale market grew five times faster than the broader retail clothing sector in 2022, and it’s expected to grow nine times faster by 2027. In the U.S. alone, 52% of consumers shopped for secondhand apparel in 2022.
Denne historien er fra Oct 2023-utgaven av Forbes Middle East - English.
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Denne historien er fra Oct 2023-utgaven av Forbes Middle East - English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
CONSCIOUS INVESTING
VentureSouq's cofounders and general partners, Suneel Gokhale, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller, are actively reshaping the investment landscape. With $250 million in assets under management, the thematic fund manager is forging a distinct path, with a focus on fintech and climate tech.
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In just seven years, Shane Shin and Mahmoud Adi, Founding Partners of Shoroog Partners, have turned their startup into one of the Middle East’s biggest startup investors, with 500 million in assets under management. With ambitions far beyond venture capital, they’re now expanding further into credit markets and looking at where they can be pioneers.
ROCK STAR
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Breaking New Territory
Moroccan-Canadian singer and 30 Under 30 alumna Faouzia is having her biggest year yet and enjoying newfound fame in China. As her stardom rises, she’s now exploring new projects and possibilities.
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This year has been pivotal for MENA, marked by a series of high-profile IPOs that drew interest from local and international investors. Here’s a look at the five biggest IPOs that defined 2024.
TOP VENTURE CAPITALISTS
MENA has emerged as a vibrant hub for innovation and entrepreneurship, fostering a dynamic landscape for startups.
Top Funding Rounds in MENA 2024
This year has seen some of MENA’s largest-ever funding rounds. Here’s a look at five standout deals. Only startups that were founded less than 10 years ago and had disclosed their funding rounds as of November 27, 2024, were considered.
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A Look Ahead: Travel Trends Shaping 2025
What will drive wanderlust in 2025? Here’s a look at the key travel trends set to dominate the year.
Codebreakers
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