H&M Group has acquired a majority stake in Sellpy, a re-commerce platform that sells second-hand clothes, to strengthen its efforts to become fully circular and support its global expansion plans.
The fast fashion retailer first invested in the re-commerce business in 2015 and since then has been participating in all investment rounds. With this investment, the retail group has acquired approximately 70 per cent stake in Sellpy, which makes it a majority shareholder.
H&M has invested around SEK50 million (£4.08 million) in Sellpy since 2015, and SEK92 million in pre-existing investor commitments to private equity – also known as secondaries.
Moreover, the retail giant plans to invest SEK60 million more via two separate installments within the next few years.’ With this, H&M will have approximately 74 per cent stake in Sellpy.
Sellpy, established in 2014, could grow its current offering ‘into a complete platform for second-hand fashion’ per the outlet. It is now all geared up for a worldwide expansion starting with Germany.
