Menu
Insights from Maria Manaeva, Co-Founder of The Cultt.
"I often think about what lies ahead for the resale market. Forecasts vary: some experts believe this business is too operationally complex and low-margin. Others argue that resale will radically reshape the industry and our approach to consumption in the coming years.
Let’s rewind to where it all began. The first wave of resale platforms emerged between 2008 and 2011 not by coincidence. In the wake of the 2008 financial crisis, millennials were entering economic adulthood with a focus on conscious consumption, saving, and valuing quality over quantity.
Early pioneers of resale:
1/ Vinted (2008, Lithuania): A pure peer-to-peer marketplace aimed at the mass market.
2/ Vestiaire Collective (2009, France): P2P model with centralized authentication and warehousing.
3/ The RealReal (2011, USA): A consignment-based model with a significant offline presence.
The next phase came between 2016–2019: the market matured, and early adopters turned into mainstream buyers. This was when significant capital started flowing into the industry.
What happened after the 2016–2019 investment boom?
Platforms entered a phase of aggressive growth. But scaling brought soaring operational costs. It soon became clear: resale is the most complex form of e-commerce. It involves not just shipping and returns, but also item intake, sorting, authentication, and dealing with individual sellers. Each product is unique — no SKU depth — making operations costly.
Meanwhile, the market went public, riding a wave of investor enthusiasm:
2019: The RealReal IPO on NASDAQ at ~$1.6B valuation ($20/share)
2021: ThredUp IPO with ~$1.3B valuation ($14/share)
2021: Vestiaire Collective raises $216M in a private round from Kering, SoftBank Vision Fund, and Generation IM — post-money valuation of ~$1.7B
2021: Etsy acquires Depop for $1.6B, betting on Gen Z and expanding its ecosystem beyond DIY
It seemed like resale was becoming the new normal. But soon investors began asking the critical question: Where is the profit?
As of 2023–2024, here’s the reality:
Vestiaire Collective: GMV ~$889M, Revenue ~$169M, EBITDA ~–$82.4M. Total funding: ~$748M across 15 rounds.
The RealReal: GMV ~$1.83B, Revenue ~$600M, Adj. EBITDA ~$9M. Total funding: ~$987M across 7 rounds pre-IPO.
Vinted: The only major profitable platform. GMV ~$12.4B, Revenue ~$878M, Adj. EBITDA ~$172M. Total funding: ~$562M across 6 rounds.
My outlook on the future of resale:
Yes, resale has an extremely challenging operational model and tough unit economics. But its impact on the industry is undeniable. Resale has already changed consumer behavior and how we value ownership. It’s not just an alternative to buying new — it’s a new consumption logic that brands will need to integrate into their collections, communication, and strategies.
I’m convinced we’ll stop seeing resale as a separate market. It will become a natural extension of the DTC sales chain. A re-commerce boom is coming — a rethinking of retail and e-commerce as a circular flow: purchase → use → resale. Resale will no longer be a trend; it will be a core component of the fashion ecosystem.
We’ll see resale embedded into brand ecosystems:
As a CRM asset, enabling first-party data collection,
As a retention and re-engagement channel,
As a tool to manage a product's lifecycle.
Consolidation is inevitable. Players like The RealReal, Vestiaire, and Vinted will become the infrastructure or key brand partners. Meanwhile, overvalued startups without sustainable models will exit the market — brought down by regulatory hurdles, rising costs, and exhausted capital.
The most exciting part is still ahead."
