I’m not a fashionista, I rarely buy clothes for myself. Don’t get me wrong, I definitely believe that if you look good you play good. It’s just that I’ve been so busy running Waxdale that buying new stuff rarely crosses my mind. In fact, my wife gave me a gift card for X-mas to go shopping, I’m still trying to figure out what that meant. Does it mean, “Jean you were the man in high school, but today…”, go figure. Well I don’t know if my “swag” is still on point, but I do know this, fast fashion and used fashion are huge opportunities.
By 2028, the fast fashion market is set to be worth $44 billion while the used fashion market will be worth $64 billion. These numbers are only for America. Let’s remember that fashion as an industry is a trillion-dollar market.
So, what are fast fashion and used fashion?
Fast fashion is the term used to describe clothing designs that move quickly from the catwalk to stores to meet new trends. The collections are often based on designs presented at Fashion Week events. Fast fashion allows mainstream consumers to purchase trendy clothing at an affordable price.
Fast fashion does come with negative impacts since it focuses on speed and low cost in order to deliver frequent new collections, its impact on the environment is undeniable. Companies in the fast fashion industry have been cutting corners and its practices increase water pollution, the use of toxic chemicals and increasing levels of textile waste. Actually, textile dyeing is the second largest polluter of clean water globally, after agriculture.
Now, comes used fashion, which is quite easy to describe, it’s basically the act of buying second-hand clothing. The resale market has been growing very fast, buyers have other options than only thrift stores, they can now shop for used clothing online. Also, fast fashion has a lot of haters who will be bullish on sustainable fashion such as used fashion. Used fashion is also very large, it includes used luxury as well as used fast fashion.
A war between fast fashion and used fashion is coming upon us and opportunities will emerge in the middle. Our team is working on that.
Give us your thoughts on that issue.
Waxdale Ventures L.P. is the startup studio operated by Waxdale Ecosystem Inc. Waxdale Ecosystem Inc. is an Ecosystem as a Service organization and it provides services and tools to entrepreneurs and startups throughout the startup lifecycle. Waxdale Ventures was created as a vehicle to help Waxdale Ecosystem build internal and mostly consumer-focused startups. It is primarily a great way for Waxdale Ecosystem to test its own services and tools (eating its own cooking) to perfect its offerings. It is also a great way to provide consumers with great products as they are being snubbed by many tech startups who prefer the big margins that B2B business models offer. Waxdale Ventures is a journey that Waxdale Ecosystem wanted to embark on. Waxdale Ventures L.P. is managed and operated by Jean Agenor, Waxdale Ecosystem’s founder, and CEO. Jean is also Startubuz’ s editor in chief. We sincerely hope we found the solution to your most pressing everyday life problem. With love and respect. WVLP.