New Balance Launches 'Reconsidered,' its New Resale Platform
New Balance has become the latest company to launch its own resale website, following the steps of more than 160 brands that have so far adopted resale. The sportswear and lifestyle brand will enable consumers to shop and sell pre-owned New Balance shoes via a dedicated website in the U.S, which is powered by Archive Resale, the tech startup developing resale solutions. Consumers will be able to trade in their New Balance shoes via mail or in-store drop-off and receive a voucher on eligible trade-ins to use toward their next purchase with the brand. However, shoes displayed for sale will not all be pre-owned: the company is leveraging this program to sell at lower prices returns and imperfect shoes that were never sold.
Total Retail's Take: Consumers increasing penchant for shopping secondhand, particularly for apparel, is a growing trend that many brands, now including New Balance, are trying to capitalize on. Resale platforms offer brands a couple of positives that can earn them good-will in the eyes of consumers. One, they are a sustainable solution that limits a brand's/retailer's potential waste. Two, they offer consumers additional merchandise at a more attainable price point. And the market opportunity is substantial for brands. Research from ThredUP estimates that the global size of the resale market will reach $350 billion by 2027, and grow 9X faster than the broader retail clothing sector in the U.S. alone. With that data in mind, New Balance certainly will have others joining it in the resale market.
