The market for used clothing in EUrope and the U.S continues to grow GettyTopline: Europe has a new, on-trend tech unicorn. Vinted, an e-commerce platform for used clothing, just raised $140 million (€128 million), making it Lithuania’s first billion-dollar company as the global market for secondhand clothes continues to expand. The funding will allow Vinted to further expand in European markets, as well as develop its technology teams, it said in a statement. The European market for secondhand clothes is currently estimated to be worth $14 billion (€13 billion), according to Vinted. Surprising fact: Tthe resale market may be worth $51 billion by 2023, according to figures by resale company ThredUp and data analytics company GlobalData.

Source: Forbes November 28, 2019 17:51 UTC