Fast fashion retailer SHEIN has launched a new resale platform called SHEIN Exchange in an effort to tap into the resale of its products.
The platform, which allows the company’s U.S. customers to buy and sell their pre-owned items through the SHEIN mobile app, seeks to offer a more affordable alternative to other platforms that often charge a high commission rate on the sale of products.
SHEIN Exchange will charge just a 5% cut on the sales price, much lower than the 20% commission charged by Poshmark, for example. SHEIN will also cap the maximum amount sellers can charge on certain products.
The platform’s launch comes at a time when consumers, especially Gen Z, are increasingly gravitating toward circular fashion. According to ThredUp, the resale industry is on track to be valued at $86 billion by 2026 in the U.S. alone.
“The goal of SHEIN Exchange is to make resale just as easy and convenient as buying something brand new while also igniting a cultural movement of circularity within our own SHEIN community,” said SHEIN Global Head of ESG Adam Whinston. “We’re calling on our community to mobilize and keep previously owned clothing in circulation for as long as possible. By harnessing the reach and the influence of our growing community, we believe that shopping resale can become the new normal in our industry.”
The company plans to expand the offering to other international markets next year.