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☆ Why 'wardrobing' retail fraud soars in the summer
▼ + stars: | 2024-08-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

A particular type of retail fraud soars during the summer season. Scot Case, executive director of the Center for Retail Sustainability at the National Retail Federation, said wardrobing can drive up costs and waste for retailers if the product can no longer be resold. "As companies build and integrate take back programs to repair and resell used items, returns take on a new role, fueling a new circular market." The average value of a returned item for Optoro's customers is $85. The highest item value reported as returned in the survey was $200.

Persons: Amena Ali, Optoro, Ali, TJ Maxx, coverup, Scot Case, Stephen Lamar, Lamar, Stephen Lamar's Organizations: CNBC, Center for Retail Sustainability, National Retail Federation, Eagle Outfitters, American Apparel and Footwear Association Locations: recommerce

☆ Benefits of secondhand clothing, goods according to Alicia Silverstone
▼ + stars: | 2024-05-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Alicia Silverstone stars in the 1995 film "Clueless." "I've been fighting the good fight to encourage people to buy used and make it sound cool," she said. Online shopping's hefty toll on the environmentWith the explosion of online shopping during the pandemic, a surge in returns seemed like a small price for everyone to pay. The return rate in 2023 was about 15% of total U.S. retail sales, or $743 billion in returned goods, according to the National Retail Federation's most recent data. For online sales, the numbers are even higher, with a return rate closer to 18%, or $247 billion of merchandise purchased online returned.

Persons: Alicia Silverstone, Stringer, Cher Horowitz, Cher, Silverstone, I've, Shraysi Tandon Organizations: CNBC, eBay, National Retail

☆ Carousell says it's 'on track' to profitability, plans to reduce losses this year
▼ + stars: | 2023-09-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Secondhand goods marketplace Carousell expects to "healthily" reduce its losses this year, putting it on track to profitability, the firm's CEO told CNBC. And I think in a very promising sign, we actually are going to be healthily reducing our losses this year as well," said Quek Siu Rui, co-founder and CEO of Carousell said Monday, adding that the firm is "on track" with its plan to profitability. In 2022, the Singapore-based company posted $82.5 million in revenue, a 67% jump from the year before, according to regulatory filings. The Singapore-based firm was founded in 2012 as an online classified advertisements marketplace where users can list and sell their used goods for money. Research shows that the global circular economy — which seeks to reduce waste and promote recycling and reusing — could generate $4.5 trillion in additional economic output by 2030.

Persons: Siu Rui, Carousell, Quek Organizations: CNBC, Research Locations: Singapore

☆ Venus Williams joins private equity firm Topspin Consumer Partners
▼ + stars: | 2023-03-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

NEW YORK, March 1 (Reuters) - Venus Williams has joined private equity firm Topspin Consumer Partners as an operating partner, the latest endeavor in the world of business by a top tennis champion who has emerged as a prolific entrepreneur. Williams will work with companies owned by Topspin on their marketing strategies and investment opportunities, the firm said in a statement on Wednesday. Her sister, Serena, 41, who is also a tennis champion, has withdrawn from the game but has said it's possible she could return. Founded in 2000, Topspin is a U.S. private equity firm that invests in consumer businesses with revenue below $100 million. Venus Williams joins in the footsteps of other sports stars who have entered the world of private equity.

☆ Goldman says these overlooked companies will play a key role in a more sustainable economy
▼ + stars: | 2023-02-07 | by ( Pia Singh | ) www.cnbc.com time to read: +8 min

Goldman analysts highlighted several service-oriented companies that they view as drivers of the inner loop of the circular economy transition. 'Inner loop' companies Here are the companies Goldman identified, and what Wall Street thinks about them. Impinj has an average target price of $128.86, which means the company stands to gain 4.2% from its close on Monday. Tupperware 's stock price is up 1.8% so far this year, sliding into the green after its shares declined by 73% over the past year. Caterpillar 's stock price has edged up 5% this year, and gained over 25% in the past year.

☆ How to snag discounts through Beni, an online shopping tool that hunts for resale deals on Poshmark, eBay, and The RealReal
▼ + stars: | 2023-02-06 | by ( Danni Santana | ) www.businessinsider.com time to read: +5 min

Beni, a browser extension, helps shoppers curate resale listings while browsing retail sites online. BeniShoppers are required to download the Beni extension on Google Chrome or Safari. Then, they must enable the extension while shopping online to view resale listings. "So let's say you find a Patagonia jacket that you really love, we'd show you 20 jackets often that are exactly the same from places like eBay or The RealReal," Pinner said. In return for real-time listings data, Beni markets new resale items to customers as they shop outside of their platforms.

☆ ‘This is such an obvious opportunity’: New Goodwill store goes live online with a Picasso print, designer handbags and other treasures
▼ + stars: | 2022-11-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Whether consumers are looking to save or are hunting for a buried treasure, the resale business is booming. During the Covid pandemic, secondhand stores such as eBay, the RealReal and ThredUp thrived online. Over the next five years it is projected to grow by another 80% and hit $289 billion. "Goodwill is the 'OG' of thrifting," he said. Although Goodwill is known for secondhand clothing and housewares, more shoppers are coming to the site for one-of-a-kind finds, including art, designer handbags, jewelry and vintage sneakers, Kaness said — similar to what's happening in the industry overall.

☆ A ‘resale revolution’: Affluent shoppers embrace secondhand shopping
▼ + stars: | 2022-11-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Bargain hunting is certainly not new. But with the Covid pandemic came a surge in "thrifting," or buying and selling pre-owned goods. At first, some families under financial pressure looked to secondhand shopping as a way to save. While dominated by clothing resale, 82% of Americans, or 272 million people, buy or sell secondhand products, OfferUp found, including electronics, furniture, home goods and sporting equipment, as well as apparel. Over the next five years, recommerce is projected to grow by 80% and hit $289 billion.

☆ Consumers are still buying lots of furniture, electronics, home decor and clothing — from each other
▼ + stars: | 2022-08-30 | by ( Parija Kavilanz | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNNBusiness) Savvy consumers have found a way around sky-high inflation to keep buying more than just necessities. They're doing it by shopping for their closets, homes, outdoor spaces, home offices and workout areas not from retailers but from each other. Walmart WMT Target TGT Bed Bath & Beyond BBBY Large chains such as, andare struggling with an oversupply of merchandise and lack of demand for discretionary items like furniture, electronics, home decor and clothing. But those are exactly the categories that are in hot demand in the secondhand marketplace, according to the fourth annual industry report from OfferUp, a leading online resale marketplace. "While recommerce has become popular in culture with its use for clothing resale, our research found that 76% of items bought and sold pre-owned are not apparel and instead fall into the categories of electronics, furniture, home goods, home improvement, sporting goods, outdoor equipment and auto parts," OfferUp CEO Todd Dunlap, said in the report.

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