Neiman Marcus and H&M to sell used clothes

Local News
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Retailers Neiman Marcus and H&M are taking a gamble to win over younger shoppers. 

Both companies are making moves into the second-hand clothing market. 

Neiman Marcus bought a minority stake in resale website Fashionphile in April and H&M plans to test a resale program in Sweden. 

They are going after the $28 billion resale clothing market, which some analysts forecast will reach $51 billion by 2023. 

The segment has grown 21 times faster than the overall industry over the past three years. That’s because millennial shoppers are more cost and environmentally conscious than more traditional shoppers. 

Neiman Marcus says Fashionphile customers will be able to drop off used items at its retail locations. 

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