Revenge Shopping and Sustainability Mandates Pushes ShopWorn into 117 Percent Growth Since the Start of the Pandemic with Increased Customer Acquisition and New Brand Partners
CRESKILL, N.J., June 29, 2021 /PRNewswire/ — Backed exclusively by self-funding, six-year-old luxury ecommerce platform ShopWorn is on track to hit $20 million in sales by year end as a high double-digit growth average month over month proves the viability of the business model. Initially fueled by the revenge shopping spree begun by Chinese consumers in early 2020, leading ShopWorn to open a Hong Kong outpost to support the demand, environmentally conscious American consumers are now doing their own revenge spending on ShopWorn.com as a sustainable alternative to buying used luxury. ShopWorn’s circular business model of acquiring past seasons’ unsold luxury watches, jewelry, leather goods and other accessories directly from luxury brands or their authorized retailers tackles a less addressed area in retail sustainability conversations: what to do with unsold inventory at the end of every season.
“When we began ShopWorn, we did so with a deep desire to be a supportive partner to the brands who turn to us when their boutiques or authorized retailers need to make room for new season merchandise,” said Larry Birnbaum, CEO of ShopWorn. “We soon realized just how much further we could go in our core mission of being an asset to brands as all of us become more attuned to our unique responsibilities towards environmental sustainability.”
With consumers now choosing where they spend their money based on a company’s environmental footprint, luxury brands are viewing ShopWorn not only as a channel for their remaining inventory of never previously owned products, but also as a pathway for achieving zero-waste in their production cycles. Such is the consideration of Swiss watch brand Luminox, who has long worked to decrease its environmental impact through a watch recycling program and other initiatives to reduce CO2 emissions.
“We started the watch recycling as a pilot program, but we really wanted a reliable push on our overall impact in reduction to the environment,” said Lluis Sole, President of Luminox North America. “ShopWorn offers the next best thing to destroying or dismantling excess inventory. The company is a resource for us to advance our focus on sustainability as we recycle our past season’s merchandise through the platform, giving our prior inventory new life and a new audience. ShopWorn is a great partner for any company who understands the importance offsetting their environmental footprint.”
This added value has aided ShopWorn in increasing the number of luxury brands working directly with the site by 50 percent over the past 12 months. This gained market share and new customer acquisition account for ShopWorn’s 117 percent projected growth since the start of the pandemic.
“Talk of sustainability must go beyond what has already been produced,” continued Birnbaum. “What about the raw materials remaining after wholesale orders have been fulfilled? We understand these supplies are often never enough for a complete production run, so we encourage our brand partners to provide us merchandise made from these leftover materials, whether this is one item or five. In this, we assist our partners in reducing waste and support our customers’ desires to be part of the circular economy.”
Cyril Guérin, Product Director for DeWitt Watches, commented, “The challenges that come from sparing no detail in achieving the highest in horology is the spare components once a DeWitt timepiece is completed. This is where our relationship with ShopWorn has become a valuable part of our business as we continue to explore our environmental impact. Through ShopWorn, we are able to ensure fewer unused components at the end of every production season. Once our primary clientele orders have been satisfied, we then deliver to ShopWorn customers exceptional DeWitt timepieces that allow us to advance our ingenuity in watchmaking while focusing on zero waste. Sustainability in watchmaking isn’t impossible – you must only have the right partner to achieve it. For us, ShopWorn has been that partner.”
ShopWorn’s flexibility in how it works with its brand partners has also fostered a new sense of creativity and experimentation for some companies like the jewelry brand Konstantino.
“While we began working with ShopWorn to find an avenue for our remaining Konstantino inventory, we’re now seeing how ShopWorn can be much more for us as a company,” said Konstantino Sioulas, Owner of Konstantino. “Sustainability, of course, is an important issue, where ShopWorn makes it possible for us to re-submit older collections back into the retail cycle. Also notable is the opportunity for us to experiment creatively in our designs, knowing that our relationship with ShopWorn assures there will always be customers for our pieces regardless of when they are introduced. We’re excited to be working with such a progressive company whose business model is exposing Konstantino to new customers that understand visionary design is timeless.”
Since 2015, ShopWorn has quickly become the premiere destination for customers worldwide who want to be the first to own authentic, unused luxury designer accessories without paying premium prices. Because ShopWorn sources all products directly from brands or authorized retailers, every product is guaranteed to be 100 percent authentic and never previously owned. ShopWorn’s appeal now leads the company’s Hong Kong outpost to prepare expansion into Korea as Asia markets continue to lead the global demand for luxury.
ShopWorn is an ecommerce shopping destination for customers who want to be the first to own authentic, unused luxury products but don’t want to pay luxury prices. Launched in 2015, ShopWorn was created to help brands and their authorized retailers sustainably alleviate the challenge of unsold inventory.
With ShopWorn’s unique sourcing strategy of obtaining products directly from luxury brands and authorized retailers, every item sold on ShopWorn is guaranteed to be 100% authentic and never previously owned, even at incredible savings from the original MSRP. The direct relationship between ShopWorn, brands and authorized dealers alleviates any question of authenticity. And because customers should be able to trust what they see and buy online is what they receive, all ShopWorn product images are from an in-house photographer. Stock images are never used. Items featured on the ShopWorn site are always in stock and ready to ship within two business days.
It’s not new. It’s not pre-owned. It’s ShopWorn. Be the first. www.shopworn.com
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