Sustainable fashion is on the rise, as traditional fast-fashion retailers such as Zara, H&M and Forever21 are facing major pushback from savvy shoppers.
Recent figures published from GlobalData earlier this year show that the second hand apparel market was worth $24 billion in the U.S. in 2018, versus $35 billion for fast-fashion. Online retailers have already posed a massive threat to traditional brick and mortar stores, but with the new rise of used clothing, retailers will need to navigate a new way to keep millennial shoppers interested.
Peekaboo Beans CSE: BEAN is an example of a company that has pivoted quickly to incorporate the new demands from the industry. Last year, the company transitioned to an omni-channel business model that uses multiple channels to engage customers. The company