Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
It’s that time again when we highlight those companies in the nascent stages of (hopefully) breaking through in the retail industry. (If you know of a startup we should feature in our next edition, please reach out at [email protected].)
Trade ya: Nuw is a new application that launched just ahead of Earth Day, and it puts a new spin on resale. Rather than trading in clothes for cash or credit, Nuw has a marketplace where sellers can exchange their old clothing for new-to-them pieces on the app. Founder Aisling Bryne describes it as a “clothes as currency” business model that does away with the logistical headaches of traditional resale or thrifting.
- Users earn a gold or silver “coin” for each item they upload, which can be redeemed for an item on Nuw for $0.99, plus shipping.
- Bryne said the platform has an 83% recirculation rate, and more than 34,000 items have been exchanged to date.
The secondhand market is expected to reach $70 billion by 2027, according to ThredUp’s latest resale report.
Take it to the bank: Securing financing can be difficult for small businesses just getting off the ground or dealing with a ~challenging~ economic environment. Fintech startup Setscale secured a $9.5 million seed round to help small businesses do just that.
- Setscale helps small businesses fund purchase-order financing—cash advances that businesses can use to pay for materials or goods.
- The startup has helped companies in CPG, e-commerce, and health and wellness.
"There’s clearly a need for more financing options for companies that might be overlooked by legacy financial institutions, even though there is market demand for their products,” founder Daniel Fine, a 2016 Forbes 30 Under 30 honoree, said in a statement. “This is a critical time for companies to understand how and from where they will access capital.”
Watch me: When it comes to high-end or luxury items, people are a lot more cautious, as we’ve reported. The secondhand watch market is expected to grow 75% by the end of the decade, and Bezel wants in on that action.
- The marketplace only focuses on watches and has an in-house team with experts from Sotheby’s and Christie’s that authenticates every watch before it reaches a customer.
This is vital, since 40 million fake watches are sold every year.
Correction 05/11/22: This story has been updated to reflect Setscale’s funding.