We asked all our winners in this year’s Transforming Retail Awards to tell us how they felt about winning their category. So here is our Q & A with Trove on their plans for the future.
How do you feel about winning this Award?
It is really rewarding to see Trove recognized as a leader in the resale space. Consumer demand for resale is soaring and premium brands now know the importance of controlling their brand and staying close to their customers by owning their trade-in and resale channels instead of handing them over to third-party marketplaces. It is exciting to see Trove’s work powering this current shift in the industry honored with the Best Newcomer category.
Why do you think your entry stood out?
Recommerce will account for 14% of the apparel, footwear and accessories market by 2024, or roughly $60 billion, up from about 7% in 2020. Trove’s business model provides the technology platform and logistics brands need to control their own recommerce channels. Both Trove’s mission and approach to helping brands is highly significant and notable right now as the fashion industry continues to be one of the largest contributors to climate change and brands seek ways to stay in control.
What plans do you have for your company in the coming year?
After closing a $77.5 million Series D funding round led by G2 Venture Partners this August, bringing total funding to date to $122.5 million, Trove is looking forward to using the new funding to significantly expand its roster of brand partners, strengthen its technology and logistics infrastructure, enter the luxury vertical, and service a new customer audience in Europe.