The Swoondle Society snaps up ShopTomorrows in strategic acquisiton
30 July, 2023
Trade-based resale platform The Swoondle Society has announced the acquisition of childrenswear resale marketplace ShopTomorrows as the company looks to secure its place as the market-leading trade-based apparel platform in the US.
Through the takeover, Swoondle said it has broadened its customer segment “substantially”, accessing ShopTomorrow’s customer base which primarily consists of parents.
Swoondle noted that it would also be able to increase its product selection and deepen its social impact, ultimately contributing to an attractive growth profile equipped to tackle clothing waste. In a release, Jen Zuklie, CEO and founder of Swoondle, said: “We are thrilled to welcome ShopTomorrows’ customers to our Swoondle family. The synergies in our models and missions are what led us to each other.
“Leveraging Haley’s expertise and extensive network will be a significant asset to Swoondle’s mission to improve the sustainability and circularity in the children’s apparel market.”
While the two companies are striving towards the same goal, Swoondle’s model is centred around providing customers with incentives to trade-in pre-loved clothing, offering them credits that they can apply to their next purchase.
The platform said that it intends to tap into the 68 million dollar US children’s clothing market via the continued expansion of its B2B trade-in and resale presence alongside a B2C category.
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Source: fashionunited.uk
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