Ailing department store chain J.C. Penney is making its first foray into the increasingly popular used-clothing business.
The retailer announced Thursday a partnership with online consignment store ThredUp Inc. as part of its effort to rebuild the waning brand into a profitable business.
The announcement came as the retailer reported a net loss of $48 million for the second quarter, and a nearly 9.2% decrease in sales compared to the same quarter a year ago....
Thirty of its stores will begin selling used clothing through a partnership with the resale site, which stocks brands from Gap to Gucci. The selection will rotate weekly in order to surprise frequent shoppers, according to a press release.
"With the rise of online resale markets, there's no doubt that demand for great value on quality brands is at an all-time high. There's an emotional thrill that comes with finding one-of-a-kind secondhand product for much less," said Michelle Wlazlo, executive vice president and chief merchant for J.C. Penney.
The so-called circular fashion movement is gaining steam as more shoppers eschew buying new clothing, citing the toll of clothing production on the environment as well as their own household budgets.
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