Fast Fashion in Crisis? H&M Slows as Shein, Temu, and Secondhand Market Reshape Fashion
The fast fashion system is rapidly evolving, with H&M slowing down while Shein and Temu grow aggressively and the secondhand market explodes. The global secondhand clothing market could reach $367 billion by 2029 and approach $400 billion by 2030. Nearly one in two consumers is willing to replace a new garment with a used one if a satisfactory alternative is found. However, according to Steven Trow, lecturer in the Master in Fashion Branding & Management at IED (Istituto Europeo di Design), the word 'crisis' risks being misleading. The article questions whether fast fashion is truly in decline, noting that brands that revolutionized the sector between the 1990s and 2000s are facing repercussions.
Key facts
- H&M is experiencing a slowdown.
- Shein and Temu are growing rapidly.
- The secondhand clothing market could reach $367 billion by 2029.
- The secondhand market could approach $400 billion by 2030.
- Nearly one in two consumers is willing to buy used instead of new.
- Steven Trow is a lecturer at IED.
- Fast fashion brands from the 1990s-2000s are facing challenges.
- The article questions if fast fashion is in crisis.
Entities
Institutions
- H&M
- Shein
- Temu
- IED (Istituto Europeo di Design)