Worldwide, the apparel industry (clothing, footwear and accessories) is worth around $1,500 billion a year, while the global jewelry and cosmetics markets are each worth a further $500 billion a year.

The vast majority of revenues come from the sale of new items, but recent years have begun to see a backlash against so-called “fast fashion” in developed countries, which many consumers, particularly millennials, see as a wasteful and environmentally damaging industry. This has led to the growth of fashion resale, particularly online, which is experiencing double-digit year-on-year growth in major markets, with the US market alone expected to reach $33 billion over the next few years.

Meenthe’s references in the fashion sector include studies commissioned by designers, manufacturers of fashion apparel and accessories, and multi-brand stores.