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£2m raise
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Mar 18, 2022

  • 2022-hewi
    Tatiana Wolter-Ferguson Hardly Ever Worn It, CEO

The luxury resale market is already worth c.$30bn and set to grow at a 10-15% CAGR through the decade (source). This company is a forerunner in building out the circular economy.

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With the tailwinds of sustainability behind them, HEWI (Hardly Ever Worn It) management aims to build on the success of others in the luxury goods sector. Some predict that 80% of luxury transactions might occur in the secondary market in future. A tall feat ten years ago, but in a world in which we holiday in each other’s homes (AirBnB) and where second-hand is increasingly cool, products that are built to last certainly deserve a curated recommence platform.

The key is great inventory and great tech so HEWI’s newly rolled out platform and 200k high quality subscribers leaves the company well positioned to capitalise on this trend. In addition the company forecasts £8mn in GMV to go through the site this year, HEWI looks well positioned to become a leader at the top end of this space, with a brand name that has been institutionally verbalised and trademarked by the company. To “hewi” – to buy and sell luxury goods in the second hand market.

Somewhat counterintuitively, we can only see consumer pain acting as a rapid accelerator for companies that practice circular economics. This includes trading second hand luxury items that can be resold, keeping your look fresh and turning your wardrobe into an asset class, not a liability.