In a significant development, the high-end resale platform, Sign of the Times, has secured fresh investment, with off-price e-tailer BrandAlley contributing a substantial 50% of the latest funding round.
This round saw participation from notable investors, including Tamara Hill-Norton, founder of Sweaty Betty, and Sarah Welsh, Retail CEO at N Brown, investing in their personal capacities, distinct from their corporate roles.
In a strategic partnership, Sign of the Times and BrandAlley have forged an alliance that encompasses various initiatives. Sign of the Times will provide BrandAlley with a white-label ‘take back service,’ aligning with BrandAlley’s commitment to incorporating sustainability and circularity into its long-term business strategy.
This investment arrives at a time when the secondhand and off-price markets are expected to occupy a significant 37% of wardrobes by 2031, up from 26% a decade earlier, as per insights from Thred Up’s resale report.
But what’s next for Sign of the Times with this undisclosed investment? The plan includes allocating funds for marketing, strategic hiring, and acquiring the assets of Cudoni, which entered administration earlier this year. This strategic move has notably expanded the Sign of the Times database by a remarkable 35%.
With its roots dating back to 1976, Sign of the Times initially started as a business focused on reselling designer items owned by celebrities. Today, it’s evolved to offer specialized authentication and valuation services for designer goods, emphasizing a luxurious buying and selling experience for customers worldwide through its online platform.
Antonia Johnstone, Owner, and CEO, expressed a deep commitment to the circular economy and the company’s substantial growth over the past three years. The investment from BrandAlley reflects confidence in Sign of the Times and its ambitious expansion goals.
Meanwhile, BrandAlley’s CEO, Rob Feldmann, highlighted a growing trend toward sustainable consumer decisions. Their investment in Sign of the Times aligns with their vision to grow their business sustainably and with a circular approach, emphasizing the growing role of pre-owned fashion in consumers’ wardrobes.
This partnership signifies a strong dedication to sustainability and innovation in the fashion industry. It underscores the increasing importance of circular fashion and sustainable practices in a dynamic and evolving market. The collaboration between Sign of the Times and BrandAlley is a testament to the industry’s commitment to responsible and eco-conscious consumer choices.