By Dominic Chopping
STOCKHOLM--Hennes & Mauritz AB (HM-B.SK) said Thursday that it has made a further investment in online second-hand retailer Sellpy, raising its stake to 70%.
H&M started investing in Sellpy in 2015 and has since then participated in all investment rounds through its investment arm CO:LAB.
"Sellpy has a unique circular business model, which perfectly aligns with H&M Group's vision to become fully circular," says Nanna Andersen, Head of CO:LAB.
In a statement, H&M said that second-hand is one of the fastest-growing business sectors within the fashion industry, which provides a business opportunity to help customers give their old clothes a new life through reuse and contributing to a closed loop for fashion.
Sellpy was founded in 2014 and is now preparing for international expansion, starting with Germany, which H&M said it is supporting by this new investment.
H&M has through CO:LAB invested around 182 million Swedish kronor ($18.3 million) in Sellpy since 2015 and will invest an additional SEK60 million within a few years, which when carried through, will raise H&M's stake to around 74%.
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