The Swedish online company increased its turnover to €160 million in 2024, but at the same time, the company’s losses increased.
The Swedish online company Sellpy, which specializes in buying and selling used fashion from private customers, experienced significant growth in 2024.
Sellpy’s annual report covers the financial year ending November 2024 and shows that turnover amounted to almost SEK 1.6 billion, corresponding to a growth of 35 percent. As recently as 2020, turnover was just over SEK 200 million.
Sellpy is available in Sweden, Germany, Austria, Denmark, Finland, the Netherlands, France and Belgium. Their purchasing service is available in a total of 24 countries within the EU, and all markets grew during the previous year, the company notes in its annual report.
Sellpy’s CEO Michael Arnör believes that the upward trend will continue. “The company sees a positive development in the future, with the market for second-hand goods expected to continue to grow,” says Arnör.
The company also writes that during the year it has “implemented significant efficiency improvements in operational and logistical flows.” One example mentioned is that the company’s large facility in Rosersberg outside Stockholm has installed an automated sorting belt to make the handling of customer orders more efficient.
Despite growth and efficiency improvements, the result still went in the wrong direction. The operating loss for 2024 totaled SEK 79 million, a deterioration of almost SEK 30 million from the previous year.
To get its finances back on track, two share issues were carried out in 2024, with H&M subscribing for most of the shares. The clothing giant now owns 82 percent of the shares in Sellpy.
In addition, Sellpy took out a loan of SEK 50 million from H&M, which will be used for investments in capacity and further automation.
