As the co-founder and CEO of 20-year-old luxury fashion resale company Fashionphile, Ben Hemminger has seen the business from its early-stage scrappiness to clearing the $400 million in revenue mark in 2021.
Hemminger told Glossy that the company has been profitable since its inception, and resale's growing popularity has undoubtedly helped. According to Statista, the global secondhand market will be worth at least $100 billion by 2026.
With new-to-market competitors cashing in on consumers' increased demand for resale accessories and apparel, Fashionphile is now shifting its focus to acquire new customers and maintain relevancy in the marketplace. Last year, the company announced the acquisition of Canadian-based resale company LXRandCo, Inc., and in March, it purchased the assets of wholesale distributor Two Authenticators Inc. Both moves signal Fashionphile's new focus on B2B wholesale.
On this week’s episode of the Glossy Podcast, Ben Hemminger discusses how Fashionphile is evolving its business model to compete with new competitors and what the recent acquisitions mean for the company's future.