Introduction:
Consumer behaviour's in fashion choices are changing rapidly. Despite individuals' efforts to keep up with the latest trends, many find themselves unable to do so due to various factors such as the high price of branded clothing and lack of unique styles. Recently, thrift clothes have been picking up in the fashion industry due to three main reasons: Saving money, trendy and unique clothes and the ability to make planet friendly shopping decisions.
Thrifting is already a 2 billion dollar market in India and getting bigger day-by-day.One of the major advantages of thrifting is that consumers can find trendy and one-of-a-kind clothing at a reasonable price. The Indian thrift market is still unorganised and there are very few established players in this space. This gap in the market has given a chance for startups to enter the industry with new technology and ideas that can give them an edge in this industry. ReThought is a startup poised to play a vital role in the fashion industry with its innovative resale concept.
ReThought is a managed marketplace where Gen Z can discover, buy and sell thrift fashion. With a focus on sustainability and affordability, ReThought helps college students shop products from their favourite brands like H&M, Zara and Nike at up to 90% off. Every time a customer chooses to thrift instead of buying new, they not only save money but also save 1 kg of waste and 22 kg of carbon dioxide.
The brains behind ReThought are Adrija Halder and Rohan Tuteja, who bring a wealth of experience and expertise to the table. Adrija, with her B.Des degree in Textile Design from NIFT, Mumbai, launched one of India's first Instagram thrift stores and single-handedly served 1000+ GenZ customers. Rohan, the CTO, has a strong background in the software industry and studied B.Tech degree in Computer Science & Engineering from VIT, Vellore. He has also founded a popular Bangalore-based cloud kitchen, Momomia. Together, Adrija and Rohan have created a strong team with the domain expertise and technology skills necessary to run this startup in an emerging and high-potential thrift fashion industry.
Market Opportunity:
The thrift market in India is growing rapidly as people are becoming more aware of the benefits of buying preloved products. This market includes both physical stores and online platforms that specialise in selling high quality, gently-used fashion at affordable prices.Today, the global resale apparel market size is $141 bn & growing at 16% CAGR.The rise of the thrift market in India can be attributed to several factors, including the penetration of western pop culture, growing awareness of sustainability and the desire to save money. Additionally, many people appreciate the uniqueness of second-hand items, as they often have certain character and quality that fast fashion items lack.
100X Thesis:
The founders come from a background of fashion and tech, and have done their groundwork in the thrifting space for more than a year.. 100X believes with the rise of Indian aspirations and a sense of climate conscience within the Indian GenZ, thrifting for high-quality aspirational clothes will be a large opportunity. Between the team and the opportunity, 100X believes ReThought can bring true disruption to India’s Fashion Ecosystem.
Conclusion:
ReThought has a unique positioning in the Indian thrift fashion industry and the promising market opportunity it presents. With a focus on affordability, product differentiation, access to brands for less and sustainability,ReThought addresses the changing consumer behaviour in fashion and taps into the growing demand for thrift clothing. Led by a talented team with a blend of design and technology expertise, ReThought is poised to disrupt the market with its innovative ideas and exceptional designs. We are confident in the startup's potential to make a significant impact in the fashion industry while offering a compelling value proposition to its users.
