Estonian startup Upty, the leading resale e-store in the Baltic region, has announced the acquisition of Rekki, its Finnish counterpart. Furthermore, Upty intends to begin financing in the coming months in order to fund the company's rapid expansion across Europe.
In a cash-and-stock arrangement, Young Upty successfully purchased its larger and more established competition. The coming together of these two pioneers in secondhand, or "preloved," eCommerce signals a move toward more sustainable fashion via the circular economy. Upty's online retail platform lets customers declutter their wardrobes while also allowing them to buy like-new products at up to 90% off. With Rekki joining the Upty family, sellers and buyers interested in eco-friendly fashion resale will have more options than ever before.
The timing of Upty's latest acquisition couldn't have been better. The Extended Producer Responsibility (EPR) Scheme, which is set to take effect in 2024, prohibits European garbage collection agencies from offloading collected garments to the land field. Upty's concept appears to be in line with a greater consumer and government trend toward textile repurposing, recycling, and waste reduction.
Sergei Brek, Upty CEO, said that adding a well-established eCommerce player like Rekki to a fast-growing Upty platform marks the creation of a serious circular economy player, not just in the geographies where they currently operate, but across Europe as eco-friendly fashion practices continue to gain traction in the market.
Tero Ylönen, Rekki CEO, added that Rekki is thrilled to be working with Upty. As they increase their reach, the Group has exciting and ambitious plans for the future, and they look forward to contributing to the growth of circular fashion across Europe.
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