COULD YOUR WARDROBE EARN YOU MONEY?
Cash for your clothes
Most of us wear less than half the clothes we own, so why not make money from the rest by tapping into the online market for pre-loved fashion? Finance editor Kalpana Fitzpatrick explains how
If working from home has given you a new perspective on what you consider to be workwear, or having fewer opportunities to socialise has resulted in your previous go-to garments staying unworn on their hangers, the last few months may have made you rethink the contents of your wardrobe. If you’ve found yourself questioning whether you really need everything you’ve collected over the years, it’s worth bearing in mind that the process of decluttering could be more than just cathartic: your unworn pieces could make you money, too. The average woman in the UK is likely to have amassed £3,000 worth of unworn clothes*, and now could be the time to cash in.
VINTAGE AND COLLECTABLES
In recent years, pre-loved fashion sites such as depop.com and vinted.co.uk have grown in popularity. Depop attracts shoppers with an eye for vintage style looking to get their hands on anything from pre-loved scarves and handbags to clothes and trainers (there’s a 10% fee on all sales). To start selling, download the free app (on App Store or Google Play). You’ll also need a Paypal
account to take payments. Treat Depop like Instagram – the pictures really matter here as you’re limited to four per item. Alternatively, Vinted makes it simple to sell anything from vintage pieces to popular high-street styles (it’s free to sell, but buyers pay a fee). You can sign up with your Facebook, Google or Apple account. Vinted has its own payment system, which means it is easier to take payments. You can sell online or use the app.
Don’t forget ebay, which continues to grow in popularity. The site saw a 120% rise in new sellers in 2020 compared with the previous year. ebay is great for selling things in bundles, such as jeans or tops. It takes a 10% cut of anything you sell. You can list 1,000 items for free, then it’s 35p per item after that.
Wherever you choose to sell, think carefully about your descriptions and how people might search. Use hashtags (#vintagehandbags, for example) that will help make what you’re selling visible to those searching for specific items. Using the name of a celebrity who’s worn something similar can also help; Holly Willoughby comes top of the list of most searched-for celeb style on ebay!
Research what similar items sell for first and price yours accordingly. Factor in postage costs, too – go to royalmail. com/price-finder to get help with this.
Prioritise items for the right time of year for quicker sales. For example, sell winter clothes in colder months and summer clothes when we start seeing warmer days. If you’re selling on ebay, the site is busiest between 7pm and 9pm on Sundays, so time auctions to end around then.
To get the best prices for your designer pieces, head to Vestiaire Collective. You can sell online or via its app. Popular designer brands such as Burberry, Stella Mccartney, Cartier, Gucci and Yves Saint Laurent (to name a few) do well on here. When your pre-loved item is sold, you send it to Vestiaire Collective, where a team of experts checks its authenticity. It’s then shipped directly to the buyer and the payment is processed. You can expect to get 80% of the purchase price. There’s a handy guide at vestiairecollective.com to help you price your items, too.
SELL ON SOCIAL
Instagram is becoming an increasingly popular way to sell items from your wardrobe direct to your followers. It’s worth setting up a dedicated selling account if you have a few things to sell. Share the posts on your own Instagram accounts and stories to increase visibility.
Facebook Marketplace is also popular and free, and you can start selling straight away if you have a Facebook account. List your item using the ‘Marketplace’ button. Most people on Facebook deal face-to-face and sell locally, but you can always post something if you prefer.
DELEGATE!
If you don’t want the hassle of listing items yourself, get someone else to do it for a fee. ‘Selling can take time, but there are services that will sell items for you; it also means you don’t have to worry about storing unwanted clothes,’ says Vicky Silverthorn, decluttering expert, founder of youneedavicky.com and author of Start With Your Sock Drawer: The Simple Guide To Living A Less Cluttered Life. ‘I like cudoni.com – it collects the items contact-free, values them, and will pay you when they sell. You’ll earn around 70% of the sale price, which goes straight into your account.’ Cudoni’s focus is on luxury items; go to cudoni.com/designer-directory to see the full list of brands it accepts.
For non-designer pieces, try Rethread (rethread.uk). Simply order a ‘selling kit’ from the site, fill the bag, then post it to Rethread using your local Collect+ point for free. Rethread will pay you when your items sell. Expect to earn 70% from what’s sold if it’s more than £99.99, but only around 40% if it’s below £20. If you nominate your payout to a charity, Rethread will add 10%. Brands such as Zara, ASOS and Boden are all popular.
RENT IT
As your highest heels and chicest bags probably aren’t getting much use at the moment, why not make them earn their keep? ‘A great way to make income from pieces you’re not currently wearing is By Rotation (byrotation.com), where you can rent them out,’ says Alex Stedman, founder of The Frugality blog, who rented out her clothes when she was pregnant. ‘Your items come back professionally cleaned and looked after, which is incorporated within the 15% site fee.’ Download the free app, create an account and you’re ready to go. A Dior bag, for example, can be rented out for £75 a day. Hurr Collective (hurrcollective. com) is also worth a look (15% fee). A Needle & Thread dress, for example, can be rented out for £40-£123 a day. Rent out an item enough times, and it could become a profitable investment.