STOCKHOLM - Retailer the H&M Group is increasing its stake in the Swedish second-hand clothing platform Sellpy which is to use the investment to expand overseas.
H&M has been investing in Sellpy since 2015 but a new investment of SEK 60 million (US$6.1 million) over the next few years will take its share in the company to around 74 per cent.
Sellpy will use the money to increase its strategic ambition to become fully circular and to expand its operations overseas to Germany. H&M has participated in all of Sellpy's investment rounds, since it first became involved with the company, through its investment arm CO:LAB.
