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You have clothes in your closet you don’t wear any more. They may not fit as well as they once did. They may not suit your taste.
You can sell unwanted coats, jeans, shoes or purses through local consignment stores. But owners often take 50 to 60 per cent of the sale price and give you a credit to spend in the store (not cash).
Trend Trunk is a new specialty website that helps connect buyers and sellers of fashionable clothing and accessories. Sellers get 80 per cent of the price when a deal is consummated.
Owner Sean Snyder had built a few successful gift card websites before trying out this idea. He’d seen statistics showing that an average consumer has $6,000 worth of clothing sitting around idle at home.
Suppose you have a $500 business suit. It’s in excellent condition with a well-known brand name and you want to sell it for $350.
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First, you register with Trend Trunk and upload a few photos to the website. You write a description that tries to get buyers excited about your item.
It costs nothing to list. An $8 shipping cost is bundled into the online price and once your item sells, you get a prepaid and pre-addressed Canada Post shipping label by email.
“It’s really simple and everyone loves it,” says Snyder, who appeared on CBC Dragons’ Den last fall and won a financing deal from Kevin O’Leary.
O’Leary, who’s known as hard to impress, offered $200,000 for 50 per cent of the company (instead of the 20 per cent asked for). Snyder agreed to the terms, but the parties failed to reach agreement after the TV show was taped.
“I didn’t think it was the right fit,” he says, adding the feeling was mutual. “We got lots of publicity, which added to our credibility.”
After launching a mobile app, he’s starting a new service, Runway Valet. Stylists come to your home, decide what items to sell and for how much, take the photos and write the descriptions.
“The site is do-it-yourself now, but this is a full-service offering,” he says.
Snyder has signed up 15 stylists in Toronto and other cities after doing background checks. They are allowed to keep half of the sale price, which is similar to the consignment store model.
Based in Hamilton, Ont., the company does not need to carry any inventory. Most of the work is done by the user base.
Since clothing is easy to ship and not likely to get damaged in the mail, there’s an opportunity to match buyers and sellers from great distances through a central website.
“Our average sale price is about $50 for an item that probably sells for $100 to $120 at retail,” says Snyder.
Sherry Dickie, a recovery room nurse in Cochrane, Alta., signed up with Trend Trunk after seeing an interview on the Cityline TV show.
“I put stuff from my closet online and people liked my stuff. It almost got me addicted,” she says.
“After doing this for a year, I can see what people like and what doesn’t sell. Lululemon does well. Men’s clothing won’t go anywhere.”
Dickie has used her sale proceeds to buy fashion items from Juicy Couture, Betsey Johnson and other designers. She’s looking for summer dresses since she’s planning a trip to Mexico.
When asked about problems, she mentions a post office mix-up that led to a shipping delay. And since she wears a small size, she has to react quickly when she finds something, since these items get snapped up in a hurry.
Gina Dickason, a mother of four children, is in the consignment business with a store called Double Diva Couture Boutique in Calgary. As a top user of Trend Trunk, she was one of the first to sign up as a stylist.
“I love that it’s not just about making money,” she says. “I use the Closets and Causes program to support a charity that tries to stop bullying.”
Trend Trunk sellers can choose to donate their proceeds to a registered Canadian charity and get a tax receipt for the donated value.
If you like the idea, read the terms and conditions carefully. Trend Trunk doesn’t guarantee information provided by the sellers in their description and doesn’t allow returns if you change your mind.
Consider this option if you want to sell clothing online without having to deal with strangers at your door or at a coffee shop across town. And it’s a nice way to empty your closet while supporting your favourite charity.
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