H&M's Sellpy Lost $17.3M on $206M Revenue as Cheap Resale Economics Fail

Sellpy, the fully managed resale platform owned by H&M, grew revenue 25% to 2 billion Swedish kronor ($206 million) in its fiscal year ending November 2025, but its operating loss more than doubled to 168 million kronor ($17.3 million). Processing a cheap garment costs £5–7 per item, more than many fast-fashion pieces earn on resale.

• Sellpy revenue rose to 2 billion kronor ($206M) while losses hit 168 million kronor ($17.3M)
• Processing costs £5–7 per item exceed the resale value of cheap fast-fashion garments
• Sellpy handled about 20 million items; H&M holds roughly 80% of the company
• Vinted's no-warehouse model posted €1.1B revenue and €62M net profit