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Branded resale tech company Trove has had a busy 2024. In May, Terry Boyle took over as CEO, and in August, Trove acquired its competitor, Recurate. Last month, Trove rolled out a new feature with Patagonia, one of its earliest clients, called the Resale Plugin. It allows brands to seamlessly slot in secondhand options alongside new products on their e-commerce stores.
Trove’s acquisition of Recurate was a significant change to the competitive landscape of branded behind-the-scenes resale. Since around 2022, Trove, Recurate, and other competitors including Archive, ThredUp, Reflaunt and Caastle, have been on a spree of signing new brands to their platforms. Levi’s, Patagonia, Oscar de la Renta and Abercrombie & Fitch are among brands that have debuted resale channels powered by one of these companies in the last two years.
But Trove is now well-positioned as a leader in the space. After the acquisition of Recurate, Trove now holds around 75% of the branded resale market and offers both inventory management and peer-to-peer resale. It has raised over $150 million in funding since its inception in 2016. According to Boyle, the next year will see Trove increasingly focused on an aspect of branded resale that is still nascent: the integration of brands’ secondary and primary channels.
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