Clothing giant H&M becomes majority owner in Sellpy, the e-commerce startup for second hand
Hennes & Mauritz, the multinational clothing company operating in 73 countries with over 4900 stores, today announces that they have become majority owner in Sting alumn Sellpy, Sweden’s largest second-hand e-commerce company.
Sellpy was founded in 2014 to make it easier to sell old things and clothing. H&M has previously invested in the fast-growing second-hand e-commerce company, which has gone from three to 350 employees in four years.
– It is great to work even closer with H&M in the future and with their support we will invest in continued growth, continue to develop the customer experience and also launch Sellpy in Germany next year, says Michael Arnör, co-founder and CEO of Sellpy.
Sellpy, which was part of Sting in 2015, has gained market shares from the classic buy and sell sites Blocket and Tradera, and in 2018 Sellpy’s sales rose 36 percent to SEK 117 million.
– For Sellpy, Sting has been a great support and a strong contributing factor for us getting to where we are today. While we were part of Sting Accelerate, Sellpy went from an embryo to a full-fledged service available throughout Sweden. Being in a context with other talented entrepreneurs and at the same time getting strong support from our coaches meant a lot. Even though we left Accelerate more than four years ago, we still feel that support today, says Michael Arnör.
– It is so great to have followed Sellpy’s development closely from the beginning and seen, not only how well the company has developed over the years, but also the personal progress of the founders. We are very happy and proud to have contributed to their fantastic development and growth at an early stage, says Pär Hedberg, founder and CEO of Sting.
With H&M’s acquisition of Sellpy, Propel Capital, the investment company linked to Sting, is making an exit. Sellpy is the fourth Sting alumni company acquired this year. Last week it became public that the game studio Hatrabbit has been bought by the game giant King, and earlier this year Blocket acquired Qasa and Retriever bought Relation Desk.