If you’ve recently opened the H&M app and stumbled upon a section called “Pre Loved”, you’re not alone. The Swedish brand known for decades as the king of fast fashion is now making visible moves toward the circular economy. But how genuine is this shift?

Where It All Started

It started with a strategic acquisition: H&M Group bought a majority stake in Sellpy, a Swedish online resale platform. They essentially bought the infrastructure before building the brand. The “Pre Loved” concept launched first in the US New York SoHo, then Los Angeles in partnership with vintage retailer Wasteland. The model is straightforward: Wasteland owns and curates the inventory, H&M provides the space and visibility. Pieces are selected by a team in Stockholm denim, leather, premium accessories, archive finds.

The Numbers That Matter

This is where things get interesting and slightly uncomfortable for H&M. In 2024, resale accounted for just 0.6% of the group’s total turnover. Not negligible as a starting point, but far from a structural transformation. H&M remains, fundamentally, a fast fashion manufacturer testing a new channel.

Why Now?

Context matters: Europe is tightening regulations against fast fashion, France has already initiated proceedings against Shein, and consumers especially Gen Z are demanding transparency and circularity. For H&M, the move toward secondhand is both a commercial opportunity and a reputational hedge.

Our Take

H&M Pre Loved is not a revolution it’s a smart experiment. Prices are higher than the standard H&M collection, stock is limited and curated. It’s not Vinted, it’s not Vestiaire. But it is a signal that even fast fashion giants feel the pressure to evolve. Whether we reward them with our attention depends on how much this channel grows relative to their core model.

  Touch Magazine | April 2026