Back to the Hanger Games

研报英文原文证据摘录

Back to the Hanger Games

Equity Research

30 July 2026

EMEA Internet

We analyse a variety of alt data sources including Barclaycard

data to gauge developments in the US resale competitive

landscape, refresh our TAM analysis (introducing Germany) EMEA Internet POSITIVE

and our market share analysis (using CMA results to dive into EMEA Internet

UK market share). Olivia Venancio

+44 (0)20 3555 0278

olivia.venancio@barclays.com

We will be discussing latest developments from resale in collaboration with our EU Gen Retail Barclays, UK

and EU Luxury team on Friday, 31 July, at 2pm UKT. Register here.

Andrew Ross, CFA

The following listed or privately held companies are not under coverage by Barclays Research: +44 (0)20 7773 3023

Leboncoin (private), Mercari, Poshmark (private), The RealReal, ThredUp, Vinted (private). andrew.ross@barclays.com

Barclays, UKInformation about these companies is being provided for information purposes only and is not an

investment recommendation by Barclays Research. Guillaume Galland, CFA

+44 (0)20 7773 4061

A lot has happened since we stepped into the world of fashion resale a year ago (see our guillaume.galland@barclays.com

deep dive here) and we examine below into 1) what Barclaycard, Apptopia and Second Barclays, UK

Measure are telling us about the US competitive landscape, 2) a refresh of our TAM analysis Yash Jain

across major geographies (introducing Germany) and mass/luxury, 3) a refresh of our +91 (0)22 6175 3418

market share analysis and how the CMA eBay/Depop statement feeds into how we are yash.jain2@barclays.com

thinking about the UK market, and 4) how four themes have played out (so far). Barclays, UK

Conclusions: 1) Our Barclaycard data analysis suggests that Vinted as a % of Depop spend Data Science & Applied AI