Amsterdam-based The Next Closet, a peer-to-peer marketplace for secondhand designer clothes and accessories has been declared bankrupt by the Amsterdam court.
It is still being determined why bankruptcy was filed by the company.
“The resale market in the fashion industry is currently very competitive, so profit margins have become very thin. That is the main reason for the insolvency,” says the insolvency administrator in a statement to FashionUnited.
Despite reaching out to CEO Quirine Naaijen, Silicon Canals has yet to receive a response at the time of writing this article.
The Next Closet: What you need to know
The entrepreneurial duo — Lieke Pijpers and Thalita van Ogtrop started Holland’s first fashion resale platform that connects the closets of women, including Carice van Houten, Thekla Reuten, and Linda Tol- and vintage boutiques across the Benelux.
In an interview with Silicon Canals, Lieke Pijpers called the startup a green tech company that prioritises sustainability.
She said the textile industry is the second most polluting in the world.
Lieke and The Next Closet, along with co-founder Thalita van Ogtrop, wanted to turn the fashion industry into a sustainable business.
The startup focuses specifically on women looking for affordable high-end designer fashion.
The Next Closet allows users to ‘follow’ each other’s closets and share items on social media.
The female-founded brand aims to change the textile industry by inspiring people to invest in quality and reuse what they already have.
In September 2021, the Dutch company raised €3M in growth capital from 4impact, the Borski Fund, and other existing investors.
Read the orginal article: https://siliconcanals.com/news/startups/the-next-closet-declared-bankrupt/
