A growth model driven by sustainability and confidence
Thibaud Hug de Larauze, co-founder and CEO of Back Market, announced in an interview with Ouest-France that the company would be profitable in Europe by 2024. A major milestone for the French unicorn, valued at 5 billion euros in 2021, which continues to revolutionize the refurbished electronics market.
Back Market, present at Vintage Altaroc Odyssey 2021, sets itself apart by connecting consumers directly to 1,800 professional refurbishers worldwide. The site offers a wide range of products, from smartphones to household appliances and game consoles. In 2023, the company's sales reached 320 million euros (+45% year-on-year), while the volume of sales on the platform exceeded 2 billion euros.
Through its model, Back Market seeks to establish a "reconditioned reflex" among consumers. Thibaud Hug de Larauze explains: "We want to make reconditioning the norm, just like buying used cars in France, where 87% of cars sold are not new."
Innovations to remove the disincentives to second-hand buying
To enhance the customer experience, Back Market continues to develop new services. These include the "Express Replacement" program, planned for 2025, which will enable consumers to receive a replacement product in the event of a breakdown, even before returning the faulty product. The brand is also introducing a "Premium" grade for aesthetically flawless reconditioned appliances fitted with original parts, to boost buyer confidence.
Physical expansion and committed partnerships
Back Market partners with big names to expand its ecosystem. In France, the company is now offering its products in Bouygues Telecom boutiques, where new telephone offers are enriching the collaboration between the two companies. In the U.S., a partnership with Visible by Verizon enables consumers to purchase a refurbished smartphone with an attractive mobile plan. Back Market is also the only marketplace to offer refurbished PlayStation 4s in partnership with Sony, a strong sign of the move towards a circular economy.
A vision for the future: 90% of consumers converted
By 2034, Back Market hopes that 90% of consumers will prefer refurbished products to new ones. At the same time, the company continues to campaign for better regulation of electronic products to facilitate access to spare parts and extend the life of devices.
