Alchemy expands in a fast-growing and diversifying secondary market

Alchemy processes around 3 million used devices per year and is seeing a clear shift in what customers want refurbished. Until recently, the focus was almost entirely on mobile phones. Today, demand spans gaming consoles, tablets and wearables. Even household and consumer equipment is making its way into conversations. Doughty noted that Alchemy has received enquiries ranging from lawnmowers to coffee machines. Although the company does not refurbish lawnmowers, the message is evident. The secondary sector has widened from a narrow Apple iPhone-oriented space to an ecosystem covering multiple brands, product categories and life cycles.

Versatility remains a competitive edge

Alchemy’s strengths lie in its flexibility. As an end-to-end circularity company with global operations, it manages high volumes while adjusting to changing device categories. This dynamic setup also determines the level of automation. According to Doughty, AI and robots excel at focused, repetitive tasks such as refurbishing Apple iPhones, but Alchemy prioritizes the ability to generalize. Human technicians therefore remain central to its workflow.

The company reported € 655 million in revenue for the financial year ending March 2024, reflecting a 60% year-on-year increase. Growth continues to be robust as more businesses aim to build circular strategies. Doughty describes Alchemy’s proposition as reversing the traditional manufacturing chain. Instead of design, build, ship and sell, Alchemy brings devices back, renews their value and returns them to circulation.

Building circularity with partners

Many businesses are trying to participate in the secondary market but lack experience. For Doughty, the value of Alchemy lies in helping partners turn sustainability ambitions into practical, operational strategies. Companies increasingly understand that new and used products can coexist, and that refurbished devices offer clear commercial advantages. For example, a business choosing between a € 1,375 new device and a one-year-old model at half the cost sees immediate savings, whether equipping a team of ten or a workforce of 1,000.

Business demand leads the way

While Alchemy does uses Loop, its consumer-facing brand, for tis main purpose learning. Loop provides insights into consumer expectations and helps test pricing and product strategies. Alchemy is not positioning itself as a competitor to major online marketplaces. The company focuses instead on guiding businesses through what can be a steep learning curve as the circular economy expands.

Ensuring supply stability

Despite rapid growth and increasing competition for stock across Europe, Alchemy has maintained supply reliability. Long-standing relationships with insurers, retailers, telcos and manufacturers ensure consistent access to high-quality used devices. Where possible, Alchemy prefers a circular loop with customers where devices are refurbished and returned to the same organisation. Doughty calls this approach “two bites of the cherry,” although not all partners use this model.

As the shift from new-only sales continues, awareness of refurbished electronics has risen significantly. What was once a niche centred on used Apple iPhones is now a multi-category global market. Alchemy’s combination of flexibility, scale and long-term partnerships positions the company at the centre of that evolution.