Another insightful analysis from Stuart Blackhurst on his Finsur Substack. Refurbished marketplaces are becoming essential to the circular economy of consumer electronics. By enabling the resale of used and refurbished devices, they extend product lifecycles and reduce electronic waste (WEEE). These platforms function either as intermediaries between businesses and consumers or as direct sellers, promoting a more sustainable approach to electronics consumption. However, it’s not all success—Finsur’s research reveals that most companies in this space are operating at a loss.
Challenges of price-driven competition
Despite their sustainability benefits, the refurbished electronics market is increasingly price-driven. Many consumers prioritize discounts over environmental impact, leading to intense competition favoring larger players with deeper financial resources. This makes it difficult for smaller businesses to reinvest, grow, and remain profitable.
Regulatory and operational hurdles
Recent VAT compliance issues and inconsistencies in device grading standards have added complexity to the market. Additionally, a lack of transparency in financial reporting among major operators makes industry analysis challenging. Some marketplaces disclose financial data, while others remain opaque, complicating performance assessments.
Financial performance of key players
Asgoodasnew: growth amid operational challenges
German-based Asgoodasnew reported an 11% revenue increase from €122 million in 2022 to € 136 million in 2023. While improving its gross margin, rising personnel and logistics costs resulted in a € 3.2 million loss. Nevertheless, the company continues expanding, with additional warehouse capacity supporting future growth.
Back Market: A financial enigma
Back Market remains secretive about its financials, making it difficult to assess profitability. Estimates suggest a gross merchandise volume (GMV) of approximately € 1.95 billion. However, without official disclosures, its long-term viability remains uncertain.
eBay: A dominant but opaque player
eBay, spanning both consumer-to-consumer (C2C) and business-to-consumer (B2C) sales, has an estimated consumer electronics GMV of nearly € 5billion across Europe and the UK. However, the absence of category-specific data complicates deeper analysis.
Music Magpie: A cautionary tale
Originally a marketplace for books and media, Music Magpie transitioned into consumer electronics but struggled financially. After multiple profit warnings and a declining stock price, AO.com acquired it in 2024 for a fraction of its former valuation.
Recommerce: Limited transparency post-acquisition
Recommerce, backed by United.B group and Bouygues Telecom, has not publicly disclosed financials since its acquisition in 2022, making it difficult to evaluate performance.
Rebuy: investing in future growth
Germany-based Rebuy reported a 12% revenue increase in 2022, reaching € 202.7 million. However, declining gross margins and higher operating expenses led to a € 5 million net loss. The company continues to invest in logistics and market expansion, focusing on efficiency improvements.
Refurbed: revenue growth but financial strain
Austrian marketplace Refurbed saw revenue jump from €35m in 2022 to € 61m in 2023, suggesting a GMV of € 577 million. However, rising costs led to a net loss of € 19.3 million, prompting a 20% workforce reduction in early 2025.
Swappie: cost-cutting to drive profitability
Finnish company Swappie recorded € 207.3 million in revenue in 2023, slightly down from 2022. Management shifted focus from aggressive growth to cost efficiency, reducing headcount and operating expenses, which significantly lowered losses from € 39.7 million to € 21.6 million.
Strategic implications for the sector
The refurbished electronics sector faces multiple challenges, including price-driven competition, limited operational efficiencies, and increasing pressure from traditional retailers and OEM trade-in programs. Companies prioritizing aggressive growth often struggle with profitability, while those focused-on efficiency may face scaling constraints. As the market evolves, businesses that differentiate beyond price and build strong partnerships are more likely to succeed.
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Market
Trade-in
Repair
Refurbishing
