Basel/Zurich – Migros acquires a stake in Revendo. The partnership serves to strengthen the trade in used smartphones and follows the trend toward a circular economy.
Migros has become a co-owner of Revendo through the purchase of shares. The Basel-based provider of second-hand consumer electronics convinces with a “sustainable circular business model,” according to a media release from Revendo and Sparrow Ventures, Migros’ growth capital provider.
Revendo has become the “number one source for used electronic devices” by reselling used smartphones, he said. The Basel-based start-up reportedly employs 140 people, operates an online retail business and ten stores in seven Swiss cities and Vienna, Austria.
Revendo buys electrical equipment from individuals and companies and extends the life of the equipment by repairing, refurbishing and, if necessary, replacing spare parts. Before they are put back on sale, all data is completely erased professionally, they say.
The concept fits in with the attitude of many consumers to refrain from buying a new device out of consideration for the environment or from a financial point of view and to buy a used device, which also minimizes the amount of electrical waste. “Revendo not only hits the pulse of the times, but fits perfectly into
Migros’ group strategy,” Lorenz Lüchinger, CEO of Sparrow Ventures, is quoted as saying in the statement. Following Yuno ‘s successful market entry, the company is now continuing its commitment to a rapidly growing market.
Revendo expects to achieve additional synergies. By joining Revendo, Migros is promoting the circular economy. “Together, we can bring the issue of resource scarcity into even sharper focus and encourage people to care for the environment by changing their consumption behavior,” Aurel Greiner, co-founder and CEO of Revendo, is quoted as saying. heg