Fast-fashion retailers like Zara and H&M have a new threat: the $24 billion used clothes market

Apparel retailers such as Zara and H&M dominate the world of fast fashion, with Zara owner Inditex making 3.44 billion euros in profit in 2018.

However, by 2028 the used-fashion market is set to skyrocket in value to $64 billion in the U.S., while fast-fashion will only reach $44 billion. "Compared to the overall apparel market, resales growth has been phenomenal," said Neil Saunders, managing director of GlobalData, in the report, which was emailed to CNBC."As the market uniquely meets consumers' preference for variety, value and sustainability, we expect this high growth to continue," he added.

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