H&M's Cos fashion label has launched an online clothing resale platform where shoppers can buy and sell pre-loved clothing.

The Resell digital space is for the purchase and sale of Cos clothing only, but H&M says it offers the brand's community the opportunity to "re-invent their wardrobe in a considered and sustainable way".

"Resell reinforces Cos' ambition and journey to becoming fully circular and renewable, developing innovative ways to continue the brand's commitment to quality and longevity by re-imaging the lifecycle of each pre-loved piece," says H&M.

The community-curated online selection will provide peers the opportunity to sell old clothes and shop new pieces from the brand's archive, spanning the last 13 years.

Resell launched this month in the UK and Germany, with the site expected to be available globally for buyers this autumn.

According to H&M, the second-hand market is one of the fastest growing economic sectors within the fashion industry and offers a sustainable, modern and personalised offer and shopping experience for consumers.

In 2015, H&M Group invested in online second-hand clothing shop Sellpy through its investment arm CO:LAB. In July, the retailer took the initiative to Germany.

According to a recent report from resale marketplace ThredUp, the secondhand clothing market is expected to hit US$64bn in the next five years.