musicMagpie shares were up 36.6% to 64.9p in late afternoon trading on Monday, following the company’s announcement that it would be trading on the UK and US Back Market, the online refurbished electronics marketplace.
The re-commerce business is set to open for trading on the refurbished technology platform by the end of April in the UK, with a US launch scheduled for mid-May 2022.
The agreement includes musicMagpie’s sale of mobile phones, games consoles, tablets, wearables and MacBooks under the market’s technology catergories.
The company confirmed that the new trading channel would supplement the existing sales from its websites, alongside its sales from Amazon and eBay.
The Back Market currently has six million customers across 16 countries, and reportedly acts as a third-party vendor to connect customers with verified companies selling second-hand refurbished technology devices.
“Back Market is committed to working with the best resellers and refurbishers to ensure that buying renewed is easier, cheaper and more appealing for everyone,” said Back Market CEO Thibaud Hug de Larauze
“We’re delighted to join forces with musicMagpie, the pioneers of the refurbished tech industry in the UK, and this partnership represents an opportunity to further expand the refurbished tech market in the UK.”
MusicMagpie said it aimed to leverage Back Market’s investment in the market and increase its current registration of 7.5 million customers across its Amazon, eBay and website operations.
“I am delighted that musicMagpie’s wide range of high-quality refurbished consumer technology products will be available on Back Market’s fast-growing marketplace,” said musicMagpie CEO Steve Oliver.
“musicMagpie enjoys immense brand trust, developed over 15 years of recommerce activity, which will further encourage Back Market’s users to choose a refurbished device.”
“musicMagpie and Back Market operate complementary models and have a shared mission to challenge consumers to rethink their tech product consumption, make restored devices mainstream, and tackle the growing problem of e-waste.