I was told once by the glamorous Sophie Trudeau that their is no point hoarding fashion. Clothes are meant to be worn. If an item sits in your closet, taking up valuable closet space for more than 8months without being worn, It is time to sell or donate the item.
When I drop major dollars on a garment, it can be hard to part with monetary loss. However most fashion related expenses are sunk costs. The money has been spent and the resale value has greatly diminished. No one buys full retail prices with the expectation of turning a profit. Straight up clothing donations to a good will or what have you are generous; and can give you a tax credit. However for high value clothing pieces there are a few great online vintage re-sellers that help you sell, market, and recover some of the expense you paid for the item while earning you more cash to make future fashion purchases.