As sustainable solutions continue to make a mark in the world of fashion, players in the luxury fashion industry are upping their efforts to become more environmentally friendly. For one, luxury marketplace, FARFETCH, is making efforts to become more sustainable with its later partnership with online consignment and thrift store, thredUp, to offer a donation program called FARFETCH Donate.
The program enables FARFETCH customers to extend the life of their clothes while earning shopping credit and raising money for charity.
“We’re excited to work with thredUP to offer US consumers an easy and sustainable way to refresh their wardrobes,” said Thomas Berry, Director of Sustainable Business at FARFETCH.
“FARFETCH Donate is an innovative service, elevating the traditional donation experience by making it both easy and rewarding for customers, delivering a positive impact by extending the life of good quality pieces, and supporting multiple charities along the way. thredUP is helping us do this in a seamless and scalable way.”
The offering, which is being powered by thredUp’s Resale-as-a-Service (RaaS), will offer Clean Out Kits to FARFETCH customers, who can then use the kits to ship out their clothes, bags and shoes to thredUP.
Once an item gets sold on thredUP, sellers can choose between a select group of charities to donate at least 50 percent of the proceed and receive any remaining payout in FARFETCH shopping credit.
“Resale is an inevitable part of fashion’s evolution and is the next emerging channel for apparel retailers,” said James Reinhart, Co-Founder and CEO at thredUP.
“FARFETCH is one of the most innovative, forward-thinking companies in the luxury fashion industry, and we’re honored to power and scale their donation program and help create a more sustainable future for fashion.”
FARFETCH is the first company to have partnered with thredUP’s to leverage its new white-label offering. The solution extends a fully customized resale experience tailored to the FARFETCH brand and its customers.
FARFETCH Donate plays an integral part in the luxury marketplace’s sustainability strategy as the platform aims to be “more circular than linear” by 2030.
The news follows thredUP’s move to file an S-1 with the U.S. Securities and Exchange Commission (SEC) for an initial public offering. The company’s move to go public comes at a time when resale consumption has skyrocketed over the course of the last 15 months, marking a shift in consumers’ buying behaviors — a trend that is unlikely to die down anytime soon.
Fashion resale platform Vestiaire Collective, for example, reported a 33 percent increase in the number of daily listings back in mid-April. Meanwhile, Redwood City, California-based resale platform Poshmark Inc., which reported an increase in sales, also filed for an initial public offering back in December 2020.