Burberry, a global luxury brand and The RealReal, a genuine luxury consignment market placed announced on National Consignment Day that they were collaborating for the promotion of a better and more sustainable future of fashion.
The Ellen MacArthur Foundation has estimated over 500 billion dollars of value that is lost every year because of clothing that is not recycled or utilized effectively. It was also found that some of the garments in the United States are discarded after being worn for only seven or ten times. With the help of this new partnership between The RealReal and Burberry, work is being done to promote the benefits of a circular economy in fashion by motivating the customers to increase the life of their products via resale.
The VP Corporate Responsibility, Pam Batty said that the major element on their Responsibility agenda was to lead the way in developing a more circular fashion economy. He further said that the RealReal shared their ambition for promoting the circular economy as well as keeping clothing for long-term use. It was a known fact that the enduring quality of the pieces of Burberry meant their appeal and value was long-lasting. With the new collaboration, they were hoping that their customers would not only champion a more circular future but also have a lot of available options for when they wished to refresh their wardrobes.
The RealReal claimed that Burberry’s resale demand has increased by sixty-four percent year-on-year.
The Chief Executive Officer, Julie Wainwright of The RealReal said that a brand such as Burberry embracing the circular economy is proof that the power of resales affects both the luxury market as well as the planet. She said that she hoped that together they would be able to pioneer a future in which every luxury brand had to consider circularity.