eBay’s US$1.2m Pledge for Fashion Circularity Innovation
With more than 130 million active buyers globally, eBay is a giant in e-commerce.
The company announced it is investing US$1.2m in its Circular Fashion Fund (CFF) for global expansion through 2025.
The CFF involves partnerships with councils around the world, including the British Fashion Council, Council of Fashion Designers of America, Fashion Council Germany and Australian Fashion Council.
The initiative aims to bring together sector leaders, giant corporations and innovative entrepreneurs to evolve sustainable fashion practices.
In 2021 the CFF launched in the UK, expanding to Australia in 2022.
By the end of 2025, the CFF will reach the United States and Germany thanks to part of this investment.
What is the eBay Circular Fashion Fund?
At its core, the CFF aims to elevate fashion start-ups that are dedicated to circularity, encompassing all stages from production to end-of-life processes like rental and repair services.
Since its inception, the CFF has supported 15 businesses in scaling up their circular solutions.
Among its success stories is The Seam, which offers scalable garment care and repair services to enhance garment longevity.
Another successful start-up is RCYCL, which introduced an innovative at-home fashion recycling program targeting unwearable clothing.
Finalists of the fund receive more than 200 hours of expert support and mentoring, a crucial step in ensuring their business models thrive.
The most outstanding innovator is crowned the Circular Fashion Innovator of the Year and receives a substantial prize of US$300,000.
How fashion can become circular
Circular fashion represents a paradigm shift in the fashion world, focusing on sustainable and resource-efficient practices to form a closed-loop system.
It aims to drastically reduce waste, reuse materials and cut down pollution throughout the lifecycle of garments.
Around 92 million tonnes of clothes are discarded annually, making initiatives like the CFF critical in the fight against waste.
Tech is also supporting fashion circularity through innovations like lab-grown leather and algae-based textiles.
Digital tools, including blockchain, can help to support supply chain transparency.
British Fashion Council and the CFF
Founded in 1983, the BFC has played a pivotal role in steering the British fashion industry towards sustainable and responsible growth.
Its collaboration with the CFF continues its commitment to reduce the environmental impact of fashion, addressing the urgent need amidst the climate crisis.
Caroline Rush, CEO of British Fashion Council, says: “Building on the success of the past two years, we remain focused on boosting excellence and innovation in the British fashion community.
“Small businesses are integral to building an ecosystem that can create specialised solutions and we want to help them scale.
“The Circular Fashion Fund has been a game-changer and we are thrilled to support the new ideas and entrepreneurial spirit from this next cohort.
“Together, we’re making the fashion industry more sustainable, one step at a time.”
The UK winner will receive a £50,000 (US$65,000) cash prize, while the two runner-ups will receive £25,000 (US$32,000) each, along with mentoring sessions, educational workshops and networking opportunities.
Vicky Fuller, Co-Founder of Swoperz and the UK 2023 Circular Fashion Fund winner, says: “Winning the Circular Fashion Fund has been transformative for Swoperz.
“It enabled us to partner with new organisations and helped us bring sustainable fashion education to classrooms nationwide and host swap shops at 500 schools.
“Our book, The Swoperz Fashion Show, has been read 653 times, sparking vital conversations about conscious consumption so we can make sustainable fashion a reality for children.
“We're grateful to the CFF for amplifying our mission as we work towards a more sustainable fashion future."
Kirsty Keoghan, Global GM of Fashion at eBay, says: “The CFF is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups.
“We’re not only helping to scale circular solutions but also bringing together the most knowledgeable and respected experts in the industry.
“Together, we’re making a positive impact on the circular economy and truly reshaping the future of fashion.”
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