LONDON and SAN FRANCISCO, Oct. 7, 2019 /PRNewswire/ -- Today, on National Consignment Day, global luxury brand Burberry and authenticated luxury consignment marketplace The RealReal (Nasdaq: REAL) announced they are teaming up to promote a more sustainable future for fashion.
The Ellen MacArthur Foundation estimates that more than $500 billion of value is lost every year due to clothing not being utilized or recycled effectively, with some garments in the U.S. discarded after just seven to 10 wears. Through a new partnership, Burberry and The RealReal are aiming to support and promote the benefits of a circular economy for fashion by encouraging customers to extend the life of their products through resale. Through the pilot launching today, customers who consign Burberry pieces at The RealReal are being offered an exclusive personal shopping experience in select Burberry stores across the U.S.
"Leading the way in creating a more circular economy for fashion is a key element of our Responsibility agenda," said Pam Batty, VP Corporate Responsibility, Burberry. "The RealReal shares our ambition to promote the circular economy and keep clothing in use for longer. We know that the enduring quality of Burberry pieces means their appeal and value is long-lasting. Through this new partnership we hope to not only champion a more circular future but encourage consumers to consider all the options available to them when they're looking to refresh their wardrobes."
According to The RealReal, resale demand for Burberry has increased by 64% year-on-year, with searches for Burberry on the site rising fastest among Millennial and Gen Z customers.
"A brand as storied as Burberry embracing the circular economy demonstrates the power of resale's impact on both the luxury market and the planet," said Julie Wainwright, CEO of The RealReal. "I hope together we'll be a part of pioneering a future in which circularity is a consideration for every luxury brand."
Building on their shared ambition to make fashion circular, Burberry and The RealReal have made a donation to Materials for the Arts to support its work in helping people rethink the way they look at materials and waste, as well as educating the public on the importance of creative reuse.
For more information about consigning Burberry pieces with The RealReal, please visit therealreal.com/Burberry.
Global luxury brand Burberry has been at the forefront of sustainability in fashion, with social and environmental programmes in place for more than 15 years. Driving a more circular economy for fashion is central to Burberry's five-year Responsibility agenda to 2022 and as part of this Burberry continues to expand ways to reuse, repair, donate and recycle products and materials. During 2018/19, Burberry reduced its market-based emissions by 43% and procured 58% of its total energy (including 68% of its electricity) from renewable sources. Burberry is now carbon neutral across the Americas region, its EMEIA retail stores and UK operations, and aims to be 100% carbon neutral by 2022.
A key figure in driving industry collaboration, Burberry is a founding signatory of the UNFCCC's Fashion Industry Charter for Climate Action, a signatory of the UN Global Compact, and a core partner of the Ellen MacArthur Foundation's Make Fashion Circular initiative, working with industry and NGOs to address key impacts of the fashion industry. Burberry is also a signatory of The Fashion Pact, a global alliance between 32 of the world's leading fashion companies to tackle climate change announced at the 2019 G7 Summit in Biarritz.
About The RealReal Inc.
The RealReal is the world's largest online marketplace for authenticated, consigned luxury goods. With an expert behind every item, we provide a safe and reliable platform for consumers to buy and sell their luxury items. We have 100+ in-house gemologists, horologists and brand authenticators who inspect thousands of items available online each day. As a sustainable company, we give new life to pieces by brands from Gucci to Cartier, and hundreds more, supporting the circular economy. We make consigning effortless with free in-home pickup, drop-off service and direct shipping for both individual consignors and estates. At our stores in Los Angeles as well as SoHo and the Upper East Side NYC, customers can shop and consign and meet with our experts to learn more about luxury authenticity and sustainability. At our 11 Luxury Consignment Offices, three of which are located in our retail stores, our expert staff provides free valuations for high-value pieces.
About Material for the Arts
A program of the NYC Department of Cultural Affairs, with support from the Department of Education and Friends of Materials for the Arts, MFTA is NYC's largest reuse center supporting nonprofits with arts programming, public schools, and city agencies. On average MFTA collects over 1.5m lbs. (approx.700,000 kilograms) of supplies each year which it provides, free of charge, to its member organizations. In addition to providing materials, MFTA has an Artist-in-Residence program, an education center, and holds public events which include gallery openings and community workshops.
Burberry and The RealReal's generous donation will support MFTA's nonprofit partner, Friends of Materials for the Arts, which guides and supports MFTA's education and outreach initiatives including free field trips for students, warehouse operation improvements, public programming, and professional development for educators. Contributions like this are essential to our mission to encourage creative reuse and environmental sustainability in NYC. They help us empower students to make art, train teachers to bring creative hands-on projects into the classroom, and keep the warehouse open later for our members.
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SOURCE The RealReal