Luxury resale marketplace The RealReal has teamed up with luxury fashion site Mytheresa to educate consumers about the value of resale and encourage online consignment of upscale goods. The partnership one of several new sustainability initiatives introduced by The RealReal to mark the fifth annual National Consignment Day. The RealReal also is marking the holiday with an expansion into non-fashion categories such as outdoor gear and electronics and the launch of an innovation lab to test new solutions to address fashion waste.
Mytheresa will reward both its customers and The RealReal’s with a shopping credit when they recirculate their bags and support the circular economy. When The RealReal accepts a Mytheresa customer’s bag for consignment and it lists for $750 or more, they will receive a “Circular Award” in the form of a $200 voucher for use on Mytheresa.com. One of the partnership’s goals is to show that rather than cutting into sales, resale can support the primary industry by expanding the consumer base and enhancing brand loyalty.
The RealReal inaugurated National Consignment Day in 2017 to raise awareness about creating a more sustainable fashion ecosystem through resale. In addition to the partnership with Mytheresa, The RealReal is also:
- Expanding its luxury consignment service to additional categories, including luxury sports and outdoor gear, collectibles and electronics;
- Launching the Circular ReSource Lab, an innovation lab where it will test, learn and share new solutions to address fashion waste. The lab will focus on new ways to give items that are damaged beyond repair a new life in other forms, sustainable ways to restore well-loved products and methods for designing products that can last through many ownership cycles. The RealReal’s ReCollection upcycling program will now be led through the Circular ReSource Lab. ReCollection 02 will be released this holiday season, a zero-waste collection created from damaged pieces, designed by The RealReal and upcycled in New York City; and
- Making luxury resale easier by increasing selling flexibility with the national expansion of its “Get Paid Now” program, which offers on-the-spot payments for a wide range of brands and items. Consigners already have the choice to consign or trade as well as sell on the platform, and can choose to drop off items at 18 locations across the country or sign up for at-home pickup.
The concept of circularity is increasingly becoming a point of consideration among sustainability-focused consumers, particularly when shopping for fashion, which is one of the most wasteful product categories. Clothing production has approximately doubled in the last 15 years, to 80 billion garments annually. As a result, the Ellen MacArthur Foundation estimates that the equivalent of one garbage truck of textiles is landfilled or burned every second, even though 95% of those clothes could be re-worn, recycled or reused.
“It’s time to get real about the future of fashion — if the industry continues on its current trajectory, its share of the world’s carbon footprint could jump to 26% by 2050, and it will miss the 1.5-degree pathway laid out by the Paris Climate Accord by more than 50%,” said Julie Wainwright, founder and CEO of The RealReal in a statement. “Recirculating just one in five items would put the industry on track to achieve that goal. Consigning is something everyone can do to make a difference. We’re making it easier than ever to join the circular fashion movement, and it couldn’t come at a more critical time for the health of the planet.”