Farfetch, a UK Luxury Platform, Reports a 94% Increase in Eco-Friendly Products
Farfetch Limited, a luxury fashion marketplace, has claimed a 94% rise in recycled, upcycled, and pre-owned products sold on its Farfetch Marketplace. In a recent report, the company highlighted its Environmental, Social, and Governance (ESG) intentions and progress toward its 2030 sustainability targets, as well as the fact that 14% of its total available items qualified as Conscious.
Products labelled as "conscious" contain at least 50% sustainable materials, such as organic cotton or recycled polyester. The lone exception is recycled cotton, which must have at least 20% recycled content. Farfetch also announced an 84% rise in the number of Conscious products available on its website.
Furthermore, the company has worked with New Guards Group to establish "There Was One," a Conscious, digital-only brand. Farfetch also reported a 92% year-over-year (YoY) increase in Gross Merchandise Value (GMV) for Conscious items, with Conscious accounting for 7.4% of GMV.
Farfetch announced that its December 2021 acquisition of Luxclusif significantly expanded its platform capabilities to ensure pre-owned services for its consumers, brands, and retailers.
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According to Farfetch's' 2021 Environmental, Social, and Governance (ESG) report, there has also been a 7.9 per cent YoY reduction in CO2-eq logistics emissions per unit sold as of December 31, 2021, which translates to a 21.6 per cent reduction in logistics emissions per unit sold since 2019.' In January 2022, the Science Based Targets initiative (SBTi) confirmed the company's climate ambitions, confirming that its 2030 carbon footprint reduction targets are consistent with a 1.5 °C route.
Furthermore, in keeping with its inclusivity and welfare strategy, the firm reported a 32% YoY rise in the number of Black designer labels available on Farfetch Marketplace. Farfetch has also developed a counselling service for Plumm Wellness personnel to help their mental health.
Source: Fibre2fashion.com
