New circular economy model

The London Waste and Recycling Board (LWARB) and QSA Partners have announced that they are working with a number of fashion retailers to develop and pilot a range of new circular economy business models such as clothes hire, product resale, repair and rental services.

The retailers – including Ted Baker, Farfetch and FW – will be exploring more sustainable ways of operating through the Circular Fashion Fast Forward project with each retailer exploring its own bespoke approach to becoming a more circular business, developing new business models which will be trialled and ultimately, if successful, brought to market.

A recent report by thredUP puts the value of the second-hand market at $24bn, a figure which is expected to double in the next five years and the report The State of Fashion, 2019 highlights that resale is growing nine times faster than traditional retail and The Ellen MacArthur Foundation estimates that an industry-wide move towards circular fashion could add €160bn in value by 2030.

Kate Wakeling, Ted’s conscience manager at Ted Baker, said: “Ted Baker is excited to be exploring opportunities within the circular economy and are pleased to have teamed up with QSA Partners and LWARB. Ted’s wholly unique way of looking at things means we look forward to delivering something very special and meaningful for our customers.”

The London Waste and Recycling Board works in conjunction with the Mayor of London and London Councils and has a remit to improve waste and resource management in the capital.

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