Luxury fashion platform Farfetch Limited has reported an increase of 94 per cent in recycled, upcycled, and pre-owned products sold on its Farfetch Marketplace. The company recently revealed its Environmental, Social, and Governance (ESG) plans and development towards its 2030 sustainability goals in a report, which also showed that 14 per cent of its total available products qualified as Conscious.
‘Conscious’ products are those products that contain at least 50 per cent of sustainable materials, such as organic cotton or recycled polyester. The only exception to this is recycled cotton where a level of at least 20 per cent is accepted. Farfetch also revealed that there was an 84 per cent increase in the Conscious products offered on its website.
Moreover, the company has also collaborated with New Guards Group to launch ‘There Was One,’ which is a fully Conscious, digital-only brand. There has also been a 92 per cent growth year-over-year (YoY) in Gross Merchandise Value (GMV) for Conscious products, with 7.4 per cent of GMV being Conscious, Farfetch said in a press release.
Farfetch stated that its acquisition of Luxclusif in December 2021 has substantially developed its platform capabilities to ensure pre-owned services for their consumers, brands, and retailers.
As on December 31, 2021, there has also been a 7.9 per cent YoY reduction in CO2-eq logistics emission per unit sold, which equates to a 21.6 per cent reduction in logistics emission per unit sold since 2019, according to Farfetch’s ‘2021 Environmental, Social and Governance (ESG) report.’ The company has even had its climate goals approved by the Science Based Targets initiative (SBTi) in January 2022, which affirmed that its 2030 carbon footprint reduction targets are in line with a 1.5°C pathway.
In addition, adhering to its policy of inclusiveness and wellbeing, the company said that there is a 32 per cent YoY increase in the number of Black designer brands accessible on Farfetch Marketplace. Farfetch has also launched a counselling service for employees with Plumm Health in a bid to support their mental health.
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