EBay increases its Fashion Circularity Investment by committing $1.2 million
eBay Expands Circular Fashion Fund to Boost Secondhand Economy
eBay has announced the expansion of its Circular Fashion Fund, a programme aimed at reducing fashion's environmental impact and investing in innovative solutions to sustainability. The fund, initially launched in the UK in 2022, will now extend to the US, Australia, and Germany.
The programme offers more than 200 hours of mentoring and networking with industry experts, including the Council of Fashion Designers of America (CFDA) and the Ellen MacArthur Foundation. The CFDA, partnering with eBay for the U.S. launch of the Circular Fashion Fund, shares eBay's passion for driving change in the fashion industry.
Steven Kolb, CEO of CFDA, stated that eBay's investment in innovation and education reflects their leadership in driving the circular fashion agenda. The fund, which has already supported 15 businesses since its inception, champions businesses that bring new technology and services to the market and help people think and shop differently.
eBay is investing $1.2 million in the expansion of the programme. A winner in the U.S. will receive $50,000, and two runner-ups will each receive $25,000. One winner will be chosen as the "Circular Fashion Innovator of the Year" and receive an additional $300,000 investment.
Applications for the programme are open until Nov. 15, 2023. Globally, eBay has partnered on this fund with the British Fashion Council, the Fashion Council Germany, and the Australian Fashion Council.
eBay's recent initiatives are meant to boost the secondhand economy. The company recently launched Pre-Loved Fashion Week, featuring live and shoppable runway shows of pre-owned items from designer brands. These efforts align with eBay's commitment to promoting sustainable fashion practices.
The Circular Fashion Fund is part of eBay's broader mission to make secondhand the first choice for consumers. The programme aims to reduce fashion's environmental impact by encouraging the use of pre-owned items and promoting circularity efforts from production to end of life.
eBay's investment in the Circular Fashion Fund reflects its leadership in promoting sustainable fashion practices and its commitment to reducing the environmental impact of the fashion industry. The programme offers a unique opportunity for startups and small businesses to receive funding and mentorship from industry leaders, while contributing to a more sustainable future for fashion.
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