eBay expands its Circular Fashion Fund (CFF) in the US and Germany with hopes of scaling circular fashion solutions via sustainability-driven start-ups by 2025. It has assigned a fund worth US $ 1.2 million to drive sustainable solutions in the apparel industry. eBay has run its Circular Fashion Fund in the UK and Australia for the last three and two years respectively.
The company aims at curbing the issue of 92 million tonnes of clothing waste producing irreversible landfills year after year. The funds would bring together big players in the industry and inventive entrepreneurs together. With the offered investment amounts, the initiative aims at making fashion start-ups more attentive towards the garments’ full life cycle starting from production to covering the life end with rental and repair functions.
One of the start-ups will also be awarded the ‘Circular Fashion Innovator of the Year’ with an investment amount of US $ 300,000. In addition to this, 200 hours of mentoring and networking support from industry experts will be given to the finalists.
Further, the British Fashion Council (BFC), the Council of Fashion Designers of America, Fashion Council Germany and the Australian Fashion Council have also supported the global expansion of CFF.
Till date, the CFF has helped 15 firms on expanding the scope of their circular solutions in the United Kingdom since 2022. Some of these businesses include the Seam (which offers garment care and repair services) and RCYCL (innovative fashion recycling solutions at home) which aim to extend the life cycle of garments and make the process of recycling more accessible.
Global GM of Fashion at eBay, Kirsty Keoghan treportedly said that, “By fusing the creativity and innovation of agile start-ups with the worldwide reach and strength of well-established businesses like eBay, the Circular Fashion Fund fosters collaboration.”