Farfetch Marketplace reports 94% increase in eco-friendly product sales

By Pranali Mehta  | Date: 2022-07-05

Farfetch Marketplace reports 94% increase in eco-friendly product sales

Farfetch, London based luxury fashion apparel platform, has announced a 94% increase in upcycled, recycled, and used products sold on its Farfetch Marketplace.

As per sources, the conglomerate recently unveiled its Environmental, Social, and Governance (ESG) plans and development towards its sustainability goals of 2030 in a report which also portrayed that 14 per cent of its overall available products qualified as ‘Conscious’.

Reportedly, Conscious products are the products which have at least 50% of sustainable material like recycled polyester or organic cotton, and the only exception to this is recycled cotton where around 20% is accepted.

Farfetch also declared that it saw an increase of 84% in the Conscious products provided on its website.

Not to mention, Farfetch has also partnered with New Guards Group to unveil ‘There Was One’, digitally owned, fully Conscious brand. The firm has also reported a progress-year-over-year (YoY) of 92% in Gross Merchandise Value (GMV) for Conscious products with 7.4% of GMV being Conscious.

According to sources, Farfetch’s acquisition of Luxclusif in December the previous year has significantly developed its platform capabilities to make sure pre-owned services for their brands, consumers, and retailers.

As per the 2021 ESG policy of Farfetch, the company observed a 7.9 % of YoY reduction in CO2-eq logistics emissions every unit sold in 2021, which equals to a 21.6% cut down in logistics emission for every unit sold since 2019.

Notably, in January 2022, the firm even got its climate goals approved by the SBTi (Science Based Targets initiative) which made sure that its 2030 carbon footprint decline targets are parallel with 1.5 degrees Celsius pathway.

Additionally, following its policy of wellbeing and inclusiveness, the firm stated that there has been a 32% year-on-year increase in the ratio of black designer labels available on Farfetch marketplace.

Furthermore, Farfetch also unveiled a counselling service for employees with Plumm Health in a bid to support their mental health.

Source Credits: - https://www.fibre2fashion.com/news/apparel-news/uk-luxury-platform-farfetch-reports-94-rise-in-eco-friendly-products-281705-newsdetails.htm

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Pranali Mehta     aeresearch.net

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta has dutifully walked down the slated path and worked in the chemicals industry for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience...

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