SHOES FOR SHOES: Mindful of the demand from Millennials and Gen Zers for circularity, luxury footwear brand Sergio Rossi is launching a new circular payment method on its e-commerce site.
The brand has partnered with Twig, a London-based fintech and banking services app, and it will implement Twig Pay among its payment options, allowing customers to trade their purchases and turn them into currency to finance future shopping sessions of pre-owned fashion on the Twig resale platform.
Essentially, in sync with circularity, each purchase on the Sergio Rossi e-commerce site will generate a credit to be spent on secondhand goods. In the second phase of the partnership’s rollout, NFTs and cryptocurrencies will also be allowed in the transactions.
“I strongly believe in this partnership and in the services that Twig offers to customers, especially for Gen Z and Millennials, always evolving their approach in purchasing and resale — especially for those iconic brands’ goods with so much heritage to express — always in an innovative way,” said Sergio Rossi’s chief executive officer Riccardo Sciutto.
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“Twig is a futuristic way of shopping, able to support the circular economy with the ability to generate value for all the shareholders involved in the transaction. For a high-end brand like Sergio Rossi, this partnership allows customers to evaluate what they buy not only in terms of brand value but also as a container of values, such as timelessness, quality and authenticity,” he added.
As reported, Twig raised $35 million in a Series A financing round last January, spearheaded by fintech specialist Fasanara Capital and supported by a group of “undisclosed strategic investors,” which according to the company include current and former executives from LVMH Moët Hennessy Louis Vuitton, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
Since launching in July 2021, Twig has been setting itself apart by following a “personal finance model” instead of a traditional resale model, offering users the ability to receive instant payments when they list a pre-loved item from their wardrobes. The app also offers mobile banking benefits, including a Visa card that can facilitate both domestic and international transactions.
“Sergio Rossi is the epitome of innovation in the luxury fashion space and we are proud to partner in delivering the next generation of payment services based on circularity and conscious shopping. We hope to delight our large Gen Z following with this exciting proposition,” said Geri Cupi, CEO and founder of Twig.