There’s National Son’s Day and National Coffee Day and, thanks to The RealReal, there’s National Consignment Day, which is celebrating its fifth anniversary today.
Not surprisingly, the online resale marketplace founded the day to raise awareness of the importance of resale in creating a more sustainable future for fashion, an industry that contributes 10 percent of the world’s total carbon footprint. Apparel production has almost doubled in the last 15 years to 80 billion garments each year, and a garbage truck’s worth of textiles is landfilled or burned every second, even though 95 percent of trashed clothes could be reworn, recycled or reused, according to the company.
In celebration of National Consignment Day, The RealReal is launching four new circular initiatives to more significantly reduce fashion’s impact. The first is the expansion of its luxury consignment to sports and outdoor gear, collectibles and electronics. The second is the option for consignors to get paid instantly for items they recirculate through the expansion of its Get Paid Now program. Third, it is teaming with e-tailer Mytheresa to reward its customers with a credit for recirculating their handbags. Consignors of handbags with a resale value of more than $750 will receive a $200 voucher for Mytheresa.
Finally, The RealReal is launching Circular ReSource Lab, where it will test, learn and share potential solutions to the fashion waste crisis by focusing on reimagining damaged pieces, reviving used pieces and reselling others. The Circular ReSource Lab will release its inaugural ReCollection 02 this holiday season, a zero-waste collection created from damaged pieces, designed by The RealReal and upcycled in New York City.
“It’s time to get real about the future of fashion. If the industry continues on its current trajectory, its share of the world’s carbon footprint could jump to 26 percent by 2050 and it will miss the 1.5-degree [Celsius] pathway laid out by the Paris Climate Accord by more than 50 percent,” said Julie Wainwright, founder and chief executive officer of The RealReal. “Recirculating just one in five items would put the industry on track to achieve that goal. Consigning is something everyone can do to make a difference. We’re making it easier than ever to join the circular fashion movement and it couldn’t come at a more critical time for the health of the planet.”