Loosely referred to as the “gold standard” in sustainable companies, the Benefit Corporation (abbreviated as B Corp) certification is provided by nonprofit B Lab. By its strict ESG criteria, B Corps are legally bound to act in the interest of both people and planet (over profit). The title is growing in popularity, with B Lab seeing a 60 percent increase in certifications from 2018 to 2019.
In a statement, Vestiaire chief executive officer Max Bittner and cofounder Fanny Moizant, wrote: “We are incredibly proud to become the world’s first globally operating and large B Corp certified resale platform! It’s a huge step on our way to transforming the fashion industry. We hope it is only the beginning of a broader move that will trigger even more commitment among our industry and community of fashion activists.”
The executives said they’d been eyeing the milestone “since the beginning.”
Becoming a B Corp isn’t easy, as it requires companies — among other steps — to fill out a rigorous 300-question survey detailing the ins and outs of their business, from employee working conditions to carbon footprint. As competition grows for resale, resellers are seeking additional sustainability props by launching re-commerce reports and seeking out certifications like B Corp to separate themselves and gain “insider” status with some 4,000 certified B Corps globally.
With this certification, Vestiaire Collective joins companies like Patagonia, Starbucks, Allbirds and Toms.
“In 2021, business must be a force for good. B Corp demonstrates that we at Vestiaire care as much for the planet as we do for our people and our profit,” the company noted. To date, Vestiaire Collective counts some $455 million in private funding as it takes on a competitive landscape.
Vestiaire Collective is already seeing a warm response to the B Corp announcement on its website. More than 800 website visitors commented on the news, including one person who said: “kudos, VC, B-Corp is a sign of excellence! next target – B-Corp’s Best For The World award!!”
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