Vestiaire Collective has just become the first second-hand fashion platform in the world to become B Corp Certified.
B Corp is a group of impact companies, as well as a management tool, and acts as an identification for companies that meet high social and environmental standards, and includes labels such as Ace and Tate, Erewhon, Veja, Patagonia, and others.
“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. Vestiaire Collective was born with the idea that we can drive change for a more sustainable future," said Fanny Moizant, co-founder and president of Vestiaire Collective.
The reselling industry has grown immensely over the past few years, with multiple people across the world buying and selling as their main form of income. The secondhand market is projected to double in the next five years, and is set to reach $77 billion, and Vestiaire's B Corp certification is a huge step for the industry as a whole. "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,” Moizant continued.
Vestiaire Collective has received particular praise for its standards in "Workers" and "Governance" areas, and is now also challenging other resale platforms as well as fashion brands and others in the industry to getting their B Corp certification. One of the main criteria for B Corp certification is that the business in question must be a force for good, which Vestiaire has undoubtedly achieved.
With the reselling industry growing and more people shopping secondhand for environmental reasons, big industry players such as Selfridges have also joined the push, encouraging its customers to shop vintage and pre-worn pieces, with other key retailers potentially following suit.