Luxury marketplace Vestiaire Collective is to ban fast fashion from its resale website. The announcement was timed to coincide with Black Friday.
Fast fashion is generally understood to mean cheap clothing produced rapidly by mass-market retailers to meet consumer demand for the latest trends.
“We say no to a system that supports overconsumption, poor quality and over production,” Vestiaire Collective said in a LinkedIn post.
“Why ban fast fashion? Because fast fashion has no value, even in the resale industry. We’ve taken this step because we don’t want to be complicit in an industry which has a tremendous environmental and social impact.”
The post includes a link to a slickly produced video urging consumers to “#SayNoToFastFashion.”
The company is working with an external agency on a list of criteria that will be used to identify fast fashion brands. Women’s Wear Daily named Shein and Asos among the brands that are set to be banished from the platform.
The Business of Fashion site forecasts that the move will impact about 5% of Vestiaire’s earnings.
The company said its decision reinforced “Vestiaire Collective’s founding mission to drive change from within the fashion industry” and that it was aiming to become a “fast fashion-free platform that celebrates quality, craftsmanship and sustainability” over the next three years.
“We wanted to reduce waste in people’s wardrobes, and that waste is mainly coming from fast fashion because it has no value, and as a consequence, very little resale value,” said Vestiaire Collective co-founder and president and Fanny Moizant. “This is really us trying to change the industry and move the needle at a bigger level.”
Vestiaire Collective is the leading secondhand luxury fashion marketplace in France. Launched in Paris in 2009, it has offices in Paris, New York, Hong Kong and Singapore, as well as a tech hub in Berlin.
Brands such as Cartier, Chanel, Dior, Gucci, Louis Vuitton, Prada and Rolex are traded on the site.
Investors in the marketplace include France-based luxury group Kering SA, private equity firm Eurazeo SE, Japan’s SoftBank Group Corp, U.S.-based investment firm Tiger Global Management and Vogue publisher Condé Nast.
Vestiaire Collective’s competitors in the luxury fashion resale space include The RealReal, The Next Closet, Luxify, Rebelle, and VideDressing.