Reflaunt is building a circular ecosystem and re-invents the way we shop, rewarding brands crafting quality products built to last
In the midst of a global economic crisis we are hit by a much more profound one, an environmental crisis. Climate change is not a theory anymore. Key drivers include automotive industry, meat consumption and basically our whole economy based on fossil fuels. Among these, the fashion industry scores fifth position among most polluting industry.
Fortunately, the 3rd Industrial Revolution is about to dawn and it is shifting how our economy is managed, powered and moved. More importantly it is shifting the way we think about life. We are starting to prioritise access versus ownership, in turn driving the re-use over and over of resources. We are already living in 2 economic systems: part of the day living in the capitalistic system in which we have property and possessions the other part of the day, living in the shared economy, sharing music, news, cars, apartments, bicycles and now energy.
This is creating the real revolution and disrupting commercial organisations to be more responsible about how they make and sell products.
This shift is also occurring in the way we consume fashion and a seismic change is on its way to change the status quo and reward product life extension and product re-use. The 2nd hand market is a key driver in extending product life, growing 24x faster than traditional retail. In the US alone, it represents $20 billion and will grow to $40 billion in the next five years. Today, one out of two millennials has bought 2nd hand. High-end shoppers are already part of this market as buyers or sellers.
Amidst this good news, first-hand brands/retailers are still missing from the equation and they are key to fully challenge the status quo and push this industry disruption forward. For decades, the 1st and 2nd hand markets have been disconnected and working in silos. Brands/retailers can’t afford to ignore the changing consumption pattern and the shifting consumer values, remaining disconnected from this growing 2nd hand market.
What now? How do brands/retailers adapt to this new fast growing shared economy? What business model enables them to embrace and benefit from this new consumption behaviour, while addressing the urgent environmental issue at hand? How do brands/retailers connect with those new and existing shoppers in a meaningful way and reclaim their share of the second-hand industry?
How are they adapting to the urgent environmental need to re-use? Who are these second-hand buyers? Who are the customers reselling? Why are they reselling? What are they purchasing with their pay-out?
Reflaunt’s mission is to help brands/retailers to implement a scalable and efficient circular consumption model within their existing activities, while growing their revenues, increasing their customer acquisition and loyalty. By giving them the technology, we connect the 1st and 2nd hand market and enable them to claim their share of the growing 2nd hand market.
Reflaunt is building a circular ecosystem and re-invents the way we shop, rewarding brands crafting quality products built to last. Join the circular fashion revolution.
Founder of StyleTribute.com, one of Asia’s leading luxury marketplace, 4 years experience in P&G with luxury brands such as Gucci, Dolce & Gabbana, Hugo Boss
Co-founder and CTO of a Rocket Internet marketplace with 3 years experience in IT advisory and 7 years in the start-up ecosystem. Strong expertise in building APIs, web/mobile applications and AI powered algorithms.
Felix is a New York State qualified lawyer and serial entrepreneur. After practising commercial litigation Felix co-founded several successful startups including online survey app Voicepolls and digital election service Votebox.