eBay UK has partnered with the British Fashion Council (BFC) to launch the Circular Fashion Innovator’s Fund, an initiative that aims to support small businesses specializing in circular fashion solutions. The fund will provide £100,000 in funding and mentorship to six selected businesses with a focus on introducing new circular fashion technology and services to the market. The goal is to encourage people to think and shop differently, promoting sustainability in the fashion industry.
The areas of focus for the fund include customer experience, circular inventory and services, and social commerce. Through this initiative, eBay UK hopes to contribute to the growing popularity of secondhand fashion, which has seen an increase in interest, with eBay UK selling two pre-owned fashion items every second. The sponsorship of the TV show Love Island has also played a significant role in driving this interest.
As the largest online resale marketplace in the UK, eBay will support the winners of the fund in growing and thriving on its platform. The BFC, with its industry expertise and connections, will identify and assess the circular solutions that have the highest potential for success. Environmental charity Hubbub will also provide advisory support based on its experience in managing grant funds.
Businesses interested in applying for the fund can do so until November 3rd. A shortlist of ten businesses will be chosen to pitch their ideas to a panel of industry experts, including representatives from eBay and other organizations. The panel will select the six recipients of the funding, with each winner receiving a £15,000 grant. One overall winner will be awarded an additional £10,000.
In addition to the financial support, all winners will participate in a six-week mentoring program, which includes one-on-one sessions with business leaders from eBay and organizations like the Ellen MacArthur Foundation, as well as networking opportunities.
The surge in searches for ‘pre-loved fashion’ on eBay’s site due to the Love Island collaboration has shown that secondhand fashion is at a critical stage. Lucy Peacock, Head of Pre-loved at eBay UK, stressed the importance of circularity for the long-term success of the fashion industry. She expressed optimism that the Circular Fashion Innovator’s Fund will help scale and expand innovative start-ups, making sustainable fashion practices more accessible to individuals and businesses alike.
Useful Links:
– British Fashion Council
– Hubbub
