Can fashion ever be sustainable? Not if the current status quo is maintained for fundamental areas of the business, such as the excess production-based business models being used around the world. In the current system, the only way a brand can make money is to create more products; this is a cycle that almost always ends in waste.
But there is also another aspect to sustainability, and that is the financial security of the brands. There are critical differences in how revenue is distributed to brands and creators in fashion, jewellery and their adjacent industries when compared to brands and creators in other creative industries, taking music as an example.
In the Music industry, a musician also earns royalties from future (secondary) consumption of their work. There is no such concept in fashion where revenue is mainly generated only on the creation of new products. The fashion industry can and should learn from other creative industries, such as music. The brands are mostly, if not entirely, out of the secondary retail revenue loops, such as rental and secondhand.
With Meet Your Wardrobe, we have now built in a revenue redistribution model… going forwards, every time a verified brand’s product is rented or resold on Meet Your Wardrobe, they will get a percentage of our commission. For brands that are part of Revstance, a marketplace where you can buy from sustainable independent brands, this percentage can be as high as 40%.
There is now a way for brands to earn every time their product is resold or rented out for the entire life of their product. Their revenue from the product doesn’t end after the initial purchase; it continues for as long as the product gets rented out and resold.
Brands can now grow sustainably and grow revenue while not increasing excess production.
Meet Your Wardrobe is a peer-to-peer rental and re-sale platform with wardrobe usage tracking functionality. It is free to use, and we only charge a commission when an item is sold or rented for a value. That is, all wardrobe tracking and reporting functionality are free to use. Plus if you loan our items for free, you can use Meet Your Wardrobe to track the loans for free as well.
You can find more information on how a brand can get involved here.