eBay has expanded its Circular Fashion Fund (CFF) globally, adding the United States, Germany, and Australia to its reach, alongside the UK, where the initiative is now in its third year. The CFF is designed to invest in innovative solutions that contribute to a more circular economy in fashion. As part of its new initiatives, eBay will also present the “Circular Fashion Innovator of the Year” award, granting the winner a $300,000 investment to accelerate their growth.
With a focus on fostering environmentally responsible fashion, the CFF will award £50,000 ($65,000) to the top innovator in the UK, with two runners-up receiving £25,000 each. All three finalists will benefit from bespoke mentoring, educational workshops, and networking opportunities, gaining insights from industry leaders. The fund, which has already invested $1.2 million since its inception in 2022, aims to reach $1.2 million in support by 2025. In addition to financial backing, eBay has pledged over 200 hours of mentoring and networking for these circular fashion start-ups, helping drive innovative, sustainable approaches to fashion production, consumption, and disposal.
eBay’s CFF works closely with leading fashion councils to maximize its impact. The British Fashion Council, Fashion Council Germany, the Australian Fashion Council, and the Council of Fashion Designers of America (CFDA) all contribute to eBay’s goal of advancing the circular economy in fashion by championing innovation and guiding small businesses toward scalable, impactful solutions.
Kirsty Keoghan, global general manager of fashion at eBay, shared her enthusiasm: “The CFF is a catalyst for collaboration, bringing together the reach of eBay with the innovation of start-ups. We’re truly reshaping the future of fashion.” Echoing this sentiment, British Fashion Council CEO Caroline Rush highlighted the positive influence of the CFF on the UK fashion industry and its commitment to sustainability.
Applications for this year’s CFF are open through November 15, 2024, with eBay encouraging circular fashion start-ups and small businesses to apply and help transform the fashion industry’s future.
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