LONDON – Circular solutions platform Responsible has secured a US$6.6 million investment and says it will use the money to broaden its reach throughout Europe, whilst extending its network of fashion brands and retailers.
The company has developed a buy-back plug-in which companies can integrate within their online stores to encourage consumers to return used items. It does this by calculating a sum that shoppers are rewarded with via store credit should they opt to bring their items back.
“We are enabling brands to not only become accountable for everything they produce, but also to financially benefit from a more circular and sustainable business model. Data sources like Black Book and Glass’s Guide transformed the automotive industry, we plan to do the same in fashion,” said Mark Dowds, founder and CEO of Responsible.