Fashionphile, a leading luxury bag resale platform, has announced that it has recently earned B Corp Certification (B Corp).
According to Benefit Corporation’s official website, B Corp is a status awarded to companies that meet rigorous standards of social and environmental performance, accountability, and transparency through the B Impact Assessment.
It was reported on the Fashionphile website that the company received an overall score of 83.2 based on its B Impact rating, joining the many companies that are redefining business for people and the planet. Vestiaire Collective, a France-based resale platform, likewise received this B Corp certification.
Fashionfile is a pioneering luxury goods resale platform founded in 1999. One of its flagship stores, the New York office, houses countless pre-owned Hermes, Chanel, and other luxury bags, and the company has committed to extending the life of each item by reselling it on its own platform.
The company’s sustainability efforts are not limited to resale but also include implementing internal recycling initiatives, utilizing low-density LPD plastics and recycled materials for packaging, and moving to a hybrid work model to minimize waste.
In addition, in September 2021, solar panels were installed on the roof of Fashionfile’s global headquarters, which generated more than 140,000 kWh of electricity. Furthermore, it is expected to exceed 200,000 kWh by the end of 2024.
Founder and President of Fashionphile Sarah Davis emphasized the importance of this certification. “We are honored to receive B Corp certification and to join a highly selective community of like-minded businesses committed to creating positive environmental and social impact,” she said.
At the same time, she mentioned the company’s focus on circularity and its emphasis on reducing, reusing, restoring, refurbishing, recycling, and repairing, adding, “While the FASHIONPHILE model is a circular one, obtaining the B Corp designation demands much more. This certification is a testament to our dedication and reinforces our mission to make fashion more sustainable,” she continued.
OSF has long reported that the U.S. resale market will “more than double its current value to $82 billion by 2026.” While many American brands and department stores are currently exploring their own resale models, Fashionphile has always been at the forefront of this movement.