eBay Expands Circular Fashion Fund Globally to Support Sustainable Fashion Startups
eBay Inc. (EBAY) has announced the global expansion of its Circular Fashion Fund (CFF), a program designed to support innovative fashion startups in scaling circular solutions. The fund, which launched in the U.K. in 2022, has already provided funding and mentorship to 15 businesses, including The Seam and RCYCL, helping them grow their sustainable fashion initiatives.
Now, in its third year, the CFF is expanding its reach to the United States and Germany, following its success in Australia. This global expansion signifies eBay’s commitment to fostering a more sustainable future for the fashion industry. The company believes that supporting innovative businesses and reshaping how people buy and sell fashion is key to achieving this goal.
Through the CFF, eBay aims to invest a total of $1.2 million in startups worldwide by the end of 2025. The program provides comprehensive support, including over 200 hours of mentoring and networking opportunities with industry experts. To further incentivize innovation, eBay Ventures will also award one finalist the title of “Circular Fashion Innovator of the Year” and a substantial $300,000 investment.
Kirsty Keoghan, Global GM of Fashion at eBay, highlighted the collaborative nature of the CFF, stating, “The Circular Fashion Fund is a catalyst for collaboration by combining the global scale and power of established companies like eBay with the creativity and innovation of nimble start-ups. We’re not only helping to scale circular solutions but bringing together the most knowledgeable and respected experts in the industry.”
Steven Kolb, CEO of the Council of Fashion Designers of America (CFDA), praised eBay’s efforts, stating, “eBay Circular Fashion Fund champions innovative solutions to sustainability in fashion and reflects CFDA’s passion for driving change and motivation to reduce fashion’s environmental impact. We wholeheartedly support eBay’s investment in innovation and education, and their leadership in driving the circular fashion agenda while championing the innovators who are catalysts for positive change.”
The CFF’s expansion comes at a time when sustainability is increasingly important to consumers and businesses alike. By investing in startups developing circular fashion solutions, eBay is demonstrating its commitment to a more sustainable future for the fashion industry.
For investors interested in gaining exposure to eBay, the ProShares Online Retail ETF (ONLN) and Global X E-commerce ETF (EBIZ) offer opportunities to track the company’s performance.
eBay’s stock closed up 0.16% at $66.99 on Tuesday, demonstrating continued investor confidence in the company’s commitment to innovation and sustainable practices.