Loosely known as the “gold standard” in sustainable companies, the Profit Company (abbreviated as B Corp) certification is offered by nonprofit B Lab. By its strict ESG standards, B Corps are legally certain to behave within the curiosity of each individuals and planet (over revenue). The title is rising in reputation, with B Lab seeing a 60 p.c enhance in certifications from 2018 to 2019.
In a press release, Vestiaire chief government officer Max Bittner and cofounder Fanny Moizant, wrote: “We’re extremely proud to turn out to be the world’s first globally working and enormous B Corp licensed resale platform! It’s an enormous step on our approach to remodeling the style business. We hope it’s only the start of a broader transfer that may set off much more dedication amongst our business and neighborhood of style activists.”
The executives stated they’d been eyeing the milestone “because the starting.”
Changing into a B Corp isn’t straightforward, because it requires corporations — amongst different steps — to fill out a rigorous 300-question survey detailing the ins and outs of their enterprise, from worker working situations to carbon footprint. As competitors grows for resale, resellers are looking for extra sustainability props by launching re-commerce studies and looking for out certifications like B Corp to separate themselves and achieve “insider” standing with some 4,000 licensed B Corps globally.
With this certification, Vestiaire Collective joins corporations like Patagonia, Starbucks, Allbirds and Toms.
“In 2021, enterprise should be a pressure for good. B Corp demonstrates that we at Vestiaire care as a lot for the planet as we do for our individuals and our revenue,” the corporate famous. Thus far, Vestiaire Collective counts some $455 million in non-public funding because it takes on a aggressive panorama.
Vestiaire Collective is already seeing a heat response to the B Corp announcement on its web site. Greater than 800 web site guests commented on the news, together with one one who stated: “kudos, VC, B-Corp is an indication of excellence! subsequent goal – B-Corp’s Finest For The World award!!”
For Extra, See:
https://wwd.com/sustainability/enterprise/vestiaire-collective-resale-first-b-corp-status-1234916047/ | Vestiaire Collective Achieves B Corp Standing – WWD