Fast-growing South African venture FARO raises $6M to source, refurbish and sell surplus clothing
- Global fashion brands are struggling with billions of dollars’ worth of unsold inventory.
- Emerging markets like Africa rely on secondhand clothing imports, with 30% to 40% deemed unusable.
- FARO raised $6 million to make fashion affordable and combat textile waste in Africa.
The innovative approach taken by FARO to address both the surplus of unsold inventory in developed markets and the challenges faced by emerging markets presents a promising model for sustainable fashion. Their focus on customer-centric strategies and the integration of technology could serve as a blueprint for other startups in the recommerce space, especially in regions where traditional retail faces logistical hurdles.
