Designers will be able to purchase unused materials from fashion houses at significant discounts.
French fashion conglomerate LVMH announced the launch of a new resale platform called Nona Source. Many well-known retailers are now implementing the opportunity to sell second-hand products, but LVMH has chosen a slightly different path. In order to reduce the volume of unspent materials in warehouses, fabrics, leather and other similar goods will be sold at significant discounts.
The platform will bring together a range of fashion houses that are part of LVMH, and these are such big names as Christian Dior, Givenchy, Louis Vuitton, Fendi and a number of others. The project is also open to cooperation with third-party brands that want to sell their unnecessary stocks in this way.
Often, the warehouses of large fashion manufacturers accumulate significant stocks of fabrics that were once selected for a collection, but have now lost their relevance.
Such surpluses of tissues and skin are stored and subject to subsequent destruction, they are burned or buried. According to Queen of Raw, the fashion industry spends an estimated $120 billion a year servicing unused inventory. This approach is not only unsustainable and wasteful, but also encourages overproduction and has a negative impact on the environment, for which the world of modern fashion is so often criticized.
The Nona Source project will solve a significant part of the pressing issues with excess stocks of fabrics. In addition, designers from different countries will be able to acquire high quality materials for their work, to which they would not otherwise have access. It is reported that the price of fabrics purchased through the platform will be around 70% of the original wholesale price. It is specifically emphasized that the fabrics sold will not have exclusive patterns, logos or brand names from LVMH. This decision was made in order not to devalue the brands owned by the conglomerate.
The idea for the project was born as part of the DARE program, a dedicated platform for LVMH employees to come up with a variety of ideas to help bring a more circular economy to the fashion world.