The company says it has grown over 200% every year since its inception in 2019, and the capital will fuel fresh new circular fashion initiatives for the business.
Azura says it has recently captured more of the worldwide market with exclusive partnerships with Farfetch, Net-a-Porter, Vestiaire Collective and leading Australian retailer, The ICONIC.
“Azura Fashion Group already provides one of the world’s largest ‘pre-loved’ fashion catalogues to global retailers and currently delivers over 1,200 luxury brands to consumers, (40% of which are ‘pre-loved’ fashion). The latest funding will also fund a new global rental and buy back business with some of fashion's biggest names.”
Sam Wood, CEO of Azura Consulting says, “We are thrilled to be growing circular fashion with our latest crowd-sourced funding round. Circularity is built into our DNA at Azura, and we want to make it easier for any brand to enter the circular economy.”
“With Azura, fashion brands can be on an online marketplace around the world in 24 hours. We get them listed, enable sales, logistics and handle returns. Brands and fashion suppliers love it as it's super simple and we minimise wastage and landfill. Even garments that can't be sold are donated to charity.
“Customers love it because they can access luxury brands like Louis Vuitton, Gucci and Dolce Gabbana for a fraction of full retail price. And we have one of the world’s largest preloved fashion catalogues that feeds into our network of global marketplaces with a combined 100+ million customer base,” Wood said.
Azura Fashion Group says its mission is to drive the circular economy globally and be the “most valuable player in this space for the world's most loved brands” and “with the next round of capital raise, Azura will become a major facilitator in the growth of the circular fashion economy. Azura’s aim is to:
- Bring the circular economy to more marketplaces, reducing wastage and enabling products to be reborn and reloved
- Develop more direct to customer offerings enabling user to sell their garments back into the circular economy
- Source more quality luxury product from brands
- Continue to grow their brand and marketing efforts in their major markets
- Grow our sales in Asia and the US
- Strengthen their balance sheet
Azura’s omnichannel tech-based system allows brands, retailers, and consumers to sell end-of-line and off-season products, recycle returns as 'pre-loved,' resell pre-loved fashion items, rent out clothing items and buy back products from customers. All returns are quality assured and recycled through its global logistics network. Azura's global logistics network, with warehouses in AU, UK, US, NL and IT, ensures all returns received are quality assured and re-listed as 'preloved' effectively recycling them back through the sales process.
According to Azura, globally, the second-hand market is projected to double in the next five years, reaching US$77 billion.
“Resale platforms and online marketplaces are the driving force behind this growth, expected to grow 11 times faster than the broader retail clothing sector. Through the pandemic, consumer perspectives have shifted, with 1 in 3 consumers caring more about wearing sustainable apparel than before the pandemic and 51% of consumers more opposed to eco waste. Younger generations are becoming more invested in the circular fashion movement and are powering the rise of secondhand clothing.
“Azura Fashion Group is leading the social movement against waste and landfill in the fashion industry.”
For more information visit: https://www.birchal.com/company/azurafashiongroup (link live from 7 June)