Industry InsightThe fashion industry has a disastrous impact on the environment and is the second largest polluter in the world, just after the oil industry. And the environmental damage is increasing as the industry grows.
The global resale market is growing 24 times faster than traditional retail. However, there are solutions and alternatives to mitigate these problems. The first step lies in building awareness and willingness to change.
Reflaunt takes advantage of the high growth in the resale market, increases customers purchasing power and helps consumers enhance sustainability in the fashion industry.
Reflaunt’s technology connects brands to second-hand marketplaces. Shoppers resell past purchases directly from the brand’s website, earning shopping credits. The piece is rehomed and given a second life, taking fashion full circle.
Challenges & Opportunities
The value of unworn items is often lost in landfills. Extending the life of clothes by just nine extra months of active use reduces carbon, water and waste footprints by 20-30% each. By enabling customers to shop consciously and extend the life of a product, Reflaunt allows brands to stand behind their product’s lifelong quality and strengthen the power of its story telling.
Stephanie Crespin, CEO, is an amazing entrepreneur and an example of female leadership and empowerment for the greater good. Castian Global has had the privilege of working closely with Stephanie and her team over the years through her first company, StyleTribute and now, Reflaunt.
How We Helped
We have helped structure legal contracts for all types of business counterparts such as investors, retail clients, global fashion brands (including H&M, Balenciaga, LVMH) and employees (putting in place share option plans, flexible contract arrangements and internal company policies).
Castian Global has engaged actively with the Reflaunt team at the forefront of key business initiatives, aiding with the implementation of innovative and complex technology based solutions including blockchain, smart logistics and data protection.
Stephanie also needed a trusted and pro-active adviser to help integrate the specific needs of the business and strategic directions. Castian Global acts as a mentor and advisor, meeting regularly with Stephanie to review existing practices and explore ways to continue to enhance the business in the future.
About Proof & Company
Think independent. Drink independent. Proof & Company stands by its motto, bringing a disruptive approach to spirits distribution, merging an extraordinary portfolio of independent spirits brands with a team of highly regarded bartenders, a customer focused mindset and hospitality clients who lead. From offices in five countries, Proof & Company serves the broader Asia Pacific region with our portfolio of spirits, cocktail ingredients, bar tools, glassware and team of Spirits Evangelists, one of the most well-regarded creative teams in the cocktail and spirits community globally. Six of their client projects are ranked amongst the World’s 50 Best Bars or Asia’s 50 Best Bars.
But the company didn’t stop there… it recently created the world’s first low carbon, low waste spirits distribution technology, ecoSPIRITS. It is an innovative closed-loop distribution system that nearly eliminates packaging waste in the premium spirits supply chain. This patent pending technology drastically reduces packaging and transport costs and provides both a powerful cost advantage and a transformative carbon footprint reduction.
Challenges & Opportunities
In 2020, the world will produce 40 billion glass spirit bottles, generating 22 million tons of carbon emissions. With each bottle eliminated, ecoSPIRITS saves at least 550 grams of carbon emissions.
By partnering with ecoSPIRITS, spirit producers, distributors and hospitality operators can save costs and reduce the environmental impact of their operations.
How We HelpedCastian Global was appointed to the role of in-house counsel to the Proof & Company group, to provide a full suite of services, including, leading on a substantial corporate group restructuring, liaising with investors and preparing communications and corporate governance documentation, managing local counsel in various jurisdictions, managing and protecting the group’s trade mark and intellectual property portfolio, providing active advisory services on all material commercial agreements, managing the inventory facility and equity investments of the group, preparing templates, policies and systems to upgrade and standardise internal operations, advising on regulatory and compliance matters and reacting expediently when ad hoc challenges and issues arise.