Circular fashion economy: how Stéphanie Crespin is revolutionising the luxury industry with her start-up Reflaunt
With her start-up Reflaunt, Stéphanie Crespin connects luxury brands to the second-hand market using blockchain technology. She recently raised 2.7 million US dollars in funding for her venture. Crespin's ambitious goal is to solve the fashion industry's sustainability problem.
The fashion magazine Harper's Bazaar once called her a “Digital IT Girl”, but Stéphanie Crespin is much more than that. Crespin is part of a revolution in the luxury industry.
Connecting luxury brands to the second-hand market
Her start-up allows customers of luxury brands to sell their purchased items on second-hand portals in a secure and certified way, and receive shopping credit in return. With this credit, the customers can then go shopping again at their favourite brand. The whole process is secured via the blockchain.
Circular economy in the luxury segment
“Sustainability is the biggest challenge of our industry,” says Stéphanie Crespin. With her start-up, she wants to break the cycle of “buy – wear – dispose” and bring the luxury sector into the circular fashion economy as well. In this way, brands and retailers in the luxury sector can secure their share of the buoyant second-hand market. Backing for her idea from investors like Balenciaga CEO Cedric Charbit and Swarovski creative director Giovanna Battaglia helped Crespin raise 2.7 million US dollars in the last financing round.