UK-based start-up NOLD has successfully raised €1 million in seed financing, primarily backed by Tilia Impact Ventures along with support from venture capital and strategic investors including Sofia Angels Ventures, New Vision 3, and four individual investors. With an aim to promote sustainable and responsible fashion consumption, NOLD is set to offer a user-friendly platform that optimizes the buying and selling process of pre-owned luxury fashion items. The funding will be instrumental in helping the company develop its technology, expand into new markets, and partner with new luxury brands.
Streamlining the Resale Market for Luxury Brands
NOLD’s platform provides a seamless way for brands to participate in the resale market by only requiring them to provide their product catalog. In exchange, brands can either receive 10 percent of the resale value in net earnings or 90 percent in revenue, depending on the seller’s payout option. This innovative approach not only opens an additional revenue stream for brands but also promotes sustainable consumer practices and the circular economy. Moreover, NOLD’s smooth integration allows brands to maintain control over their image and reputation in the resale market, ensuring consistent customer experiences and satisfaction.
Environmental Impact and Sustainability
The ground-breaking model of NOLD’s platform has a significant positive impact on the environment, boasting a displacement rate of 65 percent. This contributes to substantial water preservation and a reduction in CO2eq emissions. By adopting this eco-friendly system, users and corporations can actively participate in global efforts to conserve natural resources, minimize carbon footprint, and transition towards a greener future. Thus, NOLD not only benefits the planet but also fosters a more sustainable lifestyle for individuals and businesses.
UK Launch and Expansion Plans
NOLD is set to launch its platform in the UK market during Q1 2024, aspiring to enable top luxury brands to adopt environmentally-friendly practices, reduce their environmental footprint, and profit from the rapidly expanding pre-owned sector. The revolutionary platform plans to offer a seamless experience for both buyers and sellers, featuring a curated selection of authenticated luxury items while promoting sustainability.
Capitalizing on the Growing Demand for Sustainable Fashion
With consumer demand for environmentally-responsible shopping on the rise, NOLD aims to create a positive impact on the fashion industry by encouraging the adoption of sustainable practices among luxury brands. The platform will not only allow consumers to shop for authenticated luxury items, but it will also provide a way for luxury brands to tap into the growing circular economy. As a result, NOLD aspires to become an influential player in the shift towards sustainable fashion consumption.
Conclusion: Enabling a Greener Future for the Fashion Industry
The recent funding for NOLD indicates investors’ confidence in the potential for a responsible and sustainable fashion industry. With plans to enter the UK market in 2024, NOLD is set to transform the fashion resale market by offering a streamlined process for buying and selling pre-owned luxury items, ensuring authenticity, quality, and sustainability throughout the process. By capitalizing on the increasing demand for environmentally-responsible shopping and providing luxury brands with a new revenue source, NOLD hopes to create a lasting, positive impact on the fashion industry.
Frequently Asked Questions (FAQ)
1. What is NOLD’s mission?
NOLD aims to promote sustainable and responsible fashion consumption by offering a user-friendly platform that optimizes the buying and selling process of pre-owned luxury fashion items.
2. How much funding has NOLD raised?
NOLD has successfully raised €1 million in seed financing, primarily backed by Tilia Impact Ventures and other venture capital and strategic investors.
3. What benefits does NOLD’s platform offer to luxury brands?
NOLD’s platform provides a seamless way for brands to participate in the resale market while maintaining control over their image and reputation. Brands can receive either 10 percent of the resale value in net earnings or 90 percent in revenue.
4. What environmental impact does NOLD’s platform have?
Their platform boasts a 65 percent displacement rate, contributing to significant water preservation and reduction in CO2eq emissions. This fosters a more sustainable lifestyle for individuals and businesses and promotes the conservation of natural resources.
5. When is NOLD set to launch in the UK?
NOLD plans to launch its platform in the UK market during Q1 2024.
6. How does NOLD contribute to the growing demand for sustainable fashion?
NOLD encourages sustainable practices among luxury brands by providing a platform that caters to environmentally-responsible shopping while enabling brands to tap into the growing circular economy.
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