Australian fashion tech business Azura Fashion Group has announced a crowdfunding campaign with Birchal to raise capital for further global expansion.
The company has reportedly grown over 200% every year since its inception in 2019, and the capital will fuel fresh new circular fashion initiatives for the business.
Azura has recently captured more of the worldwide market via exclusive partnerships with Farfetch, Net-a-Porter, Vestiaire Collective and The Iconic.
Azura Fashion Group provides ‘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 fashion brands.
Azura Consulting CEO Sam Wood said key targets include sales growth in Asia and the US, developing more direct to consumer offerings and sourcing more products from luxury brands.
“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."
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 undergo QC and are recycled through its global logistics network, with warehouses in AU, UK, US, NL and IT.
Globally, the second-hand market is projected to double in the next five years, reaching $77 billion.