Fast-growing South African venture FARO raises $6M to source, refurbish and sell surplus clothing

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TechCrunch 12h ago

Fast-growing South African venture FARO raises $6M to source, refurbish and sell surplus clothing - TechCrunch

Quick Summary:

ASOS, for instance, had over £1.2 billion of unsold products in 2022. Mostly, these brands avoid reselling in core markets like the UK and the U.S.to prevent market cannibalization.

Global fashion brands grapple with excess inventory.

South Africa’s retail market, unlike the rest of Africa, is highly developed, with over 2,000 shopping centers, making it a prime location for physical off-price retail distribution.