Circularity platform Responsible acquires re-commerce provider Haru
Two Belfast-based sustainability innovators, global circularity platform Responsible and fashion re-commerce provider Haru are joining forces to strengthen North Ireland’s position as a fashion circularity hub in Europe.
In a statement, Responsible said it has acquired Haru to unite its cutting-edge re-commerce technologies and circularity solutions to benefit the fashion industry and contribute to the growing technology sector in Ireland.
Both Responsible and Haru technologies enable brands to shift towards circularity by accepting fashion and footwear items, renewing them, and reselling them, all with a single platform. This allows brands to participate in the global fashion resale and second-hand apparel market, which according to Statista is projected to be valued at 218 billion US dollars by 2026.
Mark Dowds, chief executive of Responsible, said: "Our acquisition of Haru is a significant milestone for Responsible as we continue to push the boundaries of circularity in the fashion industry.
"By combining our respective technologies and expertise, we further increase the efficiencies and profitability required to grow the adoption of circular business models by brands and drive consumer behaviour change at scale."
Responsible and Haru unite to strengthen Northern Ireland’s position as a fashion circularity hub
The acquisition will enable Responsible to strengthen its brand and customer-facing apps by utilising Haru’s advanced operational, digitisation, and pricing algorithms. As well as allow it to expand its reach to scale re-commerce in the fashion industry further.
The circularity platform adds that combining both companies’ technology will be an “essential step forward in supporting the development of profitable circular trading programmes,” which “will support more widespread adoption throughout the fashion industry”.
Jacques Hill, chief executive of Haru, added: "We're thrilled to join Responsible and bring our complementary technologies and expertise to the table. Since launching Haru in 2018 as a tech-powered re-commerce solution for second-hand fashion retailers, specifically charity shops, we've proudly supported over 550 charity shops across the UK and Ireland, generating revenue where there was little margin.
“With the integration of our platforms, we're excited to unlock even greater value for our customers, retailers, and staff as we build a better future for fashion."
Responsible is headquartered in Belfast, with satellite offices in London, New York, and California. Last year the embedded re-commerce platform, known for its ‘Buy Back’ loyalty programme, secured 6.6 million US dollars to expand its reach throughout Europe.