Abercrombie & Fitch Co. Expands Sustainability Efforts with Launch of thredUP Partnership
Source: Nasdaq GlobeNewswire / 22 Apr 2020 08:00:10 America/New_York
NEW ALBANY, Ohio, April 22, 2020 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF), a leading, global specialty retailer of apparel and accessories, today announced it has partnered with thredUP, the world’s largest fashion resale marketplace. This partnership allows customers to send in their clothing for gift cards to be redeemed at Abercrombie & Fitch, abercrombie kids, Hollister and Gilly Hicks. A&F Co. is thredUP’s latest Resale-as-a-Service (RAAS) cleanout distribution partner.
“This partnership with thredUP supports our long-term journey to embed sustainability throughout our organization,” said Fran Horowitz, CEO of Abercrombie & Fitch Co. “Sustainability is integral to our success, and it’s increasingly important to our customers. This collaboration not only helps reduce textile waste, but it also offers our customers a convenient way to do good, something we know they are eager to do.”
A&F Co. customers in the U.S. can now request a thredUP clean out kit or download a prepaid shipping label at www.thredup.com/abercrombie or www.thredup.com/hollister to send any brand of like-new women’s or children’s clothing to thredUP. Once the garments are received and processed by thredUP, customers will earn Abercrombie & Fitch or Hollister gift cards – ultimately gaining credit for future purchases while keeping clothes out of landfills. In 2019, thredUP upcycled their 100 millionth item, displacing an estimated 870K tons of CO2e -- the equivalent of 74K road trips around the world.
“thredUP’s Resale-as-a-Service platform was built with consumers and forward-thinking retailers in mind,” said James Reinhart, Co-Founder and CEO of thredUP. “We are excited to add Abercrombie & Fitch and Hollister to our portfolio of brand partnerships, and we look forward to delivering this convenient, sustainable service to their customers.”
A&F Co.’s partnership with thredUP also supports the retailer’s commitment to the United Nations Global Compact (UNGC), the world’s largest corporate citizenship and sustainability initiative. A&F Co. joined the UNGC in 2019, and recently submitted its first annual communication on progress towards its long-term social and environmental sustainability goals. The thredUP collaboration aligns with numbers 12 and 17 of the UN’s Sustainable Development Goals, which encourage responsible consumption and production and building partnerships that support the goals, respectively.
To learn more about A&F Co.’s sustainability efforts, visit http://corporate.abercrombie.com/af-cares/sustainability.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained herein or made by management or spokespeople of A&F involve risks and uncertainties, and are subject to change based on various important factors, many of which may be beyond the Company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise our forward-looking statements. Risks and uncertainties related to the duration and impact of the COVID-19 pandemic on the Company and the factors disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, in some cases have affected, and in the future could affect, the company’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For more than 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the modern consumer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.
The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The Company operates more than 850 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com.
thredUP is the world’s largest fashion resale platform, inspiring a new generation to think secondhand first. The company has spent the past 10 years reinventing resale, building a marketplace and infrastructure now poised to power the $50B resale economy and usher in a more sustainable fashion future. Millions of consumers use thredUP as the easiest way to sell their clothes and shop over 45,000 brands at up to 90% off — online, in stores or via “try-before-you-buy” Goody Boxes. Backed by world-class investors, thredUP designed a resale engine that has redistributed over 100 million unique garments from closets across America and is now powering resale for the broader fashion industry via its Resale-As-A-Service (RAAS) platform.
Investor Contact: Media Contact: Pam Quintiliano Kara Ferrara Abercrombie & Fitch Co. Abercrombie & Fitch Co. (614) 283-6751 (614) 283-6192 Investor_Relations@anfcorp.com Public_Relations@anfcorp.com