Company
Inspired by the flamboyant, rich cultural fashion in Nigeria, and the potential in circular fashion in Africa, RedXchange is fast becoming a phenomenon in circular fashion – a no-inventory digital fashion resale, rental, and repair platform, first-of-its kind in Africa.
Beyond commerce, the model creates a viable ecosystem of circular fashionistas (Xchangers) and becomes a platform for other entrepreneurs or aspiring fashion entrepreneurs, to make money from their wardrobes. RedXchange platform benefits all stakeholders including lenders, sellers, renters, tailors, employees, and partner organisations, as well as reducing fashion production carbon footprint. The peer-to-peer model ensures that items can
Business model
a peer-to-peer platform business model generating revenue by charging customers a service fee of 10% of the fashion item and the lenders/sellers pay a service fee of 5%.