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China's Shein Launches USD50 Million Fund to Help Recycling, First in Ghana
Liao Shumin
DATE:  Jun 08 2022
/ SOURCE:  Yicai
China's Shein Launches USD50 Million Fund to Help Recycling, First in Ghana China's Shein Launches USD50 Million Fund to Help Recycling, First in Ghana

(Yicai Global) June 8 -- Chinese fast-fashion giant Shein has started a new USD50 million fund to promote recycling and chosen the Or Foundation, an American-Ghanaian charity, as the first grant recipient.

Shein's Extended Producer Responsibility Fund aims to address the global problem of textile waste, the Nanjing-based firm said in a press release yesterday. The online clothing retailer will allocate USD50 million to the fund over the next five years.

Shein will give USD5 million per year to the Or Foundation for three years. The not-for-profit organization will use the money to expand its Mabilgu Apprenticeship Program for young women in Ghana, incubate community businesses to transform textile waste into new products, and ensure that Accra's Kantamanto Market, the world’s largest secondhand clothing market, is a good place to work.

Some of Shein's products might end up at Kantamanto, according to the founder of the not-for-profit organization. "We have been calling on brands to pay the bill that is due to the communities who have been managing their waste, and this is a significant step toward accountability," said Liz Ricketts.

"Addressing secondhand waste is an important part of the fashion ecosystem that is often overlooked. We have an opportunity to make change in this space and we look forward to working with The Or Foundation on this first of its kind effort,” said Adam Whinston, global head of environmental, social, and governance matters at Shein.

The Or Foundation will distribute some of the funds to its allies in Ghana. Shein will work with the NGO to identify additional grant recipients in other countries impacted by textile waste.

Editor: Emmi Laine, Xiao Yi

 

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Keywords:   SHEIN