Patagonia Wins Circular Economy Multinational Award At World Economic Forum Annual Meeting In Davos

VENTURA, Calif. and DAVOS, Switzerland, Jan. 17, 2017 /PRNewswire/ -- Yesterday the World Economic Forum's Community of Young Global Leaders, in collaboration with Accenture Strategy (NYSE: ACN), awarded Patagonia with the Accenture Strategy Award for Circular Economy Multinational at the Annual Meeting of the World Economic Forum in Davos-Klosters. This award recognizes the notable contributions Patagonia has made to the circular economy, driving innovation and growth, while reducing dependence on scarce natural resources.

"We are honored to receive this meaningful, important recognition," notes Ryan Gellert, general manager, Patagonia Europe, who accepted the award on behalf of the company. "While Patagonia is proud to accept this award, we have only begun to scratch the surface of what is possible with a circular economy model. There is still so much work to be done to change global consumption habits and encourage reuse and repair."

The global apparel market is valued at $3 trillion – but the growing trend towards fast fashion has created a very linear economic model that produces enormous waste. In contrast, Patagonia is working to counter this approach with a circular business model that focuses on making the highest quality products and helping its customers keep the products in use as long as possible.

Introduced in 2013 with a message of "If It's Broke, Fix It," Worn Wear was created as a way to encourage people to take good care of their gear, washing and repairing as needed, and eventually recycling once the garment can no longer be used. Patagonia's Worn Wear repair facility in Reno, Nevada repairs over 45,000 items per year and the company operates retail repair stations around the world, in addition to providing its customers with free tools for repairing their own clothing. With every repair, the company provides feedback to their designers to improve future products.

Looking forward to Summer 2017, Patagonia will launch an e-commerce Worn Wear platform where the company will sell used Patagonia clothing and gear online, sourced directly from its customers. Customers will be invited to bring used items to their local Patagonia store in exchange for Patagonia merchandise credits. The goal of this platform is to extend the life of garments by encouraging people to sell unused clothing, reach new customers and promote the durability and quality of Patagonia products. Additionally, Patagonia will again take Worn Wear on the road, visiting 21 college campuses across the country to support the efforts of student-led zero-waste movements that encourage reduced consumption, repairing, reusing and responsibly recycling.

"Receiving the Accenture Strategy Award for Circular Economy Multinational in Davos is an indication that we are on the right path and hopefully will increase awareness for these issues and inspire other businesses to follow in our footsteps," notes Rose Marcario, Patagonia's president and CEO. "We want our friends and customers to learn that the single best thing you can do for the planet is to use stuff longer. Our goal as a company is to continue to provide the tools and resources to make this philosophy a reality in our customer's lives. We are very excited about our new online platform which we hope will take Worn Wear to a new level."

SOURCE Patagonia