Today, on National Consignment Day, global luxury brand Burberry and authenticated luxury consignment marketplace The RealReal (Nasdaq: REAL) announced they are teaming up to promote a more sustainable future for fashion.

The Ellen MacArthur Foundation estimates that more than $500 billion of value is lost every year due to clothing not being utilized or recycled effectively, with some garments in the U.S. discarded after just seven to 10 wears. Through a new partnership, Burberry and The RealReal are aiming to support and promote the benefits of a circular economy for fashion by encouraging customers to extend the life of their products through resale. Through the pilot launching today, customers who consign Burberry pieces at The RealReal are being offered an exclusive personal shopping experience in select Burberry stores across the U.S.

"Leading the way in creating a more circular economy for fashion is a key element of our Responsibility agenda," said Pam Batty, VP Corporate Responsibility, Burberry. "The RealReal shares our ambition to promote the circular economy and keep clothing in use for longer. We know that the enduring quality of Burberry pieces means their appeal and value is long-lasting. Through this new partnership we hope to not only champion a more circular future but encourage consumers to consider all the options available to them when they're looking to refresh their wardrobes."

According to The RealReal, resale demand for Burberry has increased by 64% year-on-year, with searches for Burberry on the site rising fastest among Millennial and Gen Z customers.

"A brand as storied as Burberry embracing the circular economy demonstrates the power of resale's impact on both the luxury market and the planet," said Julie Wainwright, CEO of The RealReal. "I hope together we'll be a part of pioneering a future in which circularity is a consideration for every luxury brand."

Building on their shared ambition to make fashion circular, Burberry and The RealReal have made a donation to Materials for the Arts to support its work in helping people rethink the way they look at materials and waste, as well as educating the public on the importance of creative reuse.