Innovations That Matter

The Lost Stock mission | Photo source Lost Stock

Initiative sells unsold stock to support unemployed factory workers

Retail

Lost Stock has partnered with a local NGO to help 50,000 Bangladeshi families affected by Coronavirus-related unemployment

Spotted: British startup Lost Stock allows consumers to order clothes directly from textile factories in Bangladesh, preventing cancelled orders from ending up in landfill. 

Due to the COVID-19 outbreak, and respective closure of brick and mortar shops during the lockdown, many large retailers have stopped ordering from textile factories.  It is estimated that over two billion euros worth of orders have been cancelled and that several billion unsold garments are stored in warehouses.

Most textile factories are located in low-wage countries such as Bangladesh. With the textile industry accounting for nearly 85 per cent of Bangladesh’s exports, millions of workers have lost their wages. This inspired the founder of the British purchasing application Mallzee to launch Lost Stock. Through a partnership with a local NGO, almost 40 per cent of sales will be donated to support the workers and their families. 

Customers can indicate what colours, size and age they prefer, but don’t know what they will receive. Each “surprise box” contains three tops, all made for well-known brands like Topshop or C&A. Each box costs €43 and is valued around €77.

Currently Lost Sock only delivers to the UK. However, after already having surpassed their target with 68,000 boxes sold, there are plans of expanding to other countries and offering children’s clothing packages.

Written By: Katrina Lane

Explore more: Retail Innovations | COVID-19 Innovations

Email: press@loststock.com

Website: loststock.com

Contact: loststock.com/pages/in-the-press

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