ReBound Returns, the tech platform helping the likes of ASOS, Gymshark and Sweaty Betty manage returns sustainably, has announced it has been acquired by Reconomy, the UK’s leading recycling and waste management giant.
The move is being described as “set to supercharge retail’s sustainability efforts worldwide” as the industry attempts to tackle the environmental impact of surging global return volumes, which have risen by 65% during the COVID crisis according to ReBOUND data.
The acquisition combines ReBOUND’s specialist returns platform with Reconomy Group’s vast portfolio of technology-enabled environmental services, including those provided by Reverse Logistics Group (RLG) and Cycleon, that help organisations tackle sustainability in a meaningful, cost-effective way.
Founded in 2014 by Graham Best and Phil Smith, ReBOUND is a global leader in managed returns services, helping brands understand what’s being sent back to them and why, as well as providing a range of options on what to do with inbound items. The company specialises in working with fashion brands to offset the environmental impact of packaging, shipping and processing returns, helping brands calculate the most carbon-efficient routes, eliminate wasted transport miles and recycle goods wherever possible.
The acquisition is the latest in a line of investments as part of Reconomy’s strategic growth plan as the company pursues its ambition of becoming the leading global, asset-light circular economy platform.
ReBOUND will continue to operate under its own name while collaborating closely across the Reconomy Group, sharing technology, data and services as it continues to develop ways for retail to transform their returns practices.
Paul Cox, Reconomy CEO, said: “Adding ReBOUND to the Reconomy Group is a very exciting development and we extend a warm welcome to the whole team. Their innovative approach, underpinned by great technology and a focus on providing an excellent user experience, makes for a perfect fit with Reconomy.
“Sustainable returns have taken on even more importance during the pandemic and represent a challenge for many businesses looking to achieve high environmental standards. ReBOUND’s expertise, combined with the Reconomy Group’s existing returns activity, will offer clear, unique benefits to our customers as we continue to build an unrivalled set of services to help drive the circular economy on the global stage”.
Graham Best, ReBOUND Founder & CEO, commented: “Thanks to the lockdown-inspired ecommerce surge, retail faces an environmental crisis and this is the ideal partnership to help brands diffuse that ticking time bomb. At ReBOUND we’ve always prided ourselves on helping retailers recognise the value of their returns data.
“Uniting with Reconomy Group’s incredible resources now means there are boundless opportunities for retailers to apply that data to tackle returns sustainably, from knowing which worldwide recycling services are available to tap into, to supercharging advanced analytics to sell items that customers actually want to keep.”