UNDERSTANDING THE ECONOMY AND OPPORTUNITIES IN THE FASHION BUSINESS!
Fashion is a vibrant industry that employs hundreds of millions, generates significant revenues, and touches almost everyone, everywhere.
Since the 21st century, clothing has increasingly been considered disposable, and the industry has become highly globalized, with garments often designed in one country, manufactured in another, and sold worldwide at an ever-increasing pace. This trend has been further accentuated over the years by rising demand from a growing middle class across the globe with higher disposable income, and the emergence of the ‘fast fashion’ phenomenon, leading to a doubling in production over the same period.
The money spent to buy all of a product’s inputs, as well as the money received when the product is sold, is referred to as economic output. Because the value of inputs is counted numerous times when those products are employed in the creation of additional goods and services, this measure is a duplicative total.
It’s past time to make the switch to a fashion system that benefits the economy, society, and environment.
The report UNDERSTANDING THE ECONOMY AND OPPORTUNITIES IN THE FASHION BUSINESS! outlines a vision and sets out ambitions and actions — based on the principles of a circular economy — to design out negative impacts and capture a 500 billion economic opportunity by truly transforming the way clothes are designed, sold, and used.
Beyond laudable ongoing efforts, a new system for the fashion economy is needed and this report proposes a vision aligned with circular economy principles. In such a model, clothes, fabric, and fibers re-enter the economy after use and never end up as waste. Achieving a new fashion economy will demand unprecedented levels of alignment.
A system-level change approach is required and one which will capture the opportunities missed by the current linear fashion system.
Reduce your environmental impact
Eco-design is the technique of taking environmental issues into account during the production and manufacturing process.
Eco-design not only benefits the environment but can also help you save money in the long run.
Minimizing the impact of materials
When selecting materials, consider how the product will be used, and match durability with garment type.
Washing can also contribute a considerable amount of environmental impacts to a garment.
Choosing fabrics that require fewer detergents and can be cleaned in cold water will reduce environmental impacts.
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