Post by account_disabled on Feb 20, 2024 3:15:47 GMT -5
n a survey of 150 executives from some of the world's largest fashion companies, including H&M Group, Puma and Adidas, 60% cited implementing sustainability measures as their top strategic priority following COVID-19. The single strategic priority cited most in the study, conducted by the Economist Intelligence Unit on behalf of the United States Cotton Trust Protocol, was improving the customer experience. In contrast, only 15% of respondents said rewarding shareholders was important this fiscal year. When asked to list their top sustainability priority, respondents most frequently cited sourcing sustainably produced raw materials and sourcing greater amounts of recycled materials. Improving circular economy provisions and reducing emissions in line with climate science were also common responses, and investment in new technologies was also found to be a common goal: supply chain innovations were repeatedly cited. supply in the form of systems to improve its traceability, 3D printing and recycling. Most respondents said they did not plan to produce fewer products in the name of sustainability.
Seven in ten stated that fast fashion can be sustainable and that making fashion sustainable will not lead to an increase in product prices. This is despite the fact that fashion is widely considered one of the most wasteful industries in the world, simply due to the number of products produced, the shortness of their lifespan, and the lack of end-of-life solutions. More than 100 billion items Europe Cell Phone Number List of clothing and 20 billion pairs of shoes are manufactured annually. 73% of these items will end up in landfills or incinerators, according to the Ellen MacArthur Foundation . Fast fashion is also linked to human rights abuses and is the second largest source of water pollution in the world. Another worrying finding from the survey is the lack of environmental and social data that big brands are collecting. Nearly half (45%) of respondents said their company does not track emissions throughout the product life cycle. Four in ten do not track how much water and energy is used to produce the raw materials they source. Without improved data collection and sharing, the report warns that fashion brands risk not only failing to act in line with the scale of environmental challenges, but also failing to meet their collaborative ambitions. Revamped approach COVID-19 has presented multiple challenges for fashion businesses.
Lockdown restrictions in many nations forced fashion retailers to close their stores, spurring a shift towards online shopping. Supply chain workers needed to be protected amid the pandemic, and companies were exposed in the media for failing to meet their obligations here, both to suppliers in the UK and abroad. Several brands are trying to combine the need to change and improve the customer experience to catch up with the sustainability agenda. H&M, for example, has installed a garment-to-garment recycling machine in one of its Swedish stores, and is encouraging consumers to pay a fixed price to see their used clothing deconstructed and recycled in real time. Selfridges, meanwhile, has launched new repair, resale and rental services for fashion since the reopening of its UK stores. As part of the range of new offerings, the department store has expanded a previous pop-up with clothing resale platform Depop, inviting small resale businesses to showcase their collections, and has extended a six-month partnership with the HURR online multi-brand rental platform.