Sustainability is a significant bet for fashion firms since it is the only way to live on our planet and as a business. However, while some firms saw the writing on the wall and our responsibility to future generations, others have modified their strategies after learning that it will be required by law in the near future. Those hoping to get out of this by greenwashing will discover this to be a very risky gamble once the cards are dealt. Top MBA college in Bangalore
The garment industry contributes over 10% of total world carbon emissions and is a major source of industrial pollution. According to some estimation, it is only second to the oil sector. Textile treatment and dyeing also contribute one-fifth of freshwater pollution, and approximately a quarter of all chemicals are utilized in textiles. The fashion industry's interest in sustainable methods, on the other hand, is not solely motivated by worrying figures. The growing interest in sustainable investments, on the other hand, reflects the broader economic and political context.
The surge of high-profile natural disasters like Australia's wildfires had intensified consumer pressure to act and raised alarm bells about climate change. Consumer behavior is not only transforming but also demanding change from the producers. Consumers are becoming more mindful about what they wear, where it came from, how it was produced, and by whom. This demand for transparency and the adverse effects of climate change on profitability have forced companies to embrace and bet on sustainability. Best B-school in Bangalore
Shoppers, especially millennials and gen Z, are increasingly drawn to brands committed to ethical causes. As per the 2018 millennials Pulse Report by Shelton Group, 90 percent of millennials favor brands respecting social and environmental causes.
A McKinsey report titled 'The State of Fashion 2019' states that "Transparency has become an important issue further upstream in the supply chain, with consumers increasingly concerned about issues including fair labor, sustainable resourcing, and the environment. Consumers want to support brands that are doing good globally, with 66 percent willing to pay more for sustainable goods."
Further, as per the 2017 Global Fashion Agenda Pulse Report, embracing sustainable fashion can generate a 1-2 percent EBITDA margin growth by 2030 and, therefore, a worthwhile investment for the long term.
Consequently, sustainability, which once was a niche segment, has now been embraced by the fashion industry. Even if everyone is not doing their bit, at least they know its importance to economic performance and its link to an image improvement vector. It makes sense. MBA in Bangalore
And, eager to prove that fashion can be green, brands are implementing sustainable actions with communication strategies. Brands are adopting visibly eco-friendly measures to demonstrate their proactive commitment. Inspired by the success of fairly transparent brands like Everlane or Patagonia, a growing number of fashion brands are removing the veils of their supply chain, thereby open to scrutiny and hopefully improvement. In addition, several fashion companies have hired consultants and advisors to explore alternative and earth-friendly production methods and materials.
In 2018, Adidas, in collaboration with Parley for the Oceans, released a new sneaker line made from recycled plastic waste. Kering is championing the cause in the luxury world. It was initially driven by Stella McCartney, who was one of the pioneers in the field. But now, Kering as a group has taken giant strides in this direction. It is committed to cleaning its supply chain. It is currently working with 119 start-ups focused on sustainability, such as its investment in textile blend recycler Worn Again and Mylo. Similarly, Chanel took a minority stake in silk-based performance textile maker Evolved by Nature in June 2019.
Sustainable ranges from high street brands, such as Zara's #JoinLife and H&M's Conscious, carry a slightly higher price point and take little longer to produce, but are traceable and use environmentally friendly fabrics and processes. While it may take decades to reverse the damage done by fast-fashion giants, these efforts represent a step in the right direction.
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