The Global Fashion Agenda (GFA) has welcomed American consultancy firm McKinsey & Company as a Strategic Knowledge Partner and says the pair will work closely to identify the systemic changes needed to catalyse industry-wide change.
Collaborations will centre on redesigning growth and follows hot on the heels of GFA launching its CEO Agenda, which urges fashion’s leaders to disrupt the current system by implementing innovative business models.
“We seek to challenge the traditional concept of growth and prosperity, by collaborating to identify solutions for the industry to meet the demands of the future within planetary boundaries,” says Eva Kruse, CEO of the GFA. “That’s why I am beyond excited to be joining forces with McKinsey & Company to dive deeper into the topic of growth.”
It was only earlier this month that the Copenhagen-based organisation released its CEO Agenda 2020, co-authored by a handful of its strategic partners including H&M, Kering, Nike and PVH Corporation.
“I urge fashion leaders to re-evaluate the current growth logic,” Kruse said at the time. “This is not only essential to future-proof their business, but it’s also crucial for humanity to operate within planetary boundaries.”
As it accelerates work to this end, the Global Fashion Agenda has partnered with McKinsey, the author of many fashion industry reports that have served to update stakeholders on topics such as material usage, consumer appetite for sustainable fashion and growth trajectories across different geographies.
“McKinsey’s dedicated team has in-depth knowledge about our industry, and together we will also provide new assessments and reports for the industry to track and follow progress on sustainable development,” noted Kruse.
The duo insist they will look beyond existing solutions, finding inspiration from academia and other industries to identify ways in which fashion can improve its environmental performance.
Findings from McKinsey’s survey of chief sourcing officials (CSO) from across the fashion industry, conducted in October 2019, indicates that major brands and retailers are up for the fight.
Of the 64 CSO’s questioned on priorities for the planet over the coming years, a resounding 56 suggested sustainability and transparency would be at the top of their agendas in future.
“Still, the industry has a long way to go before achieving transformative change,” insists Achim Berg, senior partner and global leader of apparel, fashion & luxury group at McKinsey & Company.
“We’re proud to partner with the Global Fashion Agenda, which possesses deep content expertise, a wide industry reach and extensive communication platforms to share our joint knowledge. As a strong alliance, we are setting ambitious goals to accelerate the pace on sustainability and to push for real industry transformation,” he concluded.
Courtesy: Eco Textile News
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