In recent years as the fashion value chains are becoming more transparent to the public, there has been a conscious preference developing among the customers for slow and sustainable fashion and accordingly, their purchase behaviors have also changed. This has also impacted the business strategies and model planning. This has been challenging for the companies to think and inculcate sustainability into their complex supply chains and ensure their customers a long-termed viability. The founder of 'The Knew Purpose' and a sustainability expert, Sydney Price opens up with his suggestions for the evolving companies to adopt the circular economy model which would be beneficial for the supply chains and will be based on three core principles.
The first principle is waste elimination. New solutions need to be worked out for more effective and efficient results with lesser resource input such as chemicals, water, fossil fuels and energy. The second principle is to work on making more durable clothing. There has to be a different way how clothes are designed, sold and used to break free from their disposable nature. Business models need to make some changes to motivate the short-term subscriptions, reselling and on-demand purchasing. They can also practice 'repair services'. This principle has been referred to as 'the new trinity' and overall focuses on brand-customer engagement. The third principle involves switching to renewable resources and regenerating natural ecosystems, instead of relying on fossil fuels. These three principles would need some amendments to be made in the fashion business model but its potential can be fully drained for generating new opportunities and will prove as a boon for our environment and society.
The company should align its sustainability targets to the company's values, mission, and vision. She also recommends brands to take a look at the initiatives by the United Nations, the CEO Agenda and the Paris Agreement and suggests a suite of tools that enable brands and retailers to practice sustainability, helping them to perform ethically at each stage of the process. She also puts light on Stella McCartney who is leading in the luxury fashion space in terms of the circular economy. The company has been a part of the Make Fashion Circular Initiative; is working on collaborations and innovations to dig a new textile economy. The brand is using recycled nylon, polyester and regenerated cashmere in its products. The brand also supports restorative farming and is working towards the regeneration of natural resources. It also co-launched the Clevercare initiative to make its customers aware of their garments and guide them to take better care of them.
Sydney concludes that a circular economy is a matter of time but for that, the companies need to be viable and change their model to focus on long-term benefits, as the very resources they need are limited.
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