Fashion’s Downfall

“Above all we understood we went way too far. Our reckless actions have burned the house we live in,” says Gucci creative director, Alessandro Michele.

Angeli Mehta explores the troubling reality facing the fashion industry in her recent article in Ethical Corporation: “‘Pandemic forces fashion industry to take stock.”

The dire conditions facing manufacturing communities, due to abrupt cancellations of apparel orders from global brands, is accelerating the already critical crisis.

Highlights from the report include:

  • The average market capitalization of apparel, fashion and luxury brands dropped almost 40% in the year to the end of March.
  • McKinsey expects “a large number” of global fashion companies will go bankrupt in the next 12 to 18 months.
  • In 2016, WRAP estimated the fashion industry global supply chain waste was 800,000 tonnes, even before any clothing reached the consumer. In the UK alone that year 300,000 tonnes of clothing went to landfill.
  • The industry accounts for 10% of global carbon emissions.
  • McKinsey’s survey of North American and western European sourcing executives reveals not all brands are taking steps to support their supplier base. And only 19% are providing pre-payment for orders, even though 64% of respondents said this action would have a significant impact.
  • The pandemic has increased consumer interest in sustainability: a survey of consumers carried out in Europe and the US in March suggested 20% of them want to support local business, and in Europe 16% said they’d be buying more socially and ecologically sustainable clothing in future.
  • Consumers have also taken note of efforts by brands to look after their employees, contributing items like PPE, or donating to their communities.
  • The Textile Recycling Association fears that unsold stock will take the place of secondhand clothing in many markets in eastern Europe.

Read more here: https://bit.ly/2AwaaVw

Filed Under Things We Love

White Paper: Food Systems

NextGenChef’s white paper, The State and Future of the Food System post-COVID-19, explores today’s most pressing questions.

COVID-19 has exposed the weak points in the U.S. food supply chain, raising fears of food shortage among consumers. The disruptions have drawn widespread attention to the problems that entrench the food industry, simultaneously urging the country to reflect on sustainable alternatives.

As consumers alter shopping behavior, suppliers run low on supply, and logistics buckle under pressure, brands who will emerge as winners will be the ones who lead with environmentally and socially responsible operations.

In this NextGenChef whitepaper, the team speaks with eight industry experts across the country, including senior supply chain consultants and CEOs who represent more than 180 organizations to uncover how COVID-19 has changed the food supply chain.

GoodOps’ CEO, Divya Demato, touches upon the importance of DTC food models and how the path to resiliency lies in supplier recovery.

Read on for exclusive industry insights here https://go.aws/2CdRJVU

Filed Under By GoodOps

Webinar: FASHINNOVATION Worldwide Talks

FASHINNOVATION’s Worldwide Talks 2020 panel on Supply Chain and Circular Economy explores the role of equal justice, standardizing sustainability metrics, power of being an early adopter of ESG and future trends like plant-based materials.

Panelists:

Watch the full panel here: https://lnkd.in/djH-xNv

Filed Under By GoodOps