The New Circular Fashion Report estimates, the potential value of fashion’s circular economy to be $5 trillion. The report has been compiled by a group of industry and academics including PwC, sustainable consultancy Anthesis, Rödl & Partner law firm, Startupbootcamp, ESSEC Business School, Wageningen University & Research and circular fashion blockchain provider Lablaco.
The report terms the concept of a circular fashion industry to be a fast-growing movement to reuse and recycle all materials, eliminating waste and pollution and regenerating the environment in a “circular model”. This rethink of the fundamentals of how the industry operates is gaining traction among sustainable fashion brands, it says.
According to the report, the fashion industry is facing heavy pressure to reduce carbon emissions and waste, not least from a new generation of consumers who demand more environmental accountability. This has given added impetus to the argument for circularity.
The report argues for a product-centric, rather than consumer-centric approach, and digitizing it. It aims to make fashion traceable, transparent and more sustainable for businesses, consumers — and the planet.
