Sustainability is increasingly becoming a buzz-word worldwide owing to the greater awareness among the people of the effect that human activity has on our planet, therefore it is imperative to develop a keen understanding of the issues of ecological exploitation and its correlation with economic activity.
The fashion industry is one of the leading contributors of Green House Gas (GHG) emissions and accounts for over 4% of the global total, this coupled with the fact that it is one of the cultures defining industries that have an outsized impact on consumer behaviour makes it important that sustainable practices find a strong foothold in it.
Frameworks such as the circular economy and green-supply chains are becoming popular since the coming generations of consumers in the marketplace such as the GEN Z are sensitive to the environmental impact of their purchase habits, this has also led to the creation of a CXO level of position of Chief Sustainability Officer in a few forward-looking organizations. All this is to suggest that sustainability in fashion and other industries will be a core function of how brands and organizations function, especially in the post-pandemic world where these sensibilities have been heightened.
Even as fashion retail businesses have remained shut and balance sheets have been stressed due to unprecedented challenges led by the outbreak of COVID-19, there has been a simultaneous demand for companies to accelerate their progress on sustainable initiatives in order to be competitive in the market that will emerge post-pandemic.
Sustainability, at the core of their business models, will help fashion brands and retailers rebuild resilient and sustainable businesses post COVID-19.
“COVID-19 has elevated the importance of sustainability. It is now up to industry leaders to grab the opportunities for their companies to advance with sustainable business models in an environment that has become even more volatile,” said Eva Kruse, CEO, Global Fashion Agenda.
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