Fashion is Profitable but can it be without growth?
Producing too many clothes doesn't look good anymore. At the DealBook Summit in New York City, a task force of fashion industry forces concluded.
The New York Times has a fashion director. The participants are a professor, of textile development, at the Fashion Institute of Technology; an executive director, at New Standard Institute; a managing director, at Closed loop Partners; and a chief executive, at Kering Americas.
The New York Times asked the group to take on the oxymoron of sustainable fashion.
Ms. Friedman said it was not about the chemicals. It is about the sheer amount of stuff we produce and the amount of stuff we buy.
It is no longer possible to wait to see who will lead the fashion transformation as things must change. Ms. Friedman said that every part of the chain needed to be involved. An evolution of the business model away from double-digit growth is necessary.
If the fashion industry continues on its growth trajectory, world clothing sales could increase 65 percent by the year 2030. According to Ms. Friedman, the Hot or Cool Institute found that meeting fashion industry environmental goals would require consumers to buy only five new pieces annually.
Efforts now to promote sustainable practices include using less-impactful fabrics, such as recycled cashmere and lab-grown leather, and promoting what is known as circularity, a segment estimated to be a $100 billion to $120 billion business worldwide in 2022, according to the Boston.
The fashion industry is making clothes at an all time high. The Chinese fast-fashion company Shein, which sells clothing items, like tank tops, for as little as $5, overtook Amazon as the most downloaded app.
According to The New York Times, the creative director of her own fashion brand told her boss that she didn't want to make a billion-dollar brand.
The creative director of her eponymous label and a large French fashion brand said that unlimited growth is no longer an option. She told her CEO that she didn't want to make a billion-dollar fashion brand.
I don't think that's sexy She said it was not about building new kingdoms but understanding how they can be restructured from within.
She learned about the importance of volume drivers when she started working for the fashion company. She has been focusing on using lower-impact materials and methods that generate fewer emissions for best-selling items, such as making sneakers from recycled debris.
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The chief executive of Slow Factory, a nonprofit that addresses climate justice and social inequity, said that rethinking of fabrics and waste is necessary.
Designers are encouraged to use waste as a material. She saw an opportunity in other models, like the design for disassembly, which involves breaking down unsold clothing to make new garments. Farming and fossil fuels would be given a break if the fashion industry was forced to use what it has.
Ms. Semaan shows fashion designers where their clothes end up in the trash. Ms. Hearst has always wanted to take grade schoolers to landfills to help shape the next generation. She said that it's harder to spark ideas for new economic models that move away from overproduction when you visit frequently.
Ms. Semaan said that some new business models include virtual products and experiences that are not necessarily done to the link of a specific product. It's not yet known if selling accessories for avatars can support a company.
According to Tracy Reese, the founder and creative director of Hope for Flowers, change is hard for fashion businesses focused on profits.
The bottom line is my opinion. She asked how you could make the business case for being more responsible and less productive.
She said that it was interesting how stuck we were in old ways of doing business. She said to slow it all down and get back to process and crafting the product again.
The president of the luxury group Kering said that growth is not a bad word, especially for a company that employs over forty thousand people. Responsible and sustainable growth is possible. Growth doesn't mean more stuff. It could be a product that is better quality with better material.
The certificate of craft is a lifetime warranty program that allows buyers to bring their handbags in for repairs.
Changing fashion patterns of overconsumption could be done by giving consumers the same dopamine hit from repairing their items. How do you make repairs desirable? Ms. Semaan said that you make it unique by repairing something. The torn jeans sent back to the designer are now couture.
In her hometown of Detroit, Ms. Reese teaches people to mend clothes as a way of getting them back into the process of making clothes. We need to raise the bar. We need to make things for ourselves so that we can be proud of them.
Kaye said teenagers should be encouraged to shift to vintage. The New York Times' Hiroko Masuike was credited with the credit.
The suggestion that brands sponsor home economics classes and be more transparent with consumers was supported by the task force members. Ms. Reese thought people would be appalled to know what their choices mean when they buy a $20 item.
The focus of educating consumers and the industry about the impact of their choices was a common theme.
Wisdom Kaye, a model with over 10 million social media followers, said that because of the nature of fashion, a lot of what brands make today has already been made.
The author of "Unraveled: The Life and Death of a Garment" said that education and culture can drive a shift in policy. She said that innovation and new business models are important to the industry.
She said that a lot of this is about who starts. All of us are connected. You can educate people to say that we can change the laws.
The fashion industry needs to focus on profitability instead of rapid growth.
The second life of clothes conversation needs to be changed to incorporate the idea that an older garment can be repaired to make it couture.
Older customers can be enlisted to lobby for legislation to regulate the environmental impact of fashion companies if they are involved in the education process.
Christine is a food editor. Her last two books are "Wine Simple" and "Signature Dishes That Matter".
Keywords: York Times, Gabriela Hearst, fashion,Times fashion director