The estimated value of fashion’s circular economy is high, as it could be valued at $5 trillion, according the Circular Fashion Report, by a group of industry and academics. Circularity had an added impetus by the fact that the fashion sector has been facing for years a pression to reduce its impact – determined by waste & carbon emissions. It is indeed estimated that 10% of all humanity’s carbon emissions are produced by fashion industry and the growing for new styles and items is taking a toll on the environment.
A circular model is a relevant feature within WORTH and, when discussing innovation and market potential, “the Circular Economy” is rapidly becoming one of the most used terms in the European fashion and lifestyle industries. It allows to connect resource efficiency, reduction and/or elimination of waste, and new commercial opportunities which are valorised when taking some circular design decisions.
Conscious consumers – that are growing in number, has given added impetus to the argument by demanding products that reflect the values they believe in and more environmental accountability. That’s why every company and brand should consider a circular model as a way of facing the future.
- Publication date
- 7 January 2021
- European Innovation Council and SMEs Executive Agency
- News Type
- Worth News