A recent study conducted by eco company Aquapak Polymers has shed light on the fashion industry’s commitment to achieving full circularity in the coming years. The study surveyed fashion businesses in the UK, US, and Australia and found that a considerable number of respondents have set ambitious goals for achieving full circularity. Specifically, 12% of participants expect to achieve this milestone within one to two years, while 34% anticipate reaching it within two to three years. Furthermore, 31% aim to become fully circular within three to four years, and 20% within four to five years.
The study delved deeper into the strategies implemented by these businesses, with 32% of respondents rating their plans to achieve full circularity as “excellent”. However, a majority of 54% described their strategies as “good”, indicating room for improvement. Another 14% considered their strategies to be “average”. In terms of sustainability leadership, more than half of the participants (54%) viewed their businesses as “market leaders and innovators”, while 39% deemed themselves “average” and 7% confessed to being “laggards”.
The findings also highlighted the importance of sustainability for the success of fashion businesses. While 49% of participants recognized sustainability as highly important, only 21% believed their strategies and programs in this area were excellent. When asked about the specific aspect of sustainability, 37% of respondents emphasized the reduction of polyethylene plastic in packaging as highly important, while 63% considered it to be quite important.
Mark Lapping, CEO of Aquapak, emphasized the significance of these results, stating that the study shows the fashion industry’s prioritization of the circular economy and sustainability. However, he noted that only half of the businesses surveyed considered themselves at the forefront of innovation and market leadership. Lapping highlighted the opportunity for brands to step up and lead the industry, especially with the rapid development of new technologies.
These findings offer hope for the fashion industry’s commitment to sustainability and the establishment of a circular economy. However, they also indicate the need for improvement in sustainability strategies and programs. With growing environmental concerns, it is crucial for businesses to prioritize sustainable practices and take the lead in driving innovation within the industry. Additionally, the emergence of new technologies provides an opportune moment for brands to demonstrate their dedication to sustainability. By embracing these changes, the fashion industry can make significant strides towards achieving full circularity and contribute to a more sustainable future.
For further information on circular fashion and sustainability, you can visit the following links:
1. Ellen MacArthur Foundation – Circular Economy
This link provides information on the concept of the circular economy and its applications in various industries, including fashion.
2. Business of Fashion – The Future of the Fashion Industry
This article discusses the future of the fashion industry in terms of sustainability, innovation, and the shift towards circularity.
