Home / Knowledge / News / Apparel/Garments / UK firms can benefit from £100bn sustainable innovation
UK firms can benefit from £100bn sustainable innovation
06
Jul '13
UK business could benefit from £100bn sustainable innovation opportunity, finds study by Accenture, M&S and Business in the Community

UK business could secure £100bn in annual productivity gains generated by innovations designed to address environmental and social challenges, according to a new report by Accenture the charity Business in the Community and Marks & Spencer.

The report, Fortune Favours the Brave, argues that companies must go beyond conventional corporate and social responsibility programmes and, instead, place sustainability at the heart of business strategies and operations to unlock the full commercial potential and sustainability benefits.

Based on primary and secondary research by Accenture and in depth discussions with CEOs of some of the UK’s leading companies such as Kingfisher, BT Group and Jaguar Land Rover, the report suggests that scaling innovation in five categories – resource efficiency, the circular economy, new consumption models, shared value approaches and transparency and customer engagement – can improve competitiveness, grow revenues and better address changing customer needs.

Olly Benzecry, Managing Director UK and Ireland, Accenture said: “At a time of economic challenges and changing consumer expectations, there is an opportunity to make sustainable business practices a driver of growth and competitiveness. That requires companies to innovate and to embrace the disruption that new sustainable business models can create.”

Stephen Howard, Chief Executive, Business in the Community said: “In todays rapidly changing and increasingly resource constrained world – which will need to provide for 9 billion people by 2050 – it has never been more important for companies of all sizes to understand how and why sustainability is central to their long-term success and prosperity.”

Marc Bolland, Chief Executive, Marks & Spencer, said: “As customer values and expectations evolve, sustainable products need to be made more desirable to engage with customers and to develop a self-sustaining, circular economy. Everybody wants a racing car, but even a racing car can be fuel efficient. We need to make sustainability desirable, appealing and relevant, and by responding to customer wants, UK business will have more impact.”

The report provides details of the commercial potential and sustainability benefits of a range of innovation opportunities:

Resource efficiency: companies can generate annual savings of £61bn by scaling resource efficiency and energy efficiency initiatives and through the use of cleaner technologies, according to Accenture analysis based on data published by the Department for Business Innovation and Skills. For example, Marks & Spencer reduced its clothing delivery vehicle fleet by 25 per cent and improved fuel efficiency by 30 percent.

Circular economy: the UK consumer goods industry could save £15bn to £18bn annually by closing the loop on supply chains, extending asset life, promoting re-use and designing products for disassembly, according to analysis for the report by the Ellen MacArthur Foundation. Accenture estimates that circular economy approaches can achieve a 50 to 90 percent reduction in a product’s environmental footprint.


Must ReadView All

AEPC concern over apparel exports fall; envoys meet CEA

Apparel/Garments | On 17th Nov 2017

AEPC concern over apparel exports fall; envoys meet CEA

India’s Apparel Export Promotion Council (AEPC) has expressed concern ...

Moody's improves India's rating

Textiles | On 17th Nov 2017

Moody's improves India's rating

Moody's Investors Service has upgraded the Indian Government’s local...

Sweden in talks with Birlas for smart textiles project

Textiles | On 17th Nov 2017

Sweden in talks with Birlas for smart textiles project

Sweden is seeking a collaborative project with the Aditya Birla Group ...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Top executives
Textile industry

The foremost issue is bridging the skill gap

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search