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Fashion CEOs at WEF re-evaluate sector's growth trajectory

Jan '20
Pic: Global Fashion Agenda
Pic: Global Fashion Agenda
Executives from leading fashion brands and associated industries joined forces at the World Economic Forum in Davos recently to launch the Global Fashion Agenda’s CEO Agenda, which outlines key sustainability priorities for fashion executives and urges the industry to redesign growth.

The agenda was developed in collaboration with ASOS, BESTSELLER, H&M Group, Kering, Li & Fung, Nike, PVH Corp., Sustainable Apparel Coalition and Target, according to an official press release.

The new edition of the CEO Agenda urges industry leaders to explore entirely new, disruptive business models so the fashion industry can continue to prosper without exceeding our planetary boundaries.

The 2020 edition has been updated with focus on one of the biggest issues of our time: Challenging the traditional concept of growth and prosperity. The growth trajectory of the fashion industry is predicted to increase by 81 per cent by 2030, which is why the CEO roundtable at Davos centred on how to tackle the current fashion business model, which is pushing the earth beyond its limits and challenging social justice.

This year’s edition also includes a new spotlight on fashion’s impact on biodiversity. The industry’s increasing demand and utilisation of energy, land, water and natural resources results in a loss of ecosystems and species as well as microfibre pollution. As a result, biodiversity and the conservation and restoration of nature require urgent consideration.

“We are not doing enough, and we need to act faster. Companies will be rewarded for action and have an opportunity to innovate to redesign growth.” Amina Razvi, executive director of Sustainable Apparel Coalition, said.

“No matter the size of the company, finding all the solutions cannot be done overnight. It is crucial to have a holistic and collaborative approach on these topics, which are highly complex.” Marie-Claire Daveu, head of international institutional affairs, Kering, said.

Fibre2Fashion News Desk (DS)

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