GFA partners with McKinsey to face fashion challenges
Pic: Global Fashion Agenda
McKinsey has joined Global Fashion Agenda (GFA) as a strategic knowledge partner. Together, they will work to tackle the biggest challenges facing fashion as the ever-growing fashion industry pushes the earth beyond its planetary boundaries and challenges social justice. GFA is the leadership forum for industry collaboration on fashion sustainability.
Even though the fashion industry’s social and environmental performance has improved, it is still far from sustainable and companies are not implementing sustainable solutions fast enough to counterbalance the negative environmental and social impacts of their rapid growth. For the fashion industry to future proof its business model, incremental changes are not enough. It must profoundly rethink the way business is currently approached, conducted and incentivised. Redesigning the concept of growth is one of the biggest systemic issues of our time. That is why GFA will focus on redesigning growth for various activities in 2020 and 2021, starting with the launch of CEO Agenda 2020 and as the main theme of Copenhagen Fashion Summit 2020, according to a press release by GFA.
GFA and McKinsey will embark on a joint redesigning growth venture. The overall aim of the collaboration is to look beyond existing solutions, to seek inspiration from experts, academia, and other industries to identify the systemic changes needed for the industry to become leaders in sustainability.
“We seek to challenge the traditional concept of growth and prosperity, by collaborating to identify solutions for the industry to meet the demands of the future within planetary boundaries. That’s why I am beyond excited to be joining forces with McKinsey to dive deeper into the topic of growth. Having authored numerous leading reports about the fashion industry, McKinsey’s dedicated team has in-depth knowledge about our industry, and together we will also provide new assessments and reports for the industry to track and follow progress on sustainable development,” Eva Kruse, CEO, GFA said.
“Sustainability and corporate responsibility have risen to the top of every industry executives’ agenda. Still, the industry has a long way to go before achieving transformative change. We’re proud to partner with GFA, which possesses deep content expertise, a wide industry reach and extensive communication platforms to share our joint knowledge. As a strong alliance, we are setting ambitious goals to accelerate the pace on sustainability and to push for real industry transformation,” Achim Berg, senior partner and global leader of apparel, fashion, and luxury group, McKinsey said.
Fibre2Fashion News Desk (GK)