The Fashion ReModel Initiative, which is supported by some of the biggest fashion brands in the world, strives to advance circular business models by investigating ways to generate revenue without producing new clothing, Just Style reported.
Among the initial participants in the Foundation-led demonstration initiative are Arc'teryx, ARKET, COS, H&M Group, Primark, Reformation, WEEKDAY, and Zalando. The project will find answers and get over obstacles to start severing earnings from the creation of new clothing, boosting the long-term effort to turn the fashion industry into a circular economy.
According to the Ellen MacArthur Foundation, millions of tonnes of clothing are made, worn, and thrown annually since the fashion industry mostly follows a take-make-waste business model. Despite the fact that there are 100 billion new clothes sold year and that truckloads of clothing are burned or dumped in landfills every second, the production of clothing is still expanding. Products are kept in use through circular business models including rental, resale, repair, and remake.
According to a recent Foundation analysis, it might account for 23% of the global fashion business by 2030, offering a $700 billion chance to revolutionize the industry. With the help of legislators in the fashion industry, The Foundation, a global nonprofit organization devoted to hastening the shift to a circular economy, anticipates that this project will serve as a springboard for revolutionary change in the fashion industry.
"With their involvement in The Fashion ReModel, this group of organizations is taking the next step on the road towards a circular economy for fashion," stated Jules Lennon, the fashion lead for the Ellen MacArthur Foundation. /BGNES