We are a Sustainable Fashion Brand. 'Circular' business models have been touted as the solution to environmental damage caused primarily by the fast-fashion industry. Research by Mckinsey & Company indicated that circular business models would be a barrier to entry, fuelled by increasing consumers' demand for ethical fashion. A circular business model is a fundamental change in the way businesses are run. It follows the philosophy of a non-compromising focus on ecological and social factors alongside profit maximization and efficiency; A principle rooted in the core of Emacity's operations. The concept aims to remove wastage out of the product and the manufacturing system, keeping materials and products in use for as long as possible.
The need for this strategy is quite apparent. According to the Sustainable Fashion Forum, over 80 million clothing products are consumed each year. The fast-fashion industry is responsible for over 10.5 million tons of clothing ending up in landfills, with around 50% of manufactured items being disposed of within a year. The planet at its breaking point, given severe waste pollution and climate change, due to clothes production, sustainability is a necessity and will propel the industry forward.
As these and additional worrisome issues like human rights and toxic chemical secretion come to light, consumers and companies are beginning to rethink the fashion industry. Research shows that consumers want fashion brands to help make them a difference. The industry is ripe for growth, with several drivers expected to take sustainable fashion to new heights; and Emacity is on that ride!
Growth Forecast
With adjustments made for the Covid-19 pandemic, the Global ethical fashion market is projected to reach $8.25 billion by 2023 at CAGR of 10.33%. Due to the pandemic's economic slowdown, the market was only valued at $6.14 billion in 2020. However, growing consumer awareness of the fashion industry's adverse effects on the environment will encourage consumers to opt for ethical fashion products, one of the few growth drivers. Given some economic recovery, the industry will skyrocket leaps and bounds, taking it to the projected figure.
Growth Drivers
1. Growing Consumer Awareness will put Sustainable Fashion in Style
Fast fashion is an industry that works at breakneck speed, given how volatile consumer preferences and trends are. With rapid changes to trends and styles every season, the supply chain is kept operating at full steam, and as a result, blatant disregard for ecological or social factors. As the realization of danger of the current fashion industry practices spreads, will put sustainable fashion brands in style. Over the last decade, sustainability has become part of mainstream culture, and with growing consumer awareness, incorporation of a more ethical lifestyle is imminent.
2. Covid- 19 Pandemic has emphasized health and longevity
The global pandemic has brought sustainability to the fore, a vivid demonstration of how fragile humans and our world are. Human health and happiness stem from a healthy environment; the fashion industry cannot afford to make the planet sicker. Several lockdowns have caused consumers to reset their priorities and affects their future lifestyle. Consumers will prioritize brands they can trust and work for the collective good, especially for products close to the body like fashion.
3. Technology and innovation will shape circular business models
Technological innovations and advancements will shape several companies transition to a circular business model, ensuring sustainable practices. Fashion- tech will drive economic growth, and enable better usage of resources. Furthermore, with advancements in biotechnology and innovations in generating clean, renewable energy will benefit the fashion industry. Several emerging technologies will also bolster sustainable fashion production. These include solar-powered fashion, bacteria-based dyes, 3-D printed fashion etc.
The assured growth of the sustainable fashion market is fascinating, and here at Emacity, we cannot be more excited to be apart of it! At Emacity, we make unique, sustainable fashion products strictly using 100% GOTS organic cotton for Men, Women and Kids. We are a fairtrade certified company and prioritize female employment and working with local artisans. We hope to bring about an ethical brighter future, and we need your support! Check out our collections, and contact us, if you would like our help to switch your business to more sustainable alternatives!