F*** FAST FASHION, LONG LIVE SUSTAINABLE FASHION!
In case you missed it this summer (which would mean you successfully did your digital detox without opening LinkedIn ;), we have been part of the “Summer Tribune” initiative organized by the editorial team at Maddyness!
Shabir Vasram, partner at daphni has approached those who are opening a window into the future of the fashion industry.
One number: $80 billion, according to the Financial Times. That’s the projected business volume for Shein, the fast-fashion temple, for its potential IPO in 2025, but more importantly, it symbolizes the inconsistencies of today’s fashion industry.
Firstly, an ecological inconsistency: according to a study conducted by ADEME, the textile industry is the third-largest consumer of water in the world (after wheat and rice cultivation) and could account for 26% of global greenhouse gas emissions by 2050 if current consumption trends continue. It’s also a marker of a social inconsistency: a Public Eye investigation exposes the working conditions of factory workers (some working up to 75 hours a week!) in Guangzhou, who supply Shein. Everyone also remembers the recent events in Bangladesh, which is still the second-largest supplier to European brands and where the hourly wage in the industry is $0.32.
However, Shabir like to believe that Shein is mistaken in its projections and that fast fashion will soon make way for sustainable fashion:
– Because the pressure from consumers and governments (as exemplified by the AGEC law) on brands is growing, but more importantly,
– Because brands now have the means, thanks to technology in particular, to advance this industry towards more responsible production and consumption.
At daphni, we are all convinced that the solution to make fashion more sustainable and responsible will once again come from our entrepreneurs! Whether it’s traceability, the creation of new materials, sustainability or circularity (cc FAUME, which we’re lucky enough to support),numerous solutions are aiding brands in their efforts… Read more, here!
The daphni team