Up next on our FashMash Focus agenda: Circularity. A topic we know our community feels strongly about, so we brought six incredible voices together to discuss it.
What we were interested in is whether the circular economy can truly scale, and what we need to do to get to that future? Here are some of our highlights:
ON THE OPPORTUNITY
The pandemic has shown us the opportunity that lies in rethinking inventory management - demonstrating the vulnerabilities that lie in the current system and the detriment that comes to both people and planet with the amount of waste produced. Companies must rethink and redesign their approach to overstock, recognising the traditional linear model must be reconstructed into a circular one.
ON BUSINESS BUY-IN
There is increasing recognition that new business models in rental, resale and restoration can offer valuable revenue opportunities, but the majority of initiatives within existing businesses have been treated as side projects. In reality it will take a complete reinvention of the current system to get to scale meaning management buy-in is key.
ON INVESTMENT
For any of this to happen we need investment to build the infrastructure for scale. At present, the costs involved remain a barrier for adoption. Yet it is only with efficiencies that broader buy-in will be achieved. The same goes for wider circular innovations, covering the gamut of reuse, recyclability and regeneration.
ON CONSUMER ATTITUDES
Scaling circularity also has to mean encouraging consumer behavioural change. There has been a mass shift towards the end of ownership successfully shown in other sectors, can this same mindset be applied to fashion? Key here is to ensure access beyond the confines of major cities. But the battle currently will be between more conscious choices and the super sales discount the pandemic has brought about.
#FashMashFocus is sponsored by Klaviyo.