The role of circular economy
In circular economy, products remain on the market for as long as possible. To do so, they must be durable but also easy to transform.
There are some keywords coming from circular economy that must be applied to fashion brands.
Here they are:
It means giving back garments to manufacturers so they can use them to create something new;
It is the new frontier for both retailers and luxury brands. In fact, in a few years, 20% of the turnover of fashion brands will come from reselling second-hand garments;
It shows a change in consumer mentality. It is not just a matter of using garments as many times as possible, but also of turning them into something useful once old.
Perhaps, in the future ownership of garments will disappear. However, consumer wants variety and affordability. For this reason, they are increasingly choosing to rent garments rather than buy them. It is cheaper, more satisfying, and at the same time ecologically sustainable.
This is another great opportunity for companies. Several fashion brands have started repair programs: in case of minor damage, customers can send the product back to the manufacturer for repairing. In this way, its life cycle is lengthened.