An Interesting report by McKinsey & Co on the Fashion Industry gives us Insights on the Fashion Industry’s Demand and Buyers Expectation in 2020. As a Manufacturer/Exporters from Tirupur, we must learn and Understand these to stay relevant & be Competitive.
Apparel & Fashion Industry accounts for 6% of Global Green House Gas Emissions, and 10-20% of the Pesticide Use. The Textile Wet Processing accounts for the One-Fifth of Industrial Water Pollution. Various Reports claims, 20-35% of Micro Plastics in Ocean due to the Fashion.
To address the buyer’s demand, we have implemented various certifications and Compliances in our factories, but the Future of Fashion demands something different, it’s not just Updating your Policy or Energy Performance numbers into a portal, its about Organization’s Cultural change with sustainability as a business case. In this article, I am going to give you two inputs,
- The Buyer’s Expectations (8 Topics)
- How you can work towards it with the help of VRNC
Get insights on brands Purchase Strategy & Strategize your Brand positioning accordingly. Survey findings from Top Purchasers of Fashion Brands on “Sustainable Sourcing Topics” the Priorities have been listed as Below.
In order to stay relevant with your Purchaser, You must get Insights on
- Knowledge on Sustainable Raw Material (Will write a detailed article soon)
- Strategies to Establish transparency & Accountability through Systems and Certification Initiatives.
- Supplier Relationship to build Sustainable Eco System
- Purchasing Practices – How Your Purchasing Practices are helping you to reduce the Carbon Foot Print, Resource Consumption, etc
- Assessing the Energy, Water & Resource Consumption and Work towards Resource Efficiency.
- Addressing/Establishing Circular Economy
- Innovation in Packaging to reduce Environmental Impact and Resource Consumption.
- Strategies towards Implementing Sustainability Initiatives through Partnerships
How Sustainability Initiatives bring Business?
When compared to previous years, In the last 3 years the demand for Sustainable Fashion Products has been steadily increasing. Read Our Article on Nordic Swan Ecolabled fashion Products and its Demand
For the Fashion Industry in 2020, “Sustainability” & Alternative Sustainable Materials are listed as Crucial Among the 10 Crucial Themes.
VRNC is committed to assist 100 Companies towards Sustainability initiatives by the year 2025. To achieve this VRNC & CIIGBC have been collaboratively working on to promote “GreenCo” rating Systems and various Development Programs, with an objective to nurture the Resource Efficiency Initiatives & Assist the Companies to work towards Sustainability and Get Rated as Bronze/Silver/Gold/Platinum”. (News Coverage 1, News Coverage 2)
If you are interested to learn more about GreenCo Rating & Various Sustainability Initiatives Drop your Query Here.
Overall, Technology Intervention, Resource Efficiency, and Sustainability as a Culture will certainly bring Good Businesses for Long Term growth. It is also expected that SMBs are going to be the beneficiary in the long run if they work towards with clear Road map on Sustainability.