Some of the biggest names in fashion have joined forces to create a thriving industry based on the principles of a circular economy. The goal is to radically change an industry that is known for polluting and wasteful work ethics.
Companies like Burberry, Gap, H&M, HSBC, NIKE, Inc., and Stella McCartney will work with the Ellen MacArthur Foundation to redesign the fashion industry. The foundation, a British charity, aims for people to re-think and re-design the future through a circular economy in which humankind keeps resources in use for as long as possible and regenerates products and materials.
For the circular fashion project, the fashion industry partners will address the issues that have seen the industry become one of the most polluting and wasteful ones today. Their aim is to use materials that are renewable and safe, and design solutions that turn used clothes into new clothes. By doing this the companies aim to capture $460 billion that are currently lost due to the underutilisation of clothes. An additional $100 billion from clothing that could be used but is currently lost to landfill and incineration can also be captured.
“For the fashion industry to thrive in the future we must replace the take-make-dispose model, which is worn out,” the foundation said in a statement. “We need a circular economy for fashion in which clothes are kept at their highest value and designed from the outset to never end up as waste.”
The project has been made possible with the support of C&A Foundation and Walmart Foundation. A further 16 participants including city authorities, fashion producers, designers, and brands have joined the initiative to help drive momentum towards the vision for a circular economy for fashion.
Image credit: H&M