A PURPOSE BEYOND MERE PROFITABILITY

Today, the purpose of a brand goes far beyond mere profitability; its mission and values are manifested in its business decisions, corporate culture, and codes of conduct, not limiting to sustainability. It also addresses issues such as child labor, fair pay, ethical business practices, transparency and traceability.

A modern day business has to show greater accountability in order to show its commitment. Today, the purpose of a brand goes far beyond mere profitability; its mission and values are manifested in its business decisions, corporate culture, and codes of conduct, not limited to sustainability. It also addresses issues such as child labor, fair pay, ethical business practices, transparency, and traceability. These factors impact the purchasing decisions of consumers, and hence have become an integral part of how the fashion industry functions and cannot be decoupled from.

This took center stage at the 22nd edition of the India Fashion Forum, which was held at the Conrad Bengaluru between February 28 and March 1, 2023.

"It will be the responsibility of every stakeholder in the value chain. It will not be just the customer's responsibility to pay more but also the brand's, and when everyone will collaborate and is willing to share that value, then you will truly become sustainable in the value chain," Devyani Hari, Director, Centre for Responsible Business (CRB), who moderated the session, said.

Sharing his thoughts on sustainability, Puneet Dudeja, Director - Business Development, South Asia WGSN stated that it is not a buzzword for them and asserted that they probably were the first to go public with information that had a section called 'sustainability' on its website. This is because the consumer somehow does want this now, he said.