At the moment, fashion produces more CO2 than aviation and shipping combined, it's responsible for 20 per cent of global wastewater, 35 per cent of microplastics in the ocean, and most shockingly 85 per cent of textiles end up on landfills or are incinerated. However, a shift in consumer mindset, awareness of the global climate crisis and the emergence of resale platforms are helping to buck the trend.
Last year, the Business of Fashion , estimated the global resale market to be worth $130 bn, while Thredup have predicted that the resale sector will be double the size of fast fashion by 2030.
Vestiaire Collective (10 mn users), Depop (30 mn users) and Vinted (45 mn users) have won over consumers in Europe over the last decade, each garnering valuations of over $1 bn.
Similarly, the US has been dominated by unicorns The Real Real and Poshmark.
This story is from the April 23, 2022 edition of Businessworld.
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This story is from the April 23, 2022 edition of Businessworld.
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