McKinsey report: Biodiversity as next frontier in sustainable fashion Keep Me Informed . A McKinsey survey found that 31 percent of Gen Z and 26 percent of Millennials were willing to pay a premium for more environmentally friendly products; only 17 percent of Gen Xers and 12 percent of Baby Boomers were willing to make the same choices. PULSE OF THE FASHION INDUSTRY 2/25 2019 UPDATE CONTENT. WHERE TO STAY IN MOROCCO - HOTEL VS RIAD Brogan Abroad. The past Shanghai Fashion Week in October addressed great importance to sustainable fashion: ranging from sustainable designer products to the debut of the Green Carpet Fashion Awards in China, as well as sustainability-themed forums and reports. In 2019, McKinsey identified sustainability as one of the key priorities for the fashion industry. Max Bittner: Overall, we see a significant trend of people becoming very focused on the sustainability aspect of the way they consume. Das sind Ergebnisse der Studie „Fashion’s new must-have: sustainable sourcing at scale“, für die McKinsey 64 Chief Purchasing Officers (CPO) befragt hat, die insgesamt mehr als 100 Milliarden US-Dollar Beschaffungswert verantworten. We heard from a range of exciting, innovative and sustainable fashion businesses and designers in the UK who are forging a new vision for fashion. The survey reflects the perspectives of 64 senior figures from brands and manufacturers with a collated sourcing value of more than US$100 billion. Sustainability Dialogue: Fashion & Textiles. 6 Sustainable fashion Towards a sustainable fashion industry In recent years, the fashion industry has become significantly more aware of the threats to global well-being posed by climate change and other forms of environmental degradation. But according to McKinsey & Company , a widely known American management consulting firm, biodiversity loss is another area that must be looked upon with greater importance to be addressed, discussed, and taken into concern for finding pragmatic solutions. McKinsey: Some industry observers predict that, in the next ten years, fashion resale will become bigger than fashion retail. sustainable fashion, and sustainability and environmental impact may not rank high on the list of factors when people purchase fashion, the future seems promising. Having authored numerous leading reports about the fashion industry, McKinsey’s dedicated team has in-depth knowledge about our industry, and together we will also provide new assessments and reports for the industry to track and follow progress on sustainable development,” says Eva Kruse, CEO, Global Fashion Agenda. Some apparel companies have formed coalitions to tackle environmental and social challenges together, which helps to accelerate change and to mitigate the risks of working on these challenges alone. In August 2019, Kering CEO François-Henri Pinault spearheaded an industry-wide pact to achieve net-zero emissions by 2050. Restructuring portfolios to increase exposure to high-value sustainable market positions and reducing risk exposure. What will it take to make that happen? Growing new sustainable products and businesses in large growth sustainable markets. Now companies are trying to reduce its social and environmental costs. Getting sustainability right pays dividends as consumers, led by millennials and Gen Z, are demanding it: online searches for “sustainable fashion” tripled between 2016 and 2019, the report found. Das sind Ergebnisse der Studie „Fashion’s new must-have: sustainable sourcing at scale“, für die McKinsey 64 Chief Purchasing Officers (CPO) befragt hat, die insgesamt mehr als 100 Milliarden US-Dollar Beschaffungswert verantworten. Fashion companies need to wade deeper into supplier operations and local policy in the countries where suppliers are located to make the progress necessary to halt global temperature rise at 1.5 degrees Celsius by 2030, according to McKinsey. Speaking to the Fashion Network, Antonio Achille, Senior Partner, Global Head of Luxury at McKinsey & Company, stated: “A fashion brand that does not address environmental protection, social issues and corporate governance currently exposes itself to various significant risks in the consumer community. Fashion makes a sizeable contribution to climate change. NEW YORK – Sustainable sourcing is amongst the top priorities for chief sourcing officials, according to an industry-facing survey conducted by US consultancy McKinsey & Company. sustainable industry. "Objective criteria for rating sustainable fashion are missing," McKinsey's Saskia Hedrich told CNN. These innovators are faced with competition from businesses who are focused on reducing costs and maximising profits regardless of the environmental or social costs. What will a sustainable fashion look like post COVID-19? A new McKinsey report released in July points towards the fact that the apparel industry should radically reduce the industry’s contribution to biodiversity loss. 1 This is in contrast to our pre-COVID-19 growth forecast of 3 to 4 percent. No wonder that climate change is a thought-provoking and broadly discussed topic in the arena of sustainable fashion. Related Stories. Work under Fashion Charter for Climate Action is guided by its mission to drive the fashion industry to net-zero Greenhouse Gas emissions no later than 2050 in line with keeping global warming below 1.5 degrees. A sustainable design for the fast-fashion value chain. The negative environmental impact of fashion is irrefutable. A more sustainable supply chain model is about five years away, according to executives who represent sourcing value of about $100 billion in a McKinsey Apparel CPO survey, Fashion’s New Must Have: Sustainable Sourcing at Scale. KERALA, INDIA - BEST … The Fashion Industry Charter for Climate Action goes beyond previous industry-wide commitments. Although there has been significant focus on making the industry more sustainable, This situation may accelerate the shift to greener, more sustainable supply chains, which will not only be decisive for businesses, but also impact the future of the fashion industry as a whole. McKinsey & Company 2 The survey assesses consumer attitudes towards sustainability and apparel during COVID-19 crisis The survey was conducted by McKinsey between 14-22 April 2020, … Based on current apparel and footwear industry emissions reduction efforts, as well as pre-pandemic production levels, industry emissions will be … Can we emerge from our daily working from home sweatpants with greater intention and understanding of the impact that the world of fashion has on people and our planet? While extending optimism in younger consumers worldwide, … According to McKinsey’s 2019 Apparel Chief Purchasing Officer Survey, while the absolute number of sustainable fashion products remains low, there has been a … In our recent McKinsey Global Fashion Index review, we estimate that revenues for the apparel and footwear sectors will contract by 27 to 30 percent in 2020 year on year with even deeper declines in some subsectors and geographies following five years of positive growth. Using proprietary tools and methodologies to assess physical and transition risk. In 2021, the oldest members of Gen Z will be turning 24. TAKING THE PULSE OF THE FASHION INDUSTRY 32pt 38pt +6pt 42pt +4pt This section takes an in-depth look at the Pulse Score results to examine the main drivers of progress and road-blocks the industry faced during the past year. Stylish, affordable clothing has been a hit with shoppers. Twitter; Linkedin; McKinsey report: Biodiversity as next frontier in sustainable fashion . Please click "Accept" to help us improve its usefulness with additional cookies. Sustainable sourcing at scale is the fashion industry’s new must-have. Reduce risks. "Many sustainable labels are genuine pioneers in seeking to transform the industry from inside out," Bel Jacobs, of Extinction Rebellion's "Boycott Fashion… Younger people, especially those aged 18-24, strongly back the ideas of sustainable fashion. The future of sustainable fashion mckinsey.com. Learn about our use of cookies, and collaboration with select social media and trusted analytics partners here Learn more about cookies, Opens in new tab. With the exception of Shanghai, however, many consumers from other cities stated that buying sustainable fashion is not easy. 3 days ago. Extensive experience in the electricity, basic materials, and engineering industry sectors with particular focus on strategy and organizational issues at both the corporate and business unit levels Eco-Friendly Gifts For This Holiday Season ActiveBeat. Any use of this material without specific permission of McKinsey & Company is strictly prohibited May 2020 Consumer Research - Germany Consumer sentiment on sustainability and fashion in the COVID crisis. Fashion makes a sizeable contribution to climate change. And using recycled materials or aspiring to be carbon neutral isn't always enough. In this video, three McKinsey partners describe how the consumer experience in fashion might change in the coming decade—and how retailers should … View on mckinsey.com. McKinsey research shows that the sector was responsible for some 2.1 billion metric tons of greenhouse-gas (GHG) emissions in 2018, about 4 percent of the global total. This alarming data was calculated by McKinsey & Company, the management consulting firm, and the Global Fashion Agenda, the sustainable advocacy organisation, for their new report, Fashion on Climate. Mitigating the sustainability impact of the fast-fashion business will likely require action across the industry. McKinsey research shows that the sector was responsible for some 2.1 billion metric tons of greenhouse-gas (GHG) emissions in 2018, about 4 percent of the global total. Since 2016, searches for the Instagram hashtag #sustainablefashion have increased fivefold. What will be the tipping point? 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