Sustainability is the answer to any business in these volatile economic times. On October 24-25, 2024, the Third Venice Sustainable Fashion Forum will take centre stage in Venice over this important issue. This conference will discuss how sustainable practices can fight against economic volatility within the global supply chain, especially in the fashion industry. Organised by The European House, this two-day symposium will strive to address some of the most pressing challenges in sustainability and probe further into the linkage between sustainability and economic performance.
Accordingly, if you are a fashion business in Europe, adapting to an ESG reporting tool is going to play its role in advancing your sustainability and keeping your competitive advantage intact.Â
Fashion inflection point: sustainability vs. market volatility
Like many other industries, the fashion industry has to contend with economic unpredictability and the loss of consumer confidence. Such fears will be directly addressed in this Sustainable Fashion forum. It will show how companies can become more creative while at the same time reducing the risks linked with economic instability. Particular interest will be taken in how SMEs contribute to the fashion supply chain. As the backbone of the industry, SMEs are the most important driver for sustainability efforts and shaping a greener future.
Luxury and fast fashion: two paths, one goal
This year’s forum is highly conspicuous for the range of its participants, from fast-fashion brands like Shein to luxury ones such as Prada and LVMH. The mix underlines the fact that sustainability is needed from high-end fashion items to more affordable, rapidly produced ones.
While fast-fashion companies are focusing on supply chain efficiency and recycling initiatives, for example, luxury brands are putting an emphasis on durability and repairability. Through this forum, we will discuss how such diverging approaches can coexist and drive significant progress towards sustainable fashion trends.
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Sustainability survey: what the data says
The Extended European House comprehensive study analysed more than 2,900 fashion companies from Italy and the rest of Europe and presented the path of the industry toward sustainability. The results of this survey will be presented for the first time at this event, showing to what extent the sustainability in luxury brands industry is near the 2030 green goals of the European Union.Â
This proves there is a substantial sustainability gap, and it catches up with most corporations’ initiatives. At the same time, this opens up possibilities for collaboration between manufacturers and brands in bringing positive change in their environmental performance and circular economy strategies.
A call for collaboration
Such a forum is key to the fashion industry in its aspirations for a greener future, discussing various environmental and economic challenges. What will be needed above all is closer collaboration on the supply chain-either between big companies and SMEs, fast fashion and luxury brands, or players within the industry and policy-makers. This partnership indeed has in view probably the most promising opportunity for transformational change toward a sustainable future for the world of fashion.
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This article is referenced from Advancing sustainability amid volatility to be discussed at third venice sustainability fashion forum by WWDÂ
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Pexels
