A recent study by Boston Consulting Group reveals 50 per cent of Millennials believe brands ‘say something about who I am, my values, and where I fit in,’ while a recent Nielsen study found that three out of four Millennialsâ€â€a coveted audience for any apparel companyâ€â€are willing to pay extra for sustainable product offerings. Fashion brands that ignore the clear preference of Millennials for sustainable products and the business opportunity this presents do so at their peril.
Fashion brand leaders across the world are incorporating sustainability strategies into business models and growth strategies, and reevaluating their supply chains to identify and pursue opportunities to reduce petroleum use, carbon emissions, water use and waste throughout the value chain.
Sustainability has come to the forefront of the fashion industry to address the concern of the apparel industry’s environmental footprint as well as the opportunity to build brand loyalty with Millennials and increase market share. Major fashion brand leaders are incorporating sustainability strategies into their business models and growth strategies, and reevaluating their supply chains to identify and pursue opportunities to reduce petroleum use, carbon emissions, water use and waste throughout the value chain.
The Sustainable Apparel Coalition’s Higg Index is the leading suite of self-assessment tools designed to empower brands, retailers and facilities of all sizes, at every stage in their sustainability journey, to measure their environmental and social and labour impacts and identify areas for improvement. Higg delivers a holistic overview of the sustainability performance of a product or company – a big-picture perspective that is essential for progress to be made.