Significant shortages of knowledge, financial resources and human capacity are pressing as brands face increasingly stringent environmental and social regulations, it said.
The European fashion industry is at a critical moment where sustainability, technological innovation and talent development must come together to secure its future, it noted.
Despite the strong will and desire to transform the European fashion industry and adopt sustainable practices, significant barriers prevent many brands from making significant changes, according to The Status of European Fashion Report 2024. A transition to a more ethical, transparent and sustainable business model is possible. Adopting new regulations and adopting the latest technology.
By adopting new regulations, adopting modern technology and investing in training, the industry can transition to a more ethical, transparent and sustainable business model.
Clear and standardized guidelines, as well as financial support and incentives to bridge the financial gap and investment in dedicated personnel are needed to enable companies to adopt green practices.
According to the report, industry-specific roadmaps that simplify compliance processes will help businesses more easily align with sustainability goals and avoid missteps.
Additionally, collaboration between policymakers, industry leaders and academics is key to navigating these complex changes.
The report is based on a survey conducted among 211 creative-driven industry representatives, supplemented by qualitative interviews with leading opinion leaders.
There is widespread recognition of negative public perceptions of the fashion industry, largely driven by concerns about ethics and sustainability, driven by a profitable business model that promotes rapid consumption at the expense of quality and value. Restoring confidence in Europe’s textile industry now becomes an important effort, the report noted.
Most companies are investing in sustainability practices driven by consumer demand, regulatory pressure and a general shift in corporate responsibility. However, while 88 percent of surveyed organizations have invested in sustainability, more than half still lack the necessary tools or support to fully transition to sustainable practices.
Although digital transformation is reshaping how European fashion works, only a fraction of the industry has fully adopted such tools, with many companies citing high costs and a lack of technical expertise as barriers, the report added.
Fibre2Fashion News Desk (DS)
Significant shortages of knowledge, financial resources and human capacity are pressing as brands face increasingly stringent environmental and social regulations, it said.
The European fashion industry is at a critical moment where sustainability, technological innovation and talent development must come together to secure its future, it noted.
Despite the strong will and desire to transform the European fashion industry and adopt sustainable practices, significant barriers prevent many brands from making significant changes, according to The Status of European Fashion Report 2024. A transition to a more ethical, transparent and sustainable business model is possible. Adopting new regulations and adopting the latest technology.
By adopting new regulations, adopting modern technology and investing in training, the industry can transition to a more ethical, transparent and sustainable business model.
Clear and standardized guidelines, as well as financial support and incentives to bridge the financial gap and investment in dedicated personnel are needed to enable companies to adopt green practices.
According to the report, industry-specific roadmaps that simplify compliance processes will help businesses more easily align with sustainability goals and avoid missteps.
Additionally, collaboration between policymakers, industry leaders and academics is key to navigating these complex changes.
The report is based on a survey conducted among 211 creative-driven industry representatives, supplemented by qualitative interviews with leading opinion leaders.
There is widespread recognition of negative public perceptions of the fashion industry, largely driven by concerns about ethics and sustainability, driven by a profitable business model that promotes rapid consumption at the expense of quality and value. Restoring confidence in Europe’s textile industry now becomes an important effort, the report noted.
Most companies are investing in sustainability practices driven by consumer demand, regulatory pressure and a general shift in corporate responsibility. However, while 88 percent of surveyed organizations have invested in sustainability, more than half still lack the necessary tools or support to fully transition to sustainable practices.
Although digital transformation is reshaping how European fashion works, only a fraction of the industry has fully adopted such tools, with many companies citing high costs and a lack of technical expertise as barriers, the report added.
Fibre2Fashion News Desk (DS)
