A third of fashion executives believe their companies will be fully circular within a few years

Positive news about the fashion industry's commitment to creating a circular economy. A new study from green company Aquapak Polymers reveals that 12% of companies in the sector in the UK, US and Australia expect to be fully circular in one to two years, 34% in two to three years and the 31% in three or four years. A fifth expect to achieve this goal within four or five years.

Nearly a third (32%) rated their strategy for making their business fully circular as “excellent,” 54% said their strategy is “good,” and 14% described it as “average,” suggesting there is room for improvement. improvement.

When it comes to sustainability leadership, 54% described their business as “market-leading and innovative,” 39% said their business was “average” and “following the leaders,” and 7% admitted to being a “ lagging behind” and “catching up.” ”.

The findings also show that while 49% said sustainability is considered very important to the success of their business, only 21% described the quality of effectiveness of their sustainability strategy and program as excellent.

More than a third (37%) said reducing the use of polyethylene plastic in packaging is a “very important” part of their sustainability strategy, with a further 63% saying it was “fairly important”.

Mark Lapping, chief executive of Aquapak, said: “Our study shows that the circular economy and sustainability are priorities for boards and senior executives in the fashion industry, yet only half think their business is at the forefront. of change when it comes to innovation and market leadership. “There has been an acceleration of new technologies in the sector, so brands have the opportunity to step forward and lead the industry.”