A significant lack of knowledge, financial resources and human capacity is pressing as brands face increasingly strict environmental and social regulations, he said.
The European fashion industry is at a crucial moment in which sustainability, technological innovation and talent development must converge to ensure its future, he noted.
Despite the strong will and desire to transform the European fashion industry and adopt sustainable practices, significant barriers prevent many brands from making substantial changes, according to The Status of European Fashion Report 2024. The transition to a more ethical business model , transparent and sustainable is possible by adopting new regulations and cutting-edge technologies.
The industry can transition to a more ethical, transparent and sustainable business model by adopting new regulations, cutting-edge technologies and investing in training.
Clear and standardized guidelines are needed, as well as financial support and incentives to close the financial gap and investment in dedicated staff to enable companies to adopt greener practices.
Industry-specific roadmaps that simplify compliance processes would help companies align with sustainability goals more easily and avoid mistakes, according to the report.
Additionally, collaboration between policymakers, industry leaders, and educators is key to addressing these complex changes.
The report is based on a survey of 211 creativity-driven industry representatives, complemented by qualitative interviews with leading thought leaders.
There is widespread recognition of the negative public perception of the fashion industry, driven largely by concerns about ethics and sustainability, fueled by profitable business models that promote rapid consumption at the expense of quality and value. Restoring confidence in the European textile industry has now become a crucial task, the report notes.
A large majority of companies are investing in sustainability practices driven by consumer demand, regulatory pressure and a general shift in corporate responsibility. However, while 88 percent of organizations surveyed have invested in sustainability, more than half still lack the tools or support necessary to fully transition to sustainable practices.
Although digital transformation is reshaping the way European fashion operates, only a portion 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.
Fiber2Fashion News Desk (DS)
