Achieving sustainability without losing competitiveness in the market for high fashion brands? - Challenge @ E2Expo
Relevant regions : United Kingdom | United States |
The textile and fashion industry have evolved over a hundred years to what they are today. Their stakeholder needs and aspirations have also been shaped in specific ways during this period. Transforming significant components of their business value chain to become more environmentally and socially sustainable could pose problems - at least in the short and medium term - to many of these aspirations and needs, and also the way competition is currently defined in the industry. But at the same time, pretty much every company in the textile and fashion industry needs to reshape their business value chains to be aligned to sustainability. How can the industry reconcile these seemingly conflicting aspects?
When fashion and apparel brands compete on commodity benefits and prices alone, a constant marketing push involving significant budgets becomes important.
But when they build competitive advantages and positioning based on rich and timeless benefits, they buy much higher loyalty from their customers which in turn can translate to much lower costs for marketing and promotions.
Stakeholders : Financial investors , Marketing or sales professionals , Senior or top management ,
A better understanding and appreciation of sustainability by end users will have a significant impact on the profitability of sustainable brands. But the end users will need to appreciate sustainability on a more enriched level than a shallow understanding, which leads to just greenwashing. Suitable strategies for awareness creation and education will play a critical role in making this happen.
Stakeholders : Digital solution providers for textiles industry , Marketing or sales professionals , Senior or top management , Testing and standards professionals , Textile industry sustainability professionals , Textile industry training professionals ,
Becoming a completely sustainable business will require companies and brands to think differently. Business as usual, in which cut throat competition rules in all aspects of business and value chain, might need to be rethought.
The nature of business, brand and corporate competition will need to change from one of zero sum games to one where everyone wins, though some companies might win more than others.
Stakeholders : Entrepreneurs , Financial investors , Senior or top management , Textile and fashion designers ,
Large brands increasing their focus on sustainable sourcing provides not just to them, but also their supply chain. By investing time in building a supply chain that is strong on many aspects of sustainability, the apparel brand can derive benefits beyond just its green credentials.
Stakeholders : Marketing or sales professionals , Retailers or wholesalers , Sourcing professionals , Textile industry sustainability professionals ,
Even with the fast adoption of e-commerce for apparel sales, physical retail still holds a significant position when it comes to fashion and apparel purchase. The physical environment also lends to superior customer engagement compared to online shopping.
Given these advantages, how can brands use retail outlets to shape sustainable purchasing behaviour and build their credentials as a sustainability and responsible company?
Stakeholders : Marketing or sales professionals , Retailers or wholesalers , Textile industry sustainability professionals ,