The press release announces the publication of a new report by Deloitte in partnership with the World Retail Congress, which examines the use of technology to accelerate progress in sustainability in the fashion industry. The report explores how fashion retail companies can leverage technology to quickly create sustainable gains that will result in long-term benefits, both environmentally and financially. According to Karla Martin, Global Fashion and Luxury lead at Deloitte, the report highlights that cloud-based technologies are helping retail companies promote environmentally friendly practices while protecting their profitability. The report also emphasizes that inaction on climate change could cost up to $178 trillion to the global economy by 2070. Thus, governments and regulatory bodies worldwide are adopting sustainability laws that will likely require environmental impact measurement and verification reports./p>
The report shows that the COVID-19 pandemic has contributed to accelerating the development of sustainable technologies, including data collection, traceability, and supply chain transparency. Circular business models like clothing rental and resale have also been encouraged. Consumers, particularly millennials and Gen Z, are increasingly demanding transparency and carbon footprint awareness from businesses, with 47% of consumers willing to pay more for sustainable goods and services. The report also highlights that leading fashion companies such as Zara, H&M, Gucci, and Burberry have started taking steps to improve their sustainability. For example, Burberry aims to make 100% of its key materials traceable by FY2025/26. Companies can also have a positive impact by choosing one aspect of their process and making it more sustainable, such as developing environmentally friendly materials or sustainable design, production, distribution, and communication.
Finally, the report emphasizes the importance of transparency and social responsibility for building meaningful and trusting relationships with customers. Companies that focus on sustainable outcomes that are good for the planet and for business may have a competitive edge over others. The report's authors are optimistic about the future of the fashion industry and its ability to achieve sustainability goals while continuing to grow economically. Indeed, 84% of surveyed leaders believe that their company and the global economy can continue to grow while making significant progress in the fight against climate change.