Companies must provide transparency beyond the surface level:
With the realization that today's shoppers quite literally wear their values on their sleeves, the fashion industry spent 2018 getting more serious about sustainability. From real fur becoming a fashion faux pas to the rise of the luxury rental and resale market, we've entered 2019 with a marketplace hungry to create a more environmentally-conscious fashion landscape and, ultimately, to design a sustainable end-to-end retail economy.
Founded in 2008 as an MIT research project, Sourcemap is a user-centric software platform which allows brands to map out their entire supply chains; the company helps the world's leading companies take inventory of their environmental and human impact. According to Sourcemap's founder and CEO, Leonardo Bonanni, "Fashion supply chains are among the most complex in the world because they can change with every season, every style.
Supply chain and sourcing management tools are instrumental in these large corporations' mission to gain back consumer trust. However, most fashion entrepreneurs and emerging designers likely do not have the financial or human capital necessary to gain access to these types of resources to build a truly eco-conscious brand. Understanding this whitespace in the fashion retail landscape, Shannon Lohr launched her sustainable fashion startup accelerator Factory45 back in 2014.
"I believe that small, independent brands that value sustainability as an inherent part of their bottom line are collectively putting pressure on the big brands to clean up their supply chains," Lohr explains. "They may not be able to compete in sales numbers, but they are certainly able to add their voice to the fashion conversation as a whole.
Environmental Impact and the Sharing EconomyConsumers' social media habits coupled with a desire for positive social impact leave us in a purchasing paradox. On one hand, no one wants to be photographed twice and the demand for an ever-changing closet has never been greater. On the other hand, consumers are more outspoken than ever before about the industry's negative environmental and ethical impact.
However, it is clear that a decentralized, peer-to-peer business model is also gaining traction in the industry's sharing economy. Two market players to watch are Village Luxe, an NYC-based, invitation-only luxury rental company, and Designerex, an Australian peer-to-peer lending platform, which launched in the U.S. in January 2019.
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