by Overview:
Over the past two decades, it has exploded onto the global apparel scene. Major retailers like Zara, H&M and Forever 21 have pioneered a new business model that focuses on rapidly moving new designs from catwalk to store in as little as two weeks. By slashing production times and costs, these companies are able to offer consumers trends straight off the runway at affordable prices. The success has been remarkable – Zara does turnover equivalent to a new clothing collection every two weeks. H&M claims to have brought it to the masses and now has over 4,000 stores worldwide.
This rapid production cycle has significantly reduced the lifecycle of individual garments. Whereas clothing collections were previously changed on a seasonal basis, Fast Fashion retailers now utilise micro-seasons lasting just 4-6 weeks. This relentless push of new items has helped fuel an insatiable appetite for cheap, disposable fashion. Sales climbed steadily as more consumers embraced fast fashion’s affordable trends. At the peak of its popularity in the mid-2010s, it accounted for over 20% of the global apparel market.
The Hidden Environmental and Social Costs
However, the true costs of them have been obscured from view. The speed and volumes required have necessitated a shift to cheaper materials, synthetic fabrics and overseas outsourced production. This has taken a substantial environmental toll. Textile dyeing and treatment is notoriously polluting, with microplastics from clothes now found in our air, waterways and even Arctic ice. Fast fashion brands have also been linked to poor working conditions and rights violations in developing nation factories struggling to keep up with western demands.
A 2016 report estimated that the fashion industry emissions had risen 60% in the prior decade and would contribute 25% of the global carbon budget by 2050 if no changes were made. The volumes of clothing being produced also dwarfed human capacity to reuse or properly dispose of items. For every garment sold, at least 5-10 extra are discarded as waste. Most of this ends up in landfill dumps poisoning the earth or being illegally exported to developing countries. An amount of clothing nowadays ends up in landfills each year in the U.S. alone than the entire industry produced in 1950.
Cracks in the Fast Fashion Model
In recent years, cracks have started appearing in the fast fashion model as consumers have become increasingly aware of its toll. Major events like the 2013 Rana Plaza factory collapse in Bangladesh, which killed over 1,100 peoples, shone a light on the underside of cheap clothing manufacturing. Younger shoppers especially have shown a growing interest in sustainability and ethics, pushing back against throwaway trends. This shift has seen the rise of rental, resale and upcycled clothing businesses focused on circular models instead of waste.
Established fashion retailers have also struggled with profitability pressures. Companies like H&M, Zara and Uniqlo have seen same-store sales declines as online and discount rivals chip away at margins. Sustaining relentless growth has required deeper and deeper discounts which hurt profits. Investors have questioned executives on their plans to transition heavy linear models into more circular systems. The pandemic has only accelerated changes as many consumers reevaluated their shopping habits during lockdowns. E-commerce surged but demand for discretionary items plunged, dealing a blow to retailers holding piles of unsold inventory.
Toward More Sustainable Futures
Going forward, the apparel industry will need to reinvent itself for a more sustainability and ethics-conscious post-pandemic consumer. Fast fashion brands that want to survive will have to overhaul entire supply chains and business models. Some options include increasing recycled and organic materials, offering clothing rental schemes, improving traceability through blockchain, and collaborating more closely with reuse/recycling firms. Consumers will also play a role through supporting brands with strong commitments to ethics and the environment over affordability alone.
A complete transition away from fast fashion’s excesses may be unrealistic, but even moderate changes could pay dividends. Finding the right balance of speed, cost, quality and sustainability will be crucial. The next phase of fashion must ensure a fair deal for workers, communities and the planet if this generation of consumers is to maintain their interest. Openness and accountability will be important to reassure shoppers increasingly skeptical of ‘greenwashing’. Ultimately, the future may see a blend of fast and slow fashions coexist – one focused on hype and trends, the other on durability and shared value.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
