Enrico attended SEEK Berlin today for us and you, where he checked out some exciting presentations and, of course, had great conversations with old and new acquaintances. Particularly cool: The Finnish brand IVALO and the sustainable Berlin-based consulting agency studio MM04 presented the "Fashion Purpose Report 2024" in a joint panel, and we would like to briefly introduce you to its key contents.
The "Fashion Purpose Report 2024" summarizes the role of purpose-driven brands in the fashion industry and emphasizes their importance for the future of the sector. These brands bring passion, openness to new concepts, and a willingness to invest and experiment, contributing diverse perspectives to value creation and circular business models.
The report highlights that the combination of sustainable fashion, data-driven insights, and meaningful marketing forms a defining synergy. This synergy is part of the mission of Ivalo and studio MM04 to support purpose-driven brands in building long-term customer relationships.
It is particularly emphasized that the fashion industry is faced with internal contradictions: Sustainability is difficult to define and communicate in a trend-based and fast-paced industry. The culture behind the fashion industry is seen as a powerful tool to advocate for and collaborate towards a future that solves the biggest contradictions – especially through communication.
The report concludes that sustainability is difficult to define and communicate in a sales context. Consumers care about sustainability, but are particularly sensitive to costs. The need to change consumption patterns is stressed, while most consumers seek comfort and "dopamine." Brands should be honest, lead open dialogues, and communicate understandable cost structures.
Moreover, the "Fashion Purpose Report 2024" calls on brands to improve sustainability through precise data, transparent communication, and practical measures. Sustainability must become profitable in the fashion industry before it can showcase its full potential in future circular and regenerative ecosystems. This particularly involves integrating circular business models to increase business resilience. Sales data and better analysis of this data play an important role in this.
Overall, the necessity of a profound transformation of the fashion industry is evident, which can only be achieved through the collaboration of all stakeholders. Purpose-driven brands are key players in this development, contributing significantly to the sustainable evolution of the industry through their innovative approach and commitment.
CONCLUSION OF THE "FASHION PURPOSE REPORT 2024"
The "Fashion Purpose Report 2024" shows that purpose-driven brands play a crucial role in the future of the fashion industry. They bring passion, openness to new concepts, and a willingness to experiment. These traits contribute to the development of diverse perspectives in value creation and the promotion of circular business models.
KEY "CALLS TO ACTION" AND THEIR INTEGRATION:
- Commitment to Sustainability: Brands must clearly communicate their sustainability goals and reports. There is a discrepancy between communication and actual measures that needs to be bridged.
- Collective Actions: Over 53% of brands already collaborate with other companies. The importance of partnerships, especially with NGOs, is highlighted as they offer great opportunities for future growth.
- Production and Circular Economy: Promoting a circular economy through services such as repair, reuse, and return is crucial. Brands should reduce their production volumes and pursue circular approaches.
- Carbon and Environmental Footprint: Measuring CO2 emissions and overall environmental impact is important. Enhanced methods for measuring environmental impact, like the Product Environmental Footprint (PEF) method, should be used more extensively.
- Materials: The use of preferred materials should be increased. Two-thirds of brands state that preferred materials make up over 80% of their collections, which is positive, but there is room for improvement.
- Transparency and Inclusivity: Transparency in the supply chain and inclusivity in fashion are central. There is a need for more transparency and representation of different body types and identities in the industry.
The report emphasizes the importance of honest communication and open dialogues about sustainability. Sustainability must become profitable in the fashion industry to fully unfold its potential in future circular and regenerative ecosystems. This requires integrating circular business models and revenue sources, as well as improving the analysis of customer groups.
The report
calls for a profound transformation that can only be achieved through the collaboration of all stakeholders. Purpose-driven brands play a key role in this development, contributing significantly to the sustainable evolution of the industry through their innovative approach and commitment. We appreciate this and it's exactly what drives us forward - keep it up!
