A third of fashion execs thinks their firms will be fully circular in a few years

By

Nigel TAYLOR

Published
Jan 17, 2024

Positive news on the fashion industry’s commitment to creating a circular economy. A new study by eco firm Aquapak Polymers reveals 12% of sector businesses in the UK, US and Australia expect to be fully circular within one to two years, 34% within two to three years, and 31% within three to four years.  A fifth expect to reach this goal in four to five years.

Almost one third (32%) rated their strategy for making their business fully circular as “excellent”, with 54% saying their strategy’s “good” and 14% described it as “average”, suggesting there’s room for improvement.  

When it comes to sustainability leadership, 54% described their business as a “market leader and innovator”, 39% said that their business was “average” and “following the leaders” and 7% admitted being a “laggard” and “playing catchup”.

Ads

The findings also show that while 49% said sustainability is regarded as highly important to the success of their business, just 21% described the quality of effectiveness of their sustainability strategy and programme as excellent.  

Over one third (37%) said that reducing the use of polyethylene plastic in packaging is a "highly important" part of their sustainability strategy, and a further 63% said it was "quite important".
 
Mark Lapping, CEO of Aquapak, said: “Our study shows that the circular economy and sustainability are priorities for boards and senior executives in the fashion industry, although only half think that their business is at the vanguard of change when it comes to innovation and market-leadership. There has been an acceleration in new technologies in the sector, so the opportunity for brands to step up and lead the industry is there for the taking."