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THE FUTURE OF FASHION IS PRELOVE
Businessworld
|April 23, 2022
The future of fashion is prelove-it allows consumers to save money and save the planet.Prelove democratises fashion. With the whole world embracing the concept, it's time for South Asia to catchup
At the moment, fashion produces more CO2 than aviation and shipping combined, it's responsible for 20 per cent of global wastewater, 35 per cent of microplastics in the ocean, and most shockingly 85 per cent of textiles end up on landfills or are incinerated. However, a shift in consumer mindset, awareness of the global climate crisis and the emergence of resale platforms are helping to buck the trend.
Last year, the Business of Fashion , estimated the global resale market to be worth $130 bn, while Thredup have predicted that the resale sector will be double the size of fast fashion by 2030.
Vestiaire Collective (10 mn users), Depop (30 mn users) and Vinted (45 mn users) have won over consumers in Europe over the last decade, each garnering valuations of over $1 bn.
Similarly, the US has been dominated by unicorns The Real Real and Poshmark.
Denne historien er fra April 23, 2022-utgaven av Businessworld.
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