The fast fashion market is projected to reach $184.96 billion by 2027 from $122.98 billion in 2023, a CAGR of 10.7 per cent.

This multi-faceted industry focuses on production of low quality, inexpensive, affordable clothing and is well-suited for a price conscious consumer with a taste for trendy apparel. However, one cannot turn a blind eye to fast fashion’s innumerable ethical and environmental concerns.

This industry has been often criticised for excessive consumption, high obsolescence, cumulative resource loss, and unsustainable and unethical business practices. Well over 11 years have passed since the unfortunate incident in late April 2013 at the Rana Plaza garment manufacturing factory which resulted in a death of 1,134 people. The incident shed light on the precarious working conditions of workers.

Known for overproduction, fast fashion companies are often stuck with a mountain of unsold inventory often leading to apparel being sold at a 40 per cent markdown or ending up in landfills. The sad part being an alarming 92 million tonnes of textile waste, equivalent to a truck full ends up in landfills every second (UNEP, 2018).

This industry has been called out for 8-10 per cent of global carbon emissions (UNEP, 2018) and if not curtailed it could increase to 26 per cent by 2030 (Ellen Mc Arthur Foundation, 2017).

However, not everything is bleak. The fast fashion industry has been pushed to producing clothing with more environmentally friendly material and adopt sustainable practices such as implementing a recycling programme, launching a “conscious” collection wherein the apparel is produced with at least “50 per cent sustainable materials” and embracing company policies that respect labour and labour rights.

These brands should also create advertising campaigns that encourage ethical and conscientious consumption patterns.

Circular strategy

A circular business strategy can effectively complete the manufacturing cycle by prioritising lifespan and minimising waste. Recycling, reusing, swapping garments, giving, thrifting, and buying second-hand are all integral components of the circular economic model.

With consumers changing their mindset, although at an alarmingly slow rate, the sustainable and ethical fashion market and slow fashion industry is once again gaining limelight. Slow fashion, a road towards a more environmentally friendly future, is about buying ethically produced sustainable garments and is a mind-set change away from following fads and valuing practicality, quality, timeless beauty, and ethical manufacturing.

More importantly, governments around the world are rapidly recognising the importance of taking a more proactive role in tackling the fashion industry’s detrimental impact. The EU in December 2023 announced new rules based on the 2022 EU Strategy for Sustainable and Circular Textiles. The EU’s Extended Producer Responsibility (EPR) programme focuses on encouraging manufacturers to embrace sustainable and circular concepts.

Last but not the least, it is imperative that we ensure that fast fashion brands employ sustainable and ethical production practices which extend beyond financial concerns and contribute to the well-being of society, workers and the environment.

Providing better wages and prioritizing the employees well-being, utilizing eco-friendly raw materials and sustainable packaging options, building a transparent supply chain, minimizing waste and focusing on animal welfare will help construct a conscientious and responsible fashion industry. This would help build consumer trust and loyalty toward an ethical fashion brand.

The writer is a Professor in Economics and Area Chair at the Birla Institute of Management Technology, Greater Noida