LVMH and Kering wrote down billions of dollars of unsold inventory last year. What to do with it has become an increasingly complex challenge.
The Swedish company was at the forefront of efforts to scale up supply of more sustainable materials. It filed for bankruptcy on Sunday.
Decarbonising the industry is expected to take $1 trillion over the coming decades. Where that money will come from and how it’s distributed remain open questions.
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On Friday, 17 ambassadors from the 27 EU countries backed the law, with no votes against.
The bill calls for gradually increasing penalties of up to €10 per individual item of clothing by 2030, as well for a ban on advertising for ultra-fast fashion products.
The Americas Act earmarks billions of dollars to support businesses involved in resale, waste sorting and recycling as part of a wider move to reduce America’s reliance on Chinese manufacturing.
The agreement clarifies the different responsibilities the EU Commission and the member states in identifying the companies exploiting forced workers and banning their products.
Fast-fashion brands with ultra-fast product turnover would be subject to penalties of up to 50 percent of their garments’ selling price to offset their environmental impact.
Following a sharp decline in 2022, investment in new eco-materials like plant-based leathers and bioengineered silks and wools grew nearly 10 percent last year, a new report found.
The Corporate Sustainability Due Diligence Directive would expose companies to legal liability if they fail to address environmental or human rights abuses in their value chains.
The change distances the initiative from a greenwashing scandal focused on its Higg sustainability tool and signals an expanded focus beyond fashion.