How sustainable is the fashion industry?
1 In 2 Sustainable fashion brands in the Uk could be at risk of closure in 2024
By Rina Einy, Founder of Culthread, ethical, recycled, cruelty-free jacket brand
As we look back on last weeks London Fashion Week, analysts are predicting that despite increasing consumer demand and exceptional market growth, sustainable UK fashion brands are facing an uncertain future as premiums for production and distribution rise.
With an estimated 20% growth in the sustainable fashion industry (compared to less than 3% for overall fashion industry growth in Europe) expected over the next five years, more than 1,200 UK sustainable fashion brands will be hoping that this year’s London Fashion Week puts sustainability in the spotlight.
The European sustainable fashion industry is predicted to almost triple over the next five years rising from its current value of £15bn to £40bn. However, sustainable fashion brands are finding themselves struggling to compete against larger fast fashion brands. With 20% higher production costs and non-sustainable alternatives dominating the digital landscape, it is significantly more challenging for sustainable brands to attract customers.
In addition to the barriers faced by sustainable brands, consumers are struggling to make sustainable fashion choices, despite 65% of consumers want to shop sustainably. Consumers are struggling to find sustainable clothing where they usually shop, and they don’t know how to distinguish what is actually sustainable, in addition they find the assortment of sustainable clothing is limited.
Today sees the launch of The Revivas, a dedicated online marketplace and one-stop destination for sustainable fashion. The Revivas addresses these barriers faced by consumers and sustainable brands with their innovative sustainability framework and a wide variety of sustainable clothing on their online platform. Co-founded by former Goldman Sachs investment banker Fulya Tuncer, and Google product marketing manager, Merve Yavuz Kitapci, The Revivas has already secured over 40 sustainable brands with another 20 going online by the end of spring.
Fulya Tuncer, co-founder of The Revivas said: “Our online marketplace serves as a beacon of hope for sustainable fashion, offering a platform where eco-conscious brands can thrive and consumers can shop with purpose. We are accelerating the shift to sustainable fashion by making it more accessible, reliable and desirable. Together, we’re not just selling clothes; we’re shaping a more sustainable future for the fashion industry.”
