Credit: Presstigieux

3 January 2024

The fashion industry, commanding a colossal market value of $1.79 trillion and accounting for approximately 2% of global GDP¹, faces a dire need for innovation. Despite its significant influence, it is burdened by antiquated practices that have profound environmental and social impacts, emphasising the urgent need for transformative solutions.

The industry’s reliance on outdated technologies not only underpins inefficiencies but also contributes to substantial environmental degradation. Innovation in fashion transcends mere competitive advantage; it is about redefining the lifecycle of fashion products — how they are produced, consumed, and recycled. 

With sustainability targets intensifying, major brands and retailers are recognising the feasibility of these goals through innovative approaches. Consumer awareness about the adverse impacts of fashion is growing, influencing market dynamics and regulatory frameworks alike. This heightened consciousness, along with stricter environmental policies promoting a circular economy, is exerting considerable pressure on the industry to evolve, reflect and adapt.

However, despite the clear demand for new solutions, the exploration of textile technology remains limited, representing a significant opportunity for venture capitalists and strategic investors. The burgeoning field of textile tech, ripe with potential, faces limited competition, thus providing a fertile ground for impactful innovation.

At Fashion for Good, we are committed to nurturing these transformative technologies. By supporting over 3,000 innovators and facilitating the commercialisation of more than 184 innovative solutions through our programmes, we aim to bridge the existing technological gaps within the industry. These efforts are crucial for enabling major brands and retailers to achieve their ambitious sustainability goals.

The imperative for innovation within the fashion industry is driven by the critical need to overhaul outdated processes and meet escalating sustainability targets, responding to the increasing consumer and regulatory demands. By fostering collaboration and championing regenerative innovations, Fashion for Good is dedicated to paving the way for a more sustainable and responsible fashion industry.

¹UniformMarket. (2024). Global apparel industry statistics. Click here.