The fast fashion market is expected to grow to US $ 133.43 billion in 2026 at a CAGR of 7.7 percent. Even though the numbers are eye-catching, however, this rapid expansion is sure to have negative consequences such as emitting harmful effluents and damaging the environment.
The European Commission has finally acted on this increasing concern and has released strategies to address the perils of the fast fashion industry earlier this year. The strategy covers key areas which when streamlined will make the production of fast fashion responsible and green. Additionally, it defines the way forward to achieve the environmental goals that are set for 2030.
Some of the strategies include the usage of smart product design and circular business models, in addition to imposing rules that enable the longevity of the textiles.
The other strategies include working around circulating business model that promotes durability and recyclability for textiles, as well as mandatory use of recycled fibres.
Furthermore, new rules will be subject to hazardous chemicals in textile products and will either require producers to minimise or even substitute them. The Eco-design for Sustainable Products Regulation has been proposed by the European Union, stating that this regulation will be binding for all manufacturers.
The strategy will also focus on phasing out microplastics and synthetic fibres as they produce the maximum threat to the environment.
The introduction of a digital product passport, an electronic tool that registers, processes and shares information about the product across all the stakeholders of the supply chain is also a great initiative by the Commission.
Additionally, the EU plans to work closely with manufacturers to reduce wastage and to completely ban the destruction of unsold textile products.