Circular Economy in Fashion Industry: Approaches and Value Propositions

CIRCULAR ECONOMY 1
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TOPIC: CIRCULAR ECONOMY
DATE: 24-09-2019

CIRCULAR ECONOMY 2
Contents
Circular economy....................................................................................................... 3
Focus on issues of resources...................................................................................... 3
Fundamental approaches........................................................................................... 5
Value dimensions....................................................................................................... 6
References................................................................................................................. 8

CIRCULAR ECONOMY 3
Circular economy
Fashion has the highest employment rate with millions of people working to
generate revenue from the business. With the fast fashion phenomenon, the
production in the RMG readymade garment industry has doubled over the
time (Geissdoerfer 2017). Thereby, the time has come to focus on circular
economy that leads to better environmental outcomes, economic and
societal outcomes. The new fashion industry has set its goal for the future in
which the design and negative outcomes will be transformed in a way where
the ongoing efforts will be on economic opportunity rather than production
process. The main emphasizes is improving the RMG industry with circular
economy so that the issue of resources and production is solved. The
fundamental approaches are discussed for circular economy and the value
dimensions and value propositions are addressed. The six brands that are
selected are Burberry, Gap Inc., Adidas, C&A, Aditya Birla and Arvind mills.
Focus on issues of resources
With the help of circular economy principles and practices, the organizations
such as Burberry, Gap, Adidas, Aditya Birla, C&A and Arvind mills have
practices to focus on issues of resources so that it can redefine waste and
embed circular economy.
Burberry
From business context view of Burberry, the fashion brand is working to
foster business models that embed circular economy and ensures that the
waste of resources are as limited as possible with the new fast fashion and
circular economy model (Edie 2018). The transformation change is observed
in terms of resource revolution that ensures closed loop practices in the
business.
Gap Inc.