By connecting innovators with large-scale manufacturers, Fashion for Good is working on making the industry greener
The 2019 article by McKinsey & Company, an American consulting firm, which provides this data also adds that not only is the fashion industry one of the largest polluters in the world (see ‘The Natural Impact’), but also lack of mechanisms to recycle textiles costs the industry hundreds of billions of dollars a year (see ‘Missed Revenue Opportunities’). Adding to this is a January 2020 report by Boston Consulting Group and Fashion For Good that says the “innovations emerging in the fashion industry in response to sustainability pressures present unprecedented investment opportunities [estimated to be worth] $20 billion to $30 billion a year”.
Investing in and adopting sustainable technology and practices, therefore, are not just steps towards environmental sustainability for the fashion and textile industry, but towards reaping large economic benefits as well. Keeping this is mind, Fashion for Good—an Amsterdam-based organisation that is bringing together investors, textile manufacturers, fashion brands and innovators—has started its first accelerator programme in South Asia, with an aim to connect innovators and manufacturers so that they can implement and scale up various sustainable solutions.
Fashion for Good started its accelerator programme in Amsterdam, in which it organises workshops, mentoring sessions and meetings between participating innovators and corporate partners. The areas that the programme focuses on include raw materials, dyeing and finishing, manufacturing, retailing, end-of-use and transparency and traceability. So far they have worked with more than 80 innovators and 10 corporate partners.
“We decided to enter the South Asia region because not only is it an emerging market for consumption of fashion, but also an important manufacturing region,” says Katrin Ley, managing director, Fashion for Good. “With the launch of our regional programme in South Asia, we strengthen our network, and position ourselves to better serve local manufacturers, key supply chain actors, brands and innovators.”
Labourers at a dyeing factory in Mumbai
Image: Vivek Prakash/Reuters
Established largescale textile and clothing manufacturers often find it difficult to adopt new technologies as they may disrupt existing manufacturing processes and assembly lines, as well as escalate costs. On the other hand, small and young enterprises that have gone through the process of inventing new technology and solutions often find themselves unable to scale up their processes, find industry clients and meet their requirements. Fashion for Good’s accelerator programme addresses this problem by teaming up the selected innovators with the manufacturers so that they work together to evolve the innovations into plug-and-play solutions that can be scaled up, and therefore made suitable for industry-wide adoption.
“The programme brings together the most promising innovators whose technologies are set to transform the industry with manufacturers, like us, on the ground,” says Dipali Goenka, joint managing director, Welspun, one of the corporate partners in the programme. “The platform provides a pool of incredible talent that we can tap into and implement in our own ongoing efforts to move our supply chain towards circularity.”
(This story appears in the 28 February, 2020 issue of Forbes India. To visit our Archives, click here.)