Luxury’s newfound love of ESG, a flash in the pan or a long term trend?

The fashion industry is responsible for 10 % of annual global carbon emissions, more than all international flights and maritime shipping combined. The fashion industry is under colossal consumer and regulatory pressure to clean up the negative impacts of fashion. The clean up won’t happen by good intentions alone; it needs a considerable infusion of funds for new, less harmful technologies and a reworking of processes. The movement towards this has already started with leading fashion brands investing in this sustainability led transformation.

The road to sustainability in the fashion sector is long and arduous. The funds that are being raised are a mere fraction of what is actually needed given the size and scope of the fashion sector. 2021 is likely to see fashion recovering from the aftermath of the pandemic, but more than ever, the focus on a green recovery is expected to be paramount.