One of my biggest takeaways from this discussion was the importance and value of different industries collaborating to solve large scale issues. Science, technology, and fashion haven’t always come hand in hand, but together they can achieve much more.
To move fast to shift consumer mindsets, become a carbon-absorbing industry and create drastic change, technology and innovation must be incorporated in fashion. The following ideas have already taken shape, some of which are being adopted by smart businesses (and succeeding!) – what will be next?
Image via GlamCorner
Let’s face it, we live in a superficial world and fast fashion costs both money and the environment. Greenpeace stated in 2017 that, ‘The average person buys 60% more items of clothing and keeps them for about half as long as 15 years ago.’
Jenny Cermak (Partner, McKinsey & Company) at Legacy raised a valid point in her keynote that fashion rental could be popular because there’s a demand for fast fashion with accessible luxury garments. It also just happens to be a double-whammy that it’s environmentally better to hire clothing.
Fashion rental allows consumers to hire high-end garments at a fraction of the cost, in return increasing a garment’s lifecycle. Rent The Runway, founded in 2009 by Jennifer Hyman, was one of the original adopters of this idea. In 2016 it passed the $100 million revenue mark, showing the quick uptake of this idea by consumers.
Glam Corner and EkoLuv are two prime examples in Australia of fashion rental services, from dresses to bags, check them out!
‘Browse through our collection of over 9,000 of the best designer dresses and gowns. Book your favourite dress online and we’ll deliver it to your door anywhere in Australia.’ – Glam Corner