Profit
Economy is more than just money and finances, it is series of system that moves around, selling good and service to insure we all can live, work and prospered.
In fashion industry, it produces and provides access to high-quality, affordable clothing. In a new textiles’ economy, clients have access to the clothes that they need. It captures the full value of clothing during and after use. In a new textiles economy clothes are used more often, which allows their value to be captured fully. Once clothes cannot be used anymore, recycling them into new clothes allows the value of the materials to be captured at different levels. To be able to capture the value of all materials are no longer worn, it is important to ensure that design aligns with recycling processes that are available today.
It reflects the cost of environmental and societal of materials in the price of products. Companies achieves fashion that does not pollution the earth, then that is economy of fashion. (MacArthur,2017)
Globally, 1.3 trillion clothing industry employs more than 300 million people along the value chain: the production of cotton alone accounts for almost 7% of all employment in some low-income countries. By moving to circular system, the industry can unlock a 560 billion USD economic opportunity. Realising the opportunity requires new collaboration across the value chain, such as production, marketing, and after sale care to keep the materials in use.
As the average quality and durability of clothing on the market increases, so will the opportunity of capturing its value through new business models. Clothing resale is already widely adopted across the world. If clothes are increasingly made to last, introducing attractive resale models suited to a wider customer base locally could significantly increase clothing utilisation. To achieve this, innovative resale models, partnerships, and the harnessing of digital technology are all required.
Economy is also paying employees fair amounts of money, companies to show leadership by embedding a living wage in line with benchmark throughout their supply chain and demanding the same from governments. Governments ensure that an increase in wages for workers is not taken by the powerful. (Gould,2014)
https://archive.ellenmacarthurfoundation.org
www.theguardian.com
womens-fashion.lovetoknow.com
smallbusiness.chron.com