By the end of 2018, 7,000 clothing and textile companies had signed the Transparency Pledge, making it the largest initiative in the field. The Coalition also developed a live toolkit , providing companies with a range of resources to help them implement the Transparency Pledge. In addition to extensive free content on the coalition’s website, companies can also sign up for tailored resources and access to a global community of other companies using the pledge.
The fast fashion industry is a cost-efficient supply chain model that has pushed the apparel industry to the brink of collapse. When the fashion industry first embraced fast fashion production, the industry was able to easily access low-cost textile and fiber supplies and use their fast-fashion production abilities to produce inexpensive items and sell them at low prices. However, over the past decade, customers’ purchasing power has declined, while the industry’s ability to use cheaper materials and produce items at lower costs has limited. In addition, the fashion industry’s production chain has become more complex. The industry has to use more time and money to make each item, and to distribute those items to more markets around the world. To keep up with this growth, the industry is now using more physical and intangible resources, such as water, energy, labor, and marketing resources, to produce goods.
Fast fashion is the fashion industry’s approach to rapidly produce and distribute low-cost items and high volumes of merchandise. It is characterized by fast fashion production time, excessive use of low-priced materials, and by fast fashion pricing and selling practices. In the past decades, the fast fashion model has driven down prices, increased the use of low-priced material, and made fashion less attractive to consumers, leading to a decline in the value of the fashion industry, and in particular in its apparel segment.
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