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Sustainability in the Fast Fashion Industry: A Winning Combination - ReAnIn Analysis
According to ReAnIn, the global fast fashion market was valued at USD 88.9 billion in the year 2021 and is projected to reach USD 126.8 billion by the year 2028, registering a CAGR of 5.2% during the forecast period. Quick availability sometimes within a week of the catwalk, significantly lower price, increasing penetration of social media, and high demand among adults are leading drivers for the global fast fashion market. These low-cost-quickly-available products have caused various problems including lower wages for the employees, and use-and-throw attitudes among adults which have negatively affected the environment. These negative aspects of fast fashion have resulted in the growth of sustainable or ethical fashion.
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As generation Z (Gen Z) deeply cares about the environment and sustainability, various analysts have predicted that the death of fast fashion is certain, maybe sooner than later. However, recent surveys have shown that it will be difficult for Gen Z to abandon fast fashion in the next few years. According to the 2020 Vogue Business survey, more than 50% of people who are buying most of their clothes are from Boohoo and other fast fashion e-tailers will continue to buy from Boohoo-owned brands even after hearing about the Leicester supply chain malpractice (2020). Almost all the leading brands have seen growth in the last few years. Boohoo's revenue grew by 41% in 2021 and 14% in 2022; Zara reported its net profit more than doubled in 2021, and Mango witnessed profits soar to the highest level in over a decade.
The growth in revenue or profit further validates the fact that fast fashion is here to stay, while some correction in their work culture and marketing strategies may be required. For instance, Zara has set various sustainability goals including reaching net-zero emissions by 2040 and using only organic, sustainable, or recycled for the majority of their products by 2025. Other leading brands are also expected to follow the same path in order to compete with sustainable clothing.
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ReAnIn has segmented the global fast fashion market by:
Key players operating in the global fast fashion market include Inditex (Zara SA), H & M Hennes & Mauritz AB, Missguided, Shein, Fashion Nova, Fast Retailing Co., Ltd. (Uniqlo Co., Ltd.), Forever 21, Inc., and Boohoo.
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