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- The study confirmed that the global fashion industry’s response to environmental urgency is lacking
- The top 3 rating companies have remained unchanged in all 3 editions of CFX.
- 7 weights are measured; Companies have not done anything in general
- 5 of the top 10 brands are based in the US. France It has the highest CFX score.
- On the consumer side, 30 to 40% of fashion customers are unaware of recycling/recycling options.
Chicago, May 31, 2023 /PRNewswire/ – Today is an international management consulting firm Kearney Released 2023 Circular Fashion Index (CFA)It is the third study to measure the global fashion industry’s progress towards circularity and sustainability. Based on proprietary analysis, CFX serves as an objective tool for companies to understand where they rank in their sustainability practices and which circular motions need to be pulled. Despite the fashion agreement opened at the G7 meeting France In the year In 2019, the industry remains one of the world’s top polluters – hence the value of measuring growth. Kearney’s 2023 CFX report said the needle hasn’t moved much since last year’s report, with the 200 global brands analyzed averaging 2.97 per 10 rounds.
10 best performers in 2023 CFX
“According to our 2022 results, brands are not actively activating any of the seven circularity levers; instead, they are all operating in the 2 to 6 percent range. Furthermore, they are failing to educate consumers not only about the importance of sustainability. Things like recycling, cycling, and renting clothes.” Regarding existing practices,” observed the report’s co-author and Kearney Partner Brian Ehrig. “More than a third of consumers remain unaware of these options. There’s more to be done, and brands can step up their game.”
The report cites a recent Kearney Consumer Institute (KCI) consumer survey that shows US, French and Italian consumers lack knowledge about sustainability in their relationship with the fashion industry.
Other findings from this year’s Circle Fashion Index include:
- They show the strongest improvements and the most successful brands joining the ranks
- CFX results by country, where more than 80% of brands are found. America, France, Italy, India, Germanyand UK
- Results by category, in six categories
- Top 10 performers/best practices, and what they might be doing better.
- Year-on-year comparison of CFX levels between 2022 and 2023
“Brands are still underperforming across geographies and market segments,” said the report’s co-author and Kearney Main Dario Minutella. “Of the 200 global brands we looked at, only 19 scored above 5 out of 10, and only three scored anywhere above 7. This year’s CFX shows that concrete action is needed to bridge the gap and move the industry towards greater sustainability and circularity.
of 2023 circular fashion directory Available over here.
About the Kearney Round Fashion Index
Now in its third edition, the 2023 Circular Fashion Index has expanded to analyze 200 global fashion brands from 20 countries across six apparel categories: Sports & Outdoors, Underwear & Underwear, Luxury, Premium/Affordable Luxury, Mass Market and Fast Fashion. Each company’s CFX score is based on seven dimensions that affect the brand’s circularity effect: share of clothing made from recycled fabrics, availability of repairs and maintenance, “weight” of product communications, detail/accessibility of care instructions, breadth/depth of second-hand sales, rental services Width/depth, and availability of places to dispose of worn clothes.
About Kearney
Kearney is a leading international management consulting firm. For nearly 100 years, we’ve been a trusted advisor to C-suites, government entities and nonprofit organizations. Our people make us who we are. We help our clients solve them by driving to be the difference between a great idea and its execution. www.kearney.com
Media Contacts: Meir Kahtan, MKPR; [email protected]+1 917-864-0800
Source Kearney
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