It’s not just startups that are engaging with the circular economy. That’s value that the circular economy can help the fashion industry to unlock,” says Francois Souchet, lead at the Ellen MacArthur’s foundation Make Fashion Circular initiative. “ Every year, $460 billion is lost to the economy, just from the underutilisation of clothes. Textile production emits 1.2 billion tonnes of greenhouse gases, half a million tonnes of plastic microfibres released from textile washing ends up polluting our oceans, and one garbage truck of clothing is landfilled every second. The Ellen MacArthur Foundation estimates that clothing production doubled between 20, and there is currently over £30 billion of unworn clothing clogging up wardrobes in the UK alone. However, its impact on the environment and our health is forcing a rethink. That’s an inherently radical idea for the $1.3 trillion fashion industry, which was built off a linear produce-use-dispose model. What all these companies share is a mission in changing our relationship with clothing. StockX and Rent the Runway were both recently crowned unicorns. Farfetch acquired streetwear and sneaker reseller Stadium Goods for $250 million in December. The RealReal, which recently went public, has a valuation of $2.5 billion less than a decade after it was founded in 2011. Is the future of fashion circular? Both Wall Street and Silicon Valley seem to think so.
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