Daly says it’s important to recognise that customers, retailers and entire industries all have different needs, and the goal of piloting different solutions is to study what works best for each and why. That allows for iterative improvement; it also allows for the possibility that there may not be a one-size-fits-all solution. “It may be that there’s one solution that solves everyone’s needs — or it may be that a suite of solutions will always be what retailers want to offer,” she says. “If the retailers find that customer preferences and their operational realities drive toward multiple solutions, then they would offer that to their customers. The question is, what is there space for [and] what are customers drawn to the most?”
The investment of time and resources by major companies, and the open-mindedness about what the right solutions will be, are what’s important. “I think absolutely there is a sense of urgency and a willingness to experiment, and to recognise that there currently is no one perfect solution within reuse,” says Daly.
For Brown, the collaborative nature of the Beyond the Bag effort is emblematic of this new holistic approach. “It’s important to take a systems approach to solving sustainability challenges, examining the entirety of the value chain, from early stage design through to end-of-life,” she says.
Assessing the full value chain in fashion is key to how Closed Loop approaches its investment decisions, which range from design and merchandising technologies to transparency and re-commerce tools. Equally important is how an innovation will work within the existing fashion ecosystem, which Brown says is “critical in evaluating both its rate of adoption and success. We always consider these factors when evaluating potential investments”.
The system approach is also where the most exciting growth opportunities are, she adds. “Companies who commit to new business models that enhance circularity build greater customer loyalty; have richer origin stories to share; reduce the very high rate of attrition in fashion; and optimise capital through the recapture and reuse of their raw materials,” she says. “The investment landscape within innovations for a more sustainable future in fashion has never been better. It’s extremely rare to align the transformation of such an important global industry with a shifting consumer value set and an emerging regulatory environment. It’s extremely exciting to be a part of this.”
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