Major fashion companies from around the world said on Friday they had signed a pact which they would present at this week’s G7 summit in Biarritz, France, to help protect the environment.
The pact has been signed by 32 companies including the likes of Adidas, Burberry, Kering, Hermes, LVMH and Nike.
Without action, the industry could account for a quarter of the world’s carbon budget by 2050. Growing numbers of young people are turning away from fast fashion towards reuse and resale sites such as Depop in the UK, Thredup and The RealReal in the US and YCloset in China. The second-hand market is expected to overtake fast fashion in the next few years and be 50% bigger than it by 2028, according to a report by market analysts GlobalData for Thredup.
Protecting the environment will be a leading issue at the G7, with French President Emmanuel Macron and United Nations Secretary General António Guterres having expressed concern this week over wildfires raging through the Amazon.