Fast Fashion and Its Impact
Fast fashion is a business model in the clothing industry that replicates the latest catwalk trends and brings them to retail stores quickly when demand is highest. Its popularity is mainly due to its low prices and quick turnaround time. This is a great way for brands to increase sales and increase brand recognition. However, it can be problematic for consumers.
H&M
Fast fashion has become a big business in recent years and H&M is no exception. The Swedish fast fashion retailer, founded in 1947, has a global distribution network with more than 5000 stores and plans to open even more. In addition to its own brand H&M, the retailer owns several other labels, including COS, Monki, Weekday, Other Stories, and H&M Home. As a result, H&M is one of the world's largest fast fashion chains.
As the name suggests, H&M tries to provide high-quality products at low prices. The company also tries to attract customers by creating unique brands and an overall customer-centric approach. In 2019, H&M was ranked the 58th most valuable brand globally. However, there are a few issues that need to be resolved before H&M can continue to grow.
Differentiating from Other Fast Fashion Brands
First, the brand wants to differentiate itself from other fast fashion brands. In addition to being cheaper, H&M also aims to provide an alternative to luxury fashion. For example, the company has a yearly collection with a high-end designer house. This strategy has helped the company differentiate itself from Zara and other similar brands. H&M is also making efforts to improve the environmental performance of its products and to be more sustainable in their business.
Accusations of Greenwashing
H&M has also been accused of greenwashing. While it offers sustainable garments through its Conscious Collection, the majority of its products are still produced using fast fashion processes. While this is a major problem for consumers, H&M has taken steps to improve its environmental performance.
Zara
Fast fashion is an important part of the fashion industry and Zara is one of the most popular brands. The business model that has made Zara so successful involves developing products at a rapid pace and shipping them to customers at an extremely rapid rate. This means that the company has very little inventory and can keep up with fast-changing fashion trends. Zara is able to do this through a number of different methods, including producing small volumes of their items.
The Zara report outlines several steps that the company has taken to improve the working conditions of their suppliers and workers. The company has a strong code of conduct, and it has pledged to maintain the rights of workers and their families throughout its supply chain. However, there is little transparency in the company's processes. In addition, workers in the Global South receive low wages and are forced to work in dangerous conditions.
While Zara uses recycled packaging and an initiative to recycle textiles, it's not transparent about the sources of materials used to make its clothes. It also does not reveal the amount of greenhouse gases that are produced in its factories. However, its supply chain is less opaque than that of other fast fashion brands. While Zara has disclosed a list of suppliers, it does not reveal the full chain of production.
The company also focuses on freshness and exclusiveness when creating its designs. They never produce large numbers of one design, and instead focus on producing smaller quantities of a variety of designs. This approach has allowed Zara to create a variety of products that appeal to people with a variety of tastes. In addition to clothes, Zara also carries swimwear, cosmetics, and perfumes.
Rent the Runway
To promote its new environmental policy, Rent the Runway has launched a campaign, 'Fast Fashion Free,' to encourage consumers to give up fast fashion. By switching to a subscription service, shoppers can reduce their impact on the environment while renewing their wardrobe. The campaign launched at the start of the New Year with the intention of sparking a behavioral change among consumers. The company has leveraged several digital channels to drive awareness, including influencer engagement and out-of-home wild postings.
While the movement to become more sustainable is still in its early stages, it is clear that more brands and retailers are leaning toward sustainable fashion. Rent the Runway is one of these leaders, and has set high standards for sustainable fashion. It plans to eliminate half of its garment waste by 2026.
The company's subscription model has attracted a younger crowd, including millennials and Generation Z. These customers value experiences over owning things. Paula Peter, associate professor of marketing at San Diego State University, echoed these sentiments. She said the model has a unique appeal to millennials and Gen Z consumers.
Rent the Runway is also working to reduce its fast fashion footprint. Through its new sustainability campaign, customers will be able to recycle unwanted fast fashion items. To do this, they can drop off unwearable clothing at their flagship store near Union Square. These garments are then sent to Green Tree Textiles Recycling for further recycling.
