At the Venice Sustainable Fashion Forum, which was organized by Sistema Moda Italia, The European House- Ambrosetti, and Confindustria Veneto Est last month, the Really Fashion Transition 2023 statement was unveiled.
Only half ( 51 % ) of the 14 significant legislative actions listed in the report’s highlights for the EU Textile Strategy appear to have been approved.
The report also brought attention to the potential for using technology to lessen the economic impact of style. The report asserts that natural fibers can have a greater impact on the environment than chemical solutions, despite the fact that they are frequently regarded as more responsible because of their green and recyclable nature.
Consumer attitudes were likewise contradictory, with 58 % of consumers worldwide stating that it is important to them to have an impact on trend conservation. However, people of all ages rarely purchase green clothing.
Additionally, the report noted that 70 % of returns on online clothing purchases are the result of a” change of mind,” or more than 30 %.
According to GlobalData’s trademark data, the number of economic patents filed by clothing companies significantly increased over the previous 20 years, but this stopped in 2023.
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by GlobalData
Since 2003, pharmaceutical companies have filed economic patents.
771 environmental inventions were published in 2022, 531 were submitted, and 247 were granted to clothing manufacturers worldwide. However, this year’s figures have slightly decreased, with only 420 environmental inventions published, 206 filed, and 207 granted.
This is still a sizable improvement over 2003, when only 26 economic patents were filed and just 33 were granted by clothing companies.
According to the report, systems in the clothing industry advanced by 23.3 % between 2017 and 2020, primarily as a result of an increase in patent applications submitted.
We need to destroy and fully utilize the potential for change within EU companies by promoting the development, dispersion, and widespread adoption of green technologies throughout the style value chain, said Carlo Cici, companion and head of sustainability practices at Ambrosetti. The US Inflation Reduction Act, which offers up to 40 % tax breaks to businesses that make green investments and causes investments in solar to increase at least five-fold in a single year, may serve as an inspiration for this strategy.
Our signs protection is powered by GlobalData’s Thematic Engine, which assigns designs, areas, and companies millions of data items across six other datasets—patents, jobs, deals, business filings and social media mentions. These indicators improve our ability to predict, enabling us to pinpoint the most dangerous threats in each of the industries we cover and the businesses that stand the best chance of success.