The fashion industry should invest between 20 and 30 million dollars (18 million – 27 million euros) to be sustainable. This is one of the predictions presented during the Davos Forum by Katrin Ley, director of Fashion for Good, and reflected in the report “Financing the transformation in the fashion industry“, carried out in collaboration with Boston Consulting Group (BCG).
The report, published by the fashion specialized website modaes.es, concludes that the cited amount refers to the annual investment that the sector should make to implement the development and groundbreaking innovations that the business needs. This “radical change” has a deadline of 2030, the year in which the significant transformation can be seen, according to the media.
Sebastian Boger, BCG’s partner, highlighted that the problem with fashion is that “there is still a technological deficit”, and he also underlined in the report the existence of some disadvantages at both ends of the value chain: the availability of sustainable raw materials and possible recycling solutions when the processes finish.
The BCG report also includes a Boger’s study “The Pulse of Economy“, which addresses the predictions of slow industry change that must be exploited by the sector to adapt to current transformations.