The linear take-make-waste model is still prevalent in today’s fashion industry. According to the Ellen MacArthur Foundation, 500 billion dollars of value are lost every year due to clothing underutilisation and a lack of recycling.
Infinited Fiber Company, a Finnish biotechnology group, has led a successful bid for over 6 million EUR of European Union research and innovation funding. Those funds are used to form a highly ambitious consortium of 12 organizations (including amongst others Adidas, H&M Group and Fashion for Good) whose aim is to create a circular fashion industry blueprint: the New Cotton Project.
The consortium members work together on topics such as waste management, manufacturing, retail, recycling, and academia to devise a new business model and circular system that can lead to industry-wide adoption. If you’d like to learn more about the New Cotton Project, this article by Forbes provides you with a good explanation.