Title: Sustainability in the Fashion Industry: Strategies for Reducing Environmental Impact and Enhancing Profitability
Authors: Akampurira Sarah, Prof Nafiu Lukman Abiodun
Volume: 8
Issue: 8
Pages: 178-182
Publication Date: 2024/08/28
Abstract:
This study investigated strategies for reducing environmental impact and enhancing profitability in the fashion industry. The research employed a mixed-methods approach, combining quantitative data from a survey of 200 fashion companies and qualitative data from interviews with 30 key stakeholders, including designers, supply chain managers, and sustainability experts. The findings revealed a strong focus on the environmental and social implications of fast fashion, with significant interest in the effectiveness of circular design, sustainable materials, and closed-loop manufacturing. Bivariate analysis demonstrated a statistically significant association between the implementation of circular design and the use of sustainable materials, highlighting the interconnectedness of different sustainability strategies. Multivariate analysis identified investment in sustainable technology, consumer demand for eco-friendly products, and compliance with regulatory standards as key drivers of sustainable adoption. The study concluded that a holistic approach to sustainability, incorporating circular design, sustainable materials, and technological advancements, is crucial for fashion companies to achieve both environmental and economic benefits. Recommendations include prioritizing holistic sustainability strategies, investing in sustainable technology and innovation, and engaging stakeholders to foster collaboration and transparency. The study provides valuable insights for fashion companies, policymakers, and consumers seeking to promote a more sustainable and profitable future for the fashion industry.