31 BUSINESS ADVICE where funds are allocated. For companies looking to improve their ESG, this could include selecting charitable organisations to work with to improve their impact on their environment or local community. Fashion brands may start reconsidering their ESG strategies, but outdoor brand Patagonia took this to the next level in September 2022, announcing in a press release that “the earth is now our sole shareholder.” This was in response to the Chouinard family transferring their shares to the Patagonia Purpose Trust and the Holdfast Collective, with the aim of reinvesting profit into environmentally friendly practices. Another great example is H&M Group and BESTSELLER partnering with the Global Fashion Agenda (GFA) and Copenhagen Infrastructure Partners (CIP), announcing in Dember 2023 their plan to invest in the development of an offshore wind project in Bangladesh. While it won’t commence until 2028, it’s still expected to reduce emissions by around 725,000 tonnes. While steps have been made in the right direction, it’s crucial for the future of the fashion industry to focus on sustainability and a circular economy of products. As we near global targets of net zero and the reduction of physical waste, we’ll likely see more and more brands engage with ESG strategies and invest in sustainable materials and technologies to find the perfect balance of style and sustainability.
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