Can fashion be profitable without growth? | Bot To News

This article is part of our special section on the DealBook Summit which included business and political leaders from around the world.

Moderator: Vanessa Friedman, fashion director and chief fashion critic, The New York Times. Participants: Preeti Arya, Professor of Textile Development, Fashion Institute of Technology; Maxine Bédat, Executive Director, New Standard Institute; Caroline Brown, Managing Director of Closed Loop Partners; Laurent Claquin, CEO of Kering Americas; Gabriela Hearst, Creative Director, Gabriela Hearst and Chloé; Wisdom Kaye, IMG Models; Tracy Reese, founder and creative director of Hope for Flowers; Céline Semaan, co-founder and CEO of Slow Factory; Erez Yoeli, Research Scientist, MIT Sloan School of Management.

Producing too many clothes is no longer a good look. That was the conclusion of a task force of fashion industry powerhouses that met last week at the DealBook Summit in New York City.

Vanessa Friedman, fashion director and chief fashion critic of The New York Times, who moderated the discussion, asked the group to embrace the oxymoron of sustainable fashion.

“Right now, it’s not about the chemicals,” Friedman said. “It’s about the sheer amount of things we produce, buy and waste.”

The experts, whose work affects various aspects of the industry, agreed: Things must change and it is no longer possible to wait to see who will lead the transformation. Every part of the chain needs to be involved, from investors to designers to consumers, Friedman said. And education, legislation and an evolution of the business model away from double-digit growth are essential.

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