The Pulse Of The Fashion Industry 2018 By Global Fashion Agenda & The Boston Consulting Group begins by reporting: “The year 2017 was a turning point for the sustainability of the industry. Overall, 75% of fashion companies have improved their score compared to last year, increasing the industry’s Pulse Score by six points. This is impressive and encouraging. However, there is still a lot to be done.
As I mentioned last year in this article – The Pulse of the Fashion Industry 2017 – the change is indisputable. Each and every one of us, the professionals of the sector, must assume the commitment and collaborate fiercely so that the fashion sector continues to improve its performance and environmental and social situation. Based on this objective, I propose that we begin at this very moment by analyzing in depth the content and conclusions of the referenced report in order to understand in detail the current situation and to work together tirelessly to improve it. In addition, at the end of this article you can download for free this incredible and comprehensive report of 2018.
The Pulse Score
The Pulse Score is a measure of sector performance developed by The Boston Consulting Group (BCG) and Global Fashion Agenda (GFA) on the basis of the Higg Index developed by the Sustainable Apparel Coalition (SAC) to measure and track the sustainability of the global fashion industry in key areas of environmental and social impact. It is a performance score that, because of its design, it is impossible for a fashion brand or organization to achieve a score of 100 on sustainability, as it aims to make this ultimate goal an aspiration.
The Pulse Score 2017 of the fashion industry is: 38/100
The overall Pulse Score difference of 38 to 100 indicates the size of the opportunity the industry has for creating more and new value for society and businesses.
The Pulse Score of fashion: it increased from 32 in 2016 to 38 in 2017.
The total increase in the fashion pulse score, 6 points in the last year, is clearly seen in the value chain. Last year’s most advanced processes in processing, manufacturing and transportation remain the strongest areas. However, the weakest metrics, such as garment completion, design and development, were the most profitable this year and have reduced the distance, which is a promising progress of the situation.
Most of this year’s improvement in fashion industry pulse scores is driven by brands and companies in the mid-price segment. This clearly indicates that the move to best practices has reached the mass market and is no longer a question of values or a privilege of large company resources. Even some smaller companies gained a strong momentum, and are beginning to catch up with the pioneers.
The pace of change is not fast enough
To set the fashion sector on the path to long-term social, environmental and financial prosperity, the level of change needed will require something more than individual companies achieving incremental improvements. What is needed now is active collaboration and a clear commitment from industry leaders to prioritize a responsible long-term strategy, despite the pressure of quarterly results.
Pulse Curve & Roadmap to Scale.
Based on the Pulse Scores, BCG and GFA worked with key players in the fashion industry to develop two new projects that will be important frameworks for action as they provide guidance and inspiration. The first is The Pulse Curve, which allows companies to compare their actions and performance with other industry players and assess their progress over time. The second, The Roadmap to Scale, is an inspiring guide that offers concrete actions that companies can take to prioritize and plan sustainability and CSR efforts.
Building a better industry requires joint action
Individual companies recognize that they cannot create this disruptive change on their own – industry as a whole must develop societies and ecosystems that can market and expand the most promising innovations on the horizon. It is this kind of collaboration that will achieve the speed of change needed to boost the environmental and social performance – and profitability – of the fashion industry in the long term.
The pulse of the industry
Last year, the Pulse score of the fashion industry improved from 32 to 38 out of 100 points. The Pulse survey, which represents all industry segments, confirms that the topic is present and constantly evolving on the industry agenda. Of the executives surveyed, 52% reported that sustainability goals acted as a guiding principle in almost every strategic decision they made, an increase of 18 percentage points over last year. Let’s continue to work together to achieve the aspirational goal of 100!
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