Spotlight on: Trove

Find out more about Trove’s “Where Are Circular Models Effective Sustainability Strategies for Fashion Brands?” report.

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The fashion industry’s contribution of 1.8-4% of total global carbon emissions challenges today’s brand leaders to adopt meaningful decarbonization strategies while focusing on long-term value.

On September 26, Trove and Worldly released a groundbreaking whitepaper, presenting a pioneering approach for brands to reduce carbon emissions through circular models, constituting a crucial aspect of an all-encompassing greenhouse gas (GHG) reduction strategy. This significant release was accompanied by an enlightening panel discussion at the Global Fashion Summit: Boston Edition 2023, moderated by Elizabeth Segran of Fast Company. The panel thoroughly delved into the report’s findings, shedding light on how brands can maximize resale benefits and decarbonize their extended supply chains.

The study, “Where Are Circular Models Effective Sustainability Strategies for Fashion Brands?”, was a collaborative effort between Trove, a market leader in branded resale and trade-in, and Worldly, a leading impact intelligence platform for the consumer goods industry. The report underwent a meticulous review process involving experts in circular fashion to ensure its accuracy and high quality.

 

Key Insights

Resale is a Significant Decarbonization Strategy: Particularly for Premium brands, resale can result in a 15-16% reduction in annual carbon emissions by 2040. These brands can achieve annual revenue growth and simultaneously reduce the need for new production by 23-35% annually.

Maximize Resale Efficiency for Emissions Benefit: Brands achieve the most substantial emissions reductions by amplifying the value of their products in the resale market. Product durability, design, and craftsmanship play pivotal roles.

Operational Control is Key for Greenhouse Gas (GHG) Accounting in Resale: Brands that control their resale operations and maximize revenue from used products are able to capture the greatest share of Scope 3 emissions benefit. Brands relying solely on third-party marketplaces or peer-to-peer platforms for resale miss revenue opportunities, thereby slow their transition to more circular models.

One clear and resounding message emerged from the study and discussion at the Global Fashion Summit – the most successful fashion brands are those that extend their vision beyond the initial sale and look beyond showcasing sustainability initiatives as marketing ploys.

The emphasis should be on long-term value creation, indicating a shift away from the traditional linear fashion model, and prioritizing investments in circular models and supply chain decarbonization. Brands that adopt these approaches can reduce their carbon footprint, increase post-sale revenue, and transform the industry into an environmentally responsible and profitable landscape.

Trove is the Principal Sponsor of Global Fashion Summi: Boston Edition 2023. Find out more here.

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