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2019 UPDATE,PULSE OF THE FASHION INDUSTRY,PublisherGlobal Fashion Agenda, Boston Consulting Group, and Sustainable Apparel Coalition,AuthorsMorten Lehmann, Gizem Arici, Sebastian Boger, Catharina Martinez-Pardo, Felix Krueger, Margret Schneider, Baptiste Carrire-Pradal, and Dana Schou,CopywriterChristine Hall,CoverGood for You,Art directionThomas Blankschn,Graphic designDaniel Siim, IDna Group,AcknowledgmentsThe authors would like to thank all of those who contributed to this update.,Special thanks go to Global Fashion Agendas Strategic and Associate Partners, as well as the industry experts and the broader fashion community who have contributed their time, insight and expertise to this update and/or took part in the Pulse survey and interviews.,Global Fashion Agenda teamThomas Tochtermann, Jonas Eder-Hansen, Alice Roberta Taylor, Anne-Lieke van Leeuwen and Eva Kruse,Boston Consulting Group teamDr Javier F. Seara, Christine Barton, Pascal Enohnyaket, Kelli Gould, Imogen Price, Mario Simon, and Sarah Willersdorf,Sustainable Apparel Coalition teamAlexandra Rosas and Veronique Tjon,2019 UPDATE,2019 Copyright Global Fashion Agenda, Boston Consulting Group, Inc. and Sustainable Apparel CoalitionAll rights reserved. Reproduction is strictly prohibited without prior written permission from the publishers. Every effort has been made to trace the copyright holders for this publication. Should any copyright holders have been inadvertently overlooked, Global Fashion Agenda, Boston Consulting Group and Sustainable Apparel Coalition will make the necessary changes.,P. 01,P. 15,P. 03,P. 19,P. 07,P. 20,P. 11,P. 25,INTRODUCTION,PRIORITIES TO DRIVE FUNDAMENTAL CHANGE,TAKING THE PULSE OF THE FASHION INDUSTRY,ENDNOTES,THE PULSE CURVE AND THE ROADMAP TO SCALE,APPENDIX,CONSUMER SENTIMENT,GET IN TOUCH,CONTENT,2023*,2024*,2025*,2026*,2027*,2028*,2029*,2030*,EXHIBIT 1,Industry trajectory over past 3 years and projectionGap between industry growth and Pulse Score improvements increasing,Risk that the gap will widen if industry does not increase the speed of finding, developing and implementing measures to improve theirenvironmental and social sustainability practices,Apparel/Footwear Industry Size,Pulse Score,Growth rate projected to increase by 10%,32pt,$1.7T,$1.8T,$1.9TGrowth rate decreased by ,$3.3T,38pt,42pt,+6pt,+4pt,?,+5% p.a. (+81%),+4-5%,PULSE OF THE FASHION INDUSTRY 2019 UPDATE,The 2019 Pulse Score1 shows that the fash- ion industry has improved its social and environmental performance in the past year, but at a slower rate than the previous year. Despite this improvement, the fash- ion industry is still far from sustainable.Furthermore, the findings demonstrate that fashion companies are not imple- menting sustainable solutions fast enough to counterbalance negative environmental and social impacts of the rapidly growing fashion industry. If the Pulse Score stays on its current trajectory, the gap between industry output and the Pulse Score will,widen. About 40% of the industry have not yet reached beyond Phase One of the Pulse Curve.2 As a result, if the industry does not implement changes at a fast-er rate, it will not be able to achieve the United Nations Sustainable Development Goals3 or meet the Paris Agreement.4Global Fashion Agenda, Boston Consult-ing Group and Sustainable Apparel Coali- tion call upon industry leaders to increase their pace towards a deeper and more systemic change. Companies must push harder, with more focused and coordinat- ed efforts, to overcome technological and economic limitations that hinder progress.,2017201820192020*2021*2022*Note: Numbers for years marked with an asterisk mark are projections. Industry size and growth rates for apparel and footwear RSP value in USD based on fixed 2018 exchange rates. Growth rates until 2023 based on Euromonitor data, growth rates between 2023 and 2030 extrapolated based on Euromonitor data at CAGR 5%.Source: BCG analysis: Euromonitor; GFA: CEO Agenda 2018,PULSE OF THE FASHION INDUSTRY,1/25,2019 UPDATE,CONTENT,Pulse Score growth slowed by one third in 2019The 2019 Pulse Score increased four points from last year, from 38 to 42 (out of 100), compared to six points in 2018, which means that the speed of measura- ble progress has decreased by a third.,Although the continued progress is encouraging, its decreasing speed is concerning. In the last two years alone the apparel and footwear industry grew between 4 to 5%, in line with projections through 2023 that show annual growth of approximately 5%. This is largely driven by increasing demand in Asia-Pacific and developing countries.5 By 2030 the globalapparel and footwear industry is expected to grow to 102 million tonnes in volume and USD3.3 trillion in value.6 Moreover, the Sustainable Development Goals estimat- ed that global carbon emissions need to be reduced by 45% from 2010 levels by 2030 if global warming is to be limited to a 1.5C increase and net zero carbon emis- sions are to be reached around 2050.7 Even under optimistic assumptions, the industrys existing solutions and speedof progress will not deliver the impact needed to transform the industry. Fashion needs deeper, more systemic change.,+4ptimprovementsince past year but measureable progress decreased by Without growth in environmental and so- cial practices through scaling up existing sustainable practices, adopting more effi- cient business models and implementing transformative changes, the gap between the growth of the industry and the Pulse Score will widen further. This could have a dire effect on the long-term environmen- tal, social and financial prosperity of the industry and planet.8,The majority of improvements came from two segments: small-size players in the mid-price segment, and medium and large-size players in the entry-price segment. Efforts spreading among the smaller companies in the entry-price segment are encouraging to see. Thismovement along the initial phases of the,Pulse Curve was achieved by firms adopt- ing sustainability strategy development and governance, setting targets, imple- menting best practices and aligning their association affiliations. These important preparatory changes will take timetyp- ically around two yearsto translate into trackable success further along the Pulse Curve. Meanwhile, frontrunners displayed lower measurable progress, as their work in scaling up solutions and bringing prov- en initiatives deeper into the value chain does not necessarily immediately trans- late into Pulse Score gains. In addition, tackling issues which require innovation or changes in business models require collaborative action.,Consumers more aware of sustainability, an increasingly important driver in pur- chasing decisionsAs news outlets and social media shine a light on social and environmental respon- sibility in the fashion industry, consumer concern is growing. Mentions of sustain- ability in social media increased a third faster than overall social media growth between 2015 and 2018. Awareness is highest among younger people, especially Millennials.9,This awareness is beginning to have a greater effect on consumer purchas- ing decisions, with more than a third of survey respondents reporting they have already switched from their preferred brand to another for reasons related to responsible practices. More than half ofthe respondents said they anticipate that their next purchase decision will be based on these practices. For the first time, this data confirms that most consumers in- clude sustainability considerations in their decision-making framework. These results indicate a shift in importance of these considerations and represent a strong signal to the industry.10 This clear trend will continue to grow. It is just a matter of time before responsible practices become pivotal to decision-making factors when purchasing a product.,However, consumer considerations of sustainable practices are not yet pow- erful enough to be the most important driver of purchasing behaviour. Quality and aesthetics still dominate decision making.11 Nevertheless, for 7% of consum- ers sustainability is the most important decision-making criteria. Yet, the industry cannot wait for the consumer to lead this movementit is up to fashion leaders to take bolder moves today to transition to a sustainable industry.,PULSE OF THE FASHION INDUSTRY,2019 UPDATE,CONTENT,2/25,TAKING THE PULSE OF THE FASHION INDUSTRY,32pt,38pt,42pt,+6pt,+4pt,This section takes an in-depth look at the Pulse Score results to examine the main drivers of progress and road- blocks the industry faced during the past year.,In the past year the Pulse Score of the fashion industry increased from 38 to 42 (out of 100), showing progress toward advanced social and environmental performance with companies historically performing lower than average repre- senting the main driver of progress. This four-point improvement represents a slower rate of measurable progress than previous years and indicates the increas- ingly difficult challenges companies face in advancing their Pulse Scores.,EXHIBIT 2Evolution of industry-wide Pulse ScoreSpeed of measurable progress slowed vs. last year,2018 vs. 2017,2019 vs. 2018,PULSE OF THE FASHION INDUSTRY,2019 UPDATE,CONTENT,3/25,PRE-PHASETaking Uncoordinated Actions,PHASE ONEBuilding the Foundation,PHASE TWOImplementing the Core,PHASE FOURUnlocking the Next Level,20-29,30-39,40-49,50-59,60-69,70,20,EXHIBIT 3,Pulse Score improvements by performance quartile along the Pulse Curve3rd quartile with biggest upward development during the last year,*Note: Pulse Score 2019 (vs. 2018),Pulse Scores by performance quartileTo provide an overview of the industrys progress companies are ranked in perfor- mance quartiles based on three segments: premium, mid-price and entry-price, according to their Pulse Scores.12,Players in the first and second perfor- mance quartiles slowed in improving their Pulse ScoresCompanies in the first quartile (the high- est performing segment) slowed in their trajectory along the Pulse Curve this year due to increased challenges in scalingup proven measures into deeper tiers of their supply chains, in inventing andscaling transformative technologies and in achieving tangible results from collabora- tive initiatives. This result, however, needs to be viewed with nuance since players,at this level already have high scores and, historically, have made strong progress. Their ongoing work toward advancing and scaling their proven measures or investing in new technology does not necessarily immediately translate into Pulse Score gains. It will take further investments and time until new transformative technolo- gies are at a stage in which they generate measurable progress at scale.,In the second quartile progress also slowed. Nevertheless, their efforts are visible: companies report that they are dedicated to sustainability, and they are investing in supplier relationships, supply chain traceability, an improved material mix and changes to their business model towards circularity. Yet, they face addi- tional challenges, as the required resourc-,es, capabilities, funding and advanced technologies in the aforementioned areas are not yet fully established.,For both quartiles, finding and deploying scalable technology and identifying the next set of disruptive solutions to facili- tate further systemic change has proven elusive. Finding innovations to reach the next phase of the Pulse Curve takes time. It requires the industry to innovate and to invest jointly to target the unsolved challenges in the value chain with new solutions. Fashion companies must joinforces with suppliers, investors, regulators, NGOs, academia and consumers to create an ecosystem that supports transforma- tional innovation and disruptive business models.,Players in the third performance quartile saw the largest year-on-year improve- mentsIn the third quartile, improvements were mainly driven by small mid-price and me- dium-entry-price players. They achieved this movement along the initial phases of the Pulse Curve by adopting sustainable strategy development and governance, by setting targets in energy, chemicals and water savings, and by aligning association affiliations. In other words, those players are putting in place the measures which are part of the first and second phase of the Pulse Curve.,Unfortunately, there is still a significant part of the global fashion industry (10- 15%) that has not yet embarked on any advances towards more responsible practices.,42,3rd quartile,4th quartile: Bottom Performers,2nd quartile,PHASE THREEExpanding to Scale1st quartile: Top Performers,16(+4)*,43(+11),47(+4),65(+1),4/25,Key results by segment and sizeFor a more nuanced understanding of the industrys progress, the Pulse Score is broken down by segment and size toreveal patterns and to incorporate tailored recommendations.,Premium segmentThe premium segment saw solid scores of 52 to 54, with Pulse Scores increasing by one to three points over the last year. Innovative brands made notable achieve- ments through collaboration with other fashion players and also other industries, such as the agricultural sector.13 Again, some of these advances are not reflected in Pulse Scores, but this does not mean that projects are unsuccessful, but rather that they are at a stage that does not yet yield measurable impact at scale.,Mid-price segmentIn the mid-price segment, the Pulse Score shows that many small players caught up. They increased their score from 37 to 45 points in 2019. This is especially encour- aging given the large share of the global fashion market (20%) they account for.Their improved score was mainly driven by putting strategies and proven tools in place. The high variation of scores among the different players in this segment is important to note. Giant sports play-ers have a long tradition of focusing on materials and in-depth collaboration with various tiers of their supply chain, which is reflected in higher scores. Giant fashion players, which have the financial means, are already at a stage of scaling up prov- en initiatives in their supply chains, followwith a score of 58.,Entry-price segmentSmall, medium and large players show the largest improvements in the entry-price segment. The giant companies in this seg- ment are finding it increasingly challeng- ing to improve their Pulse Scores. Finding solutions for the unresolved problems is becoming tougher, and impact and returns are receding. Small players improved their score to 26 (from 20 in 2018), as they built their foundations. Medium-size players in- creased their score by 18 points (from 40 to 48), while large players improved their scores by 10 points (from 45 to 55).,
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