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Factors Determining Transition to Circular Economy in the Fashion Industry

ФИО студента: Ekaterina Skornyakova

Руководитель: Ekaterina Ivanova

Кампус/факультет: Graduate School of Business

Программа: Business Administration (Bachelor)

Год защиты: 2021

Currently the issue of solving environmental problems is especially acute. In early 2020, ocean temperatures hit record highs over the past 100 years, while rates continue to grow at a significant pace. Air pollution, water pollution and landfills full of rubbish - all of these are the results of excessive production industry. Large firms and manufacturing pollute the environment, poisoning water and soil. While some companies have already transitioned to circular economy, for the most part corporations and firms continue to adhere to the outdated approach. At the same time, the share of emissions from industry makes up a significant part of the total greenhouse gas emissions. In such conditions, the question of the transition to a circular economy is increasingly being raised. In addition to the above, the ongoing processes of globalization and constant changes in the marketplace are forcing companies to look for alternative ways of doing business. To increase competitiveness in the market and maintain a position in order to constantly develop, companies need to find a new concept and business model that will help them develop in the long term. Clothing and textile manufacturing are integral parts of the global economy. In response to growing consumer demand, the annual production growth rate continues to rise as well. While the fashion industry is still one of the fastest growing manufacturing sectors, it continues to be on top of the list of contaminants in terms of environmental pollution. Academic community is in the process of raising awareness unsustainable clothing consumption and overproduction, but research in this area is limited. This study is based on an extensive literature review and is intended to help close this gap. In this way, a more detailed knowledge of the fashion market itself, the reasons of transition to CE and actors operating in the circular economy value chain will be provided. Companies in the fashion sector still have a long road ahead of them before this concept is widely adopted. Undoubtedly, the concept of the research paper will help to identify and describe the factors that will influence the transition. The subject of the study are apparel sector companies. The complete object – factors of transition to closed-loop economic system. The purpose of the study is identification of the main factors that influence the transition from a linear economy to a circular economy in the fashion industry. This goal was achieved by compiling and conducting the following tasks: Analysis of both theoretical and empirical studies of circular economy approach and its implementation in the fashion industry, Identification of the main factors and drivers of conversion to circular economy in fashion industry, Analysis of the world apparel market and current trends, Analysis of the sustainable brands market and detection of companies representing the main idea of the research, Conducting a comparative analysis of the selected SMEs and businesses in order to confirm previously identified factors, Summarizing the research, stating recommendations for fashion brands / companies on implementing approach and innovations found during the research. In this paper, the concept of a circular economy is defined, tools and factors for the transition to this model are analyzed. The definition and theoretical aspects of the closed-loop economic system subjected to critical review. The work draws attention to CE-related issues and disseminate information for further study.

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