The third year of collaboration between Deda Stealth and the Sustainability Lab of SDA Bocconi through the "Monitor for Circular Fashion" project ends with the publication of the Report 2023.
The annual event involved vital industry players: among participants the European Commission, EURATEX, and the 26 companies of the Monitor for Circular Fashion
The multi-stakeholder event of the Monitor for Circular Fashion, a research observatory part of the SDA Bocconi Sustainability Lab powered by Enel X, was held at the Milan headquarters of the SDA Bocconi School of Management for its third consecutive year. In 2023, the Observatory involved 26 partner companies and presented three new pilot projects with an open innovation approach, led by TOD's Group, Ferragamo, and Vivienne Westwood, and the seven projects already launched in 2022. The pilot projects aim to test more than 40 circularity KPIs identified by the SDA Bocconi research team, promoting sustainable and circular methodologies between ingredient brands, brands, retailers, and service providers in the textile, clothing, leather, and footwear sectors.
The Monitor for Circular Fashion partner companies have also presented the updated version of the Circular Fashion Manifesto for their third year. The Manifesto declares the commitment to greater transparency and traceability along the value chain. In the updated version now available on the SDA Bocconi website (www.sdabocconi.it/circularfashion), the commitment has been extended to 8 actions inspired by the European Commission's Textile Transition Pathway, a strategy to accelerate green practices in the textile sector. The Manifesto was presented to UNECE and the European Commission DG GROW.
After a focus on the Digital Product Passport with Michele Galatola, Senior Policy Officer of the European Commission DG GROW, and the discussion with service providers, a panel on the involvement of the new generations on the issues of circularity and sustainability in fashion was held, as well as a discussion on the adaptation of sustainability policies for small and medium-sized enterprises and a round table that included three startups, among the ten finalists of the C-Factor of the Monitor for Circular Fashion SDA Bocconi in collaboration with Must Had.
From the survey "Circular Fashion Survey on New Generations by PwC and SDA Bocconi School of Management for the Monitor for Circular Fashion Report 2023," some key points have been highlighted.
The survey involved 2422 Italian and international respondents based in Italy, composed of Gen Z (61%), Millennials (27%) and Generation X and Boomers (11%), with a gender-balanced composition (46% men, 52% women, 2% not available). Among the New Generations, Millennials are the most sensitive to greenwashing: 56% no longer want to buy from brands that make claims by deliberately omitting or masking important information about the environment, and 59% would no longer want to buy from brands that overestimate or exaggerate its functionality in terms of supporting the environment. As for the Digital Product Passport, 39% of new generations are willing to pay 10% more for a product equipped with DPP, compared to 46% of Boomers. According to all generations in the aggregate, the most essential information to be included in the DPP is the environmental impact and the composition and authentication of the product. The main benefits identified from the DPP are increased trust and loyalty, more informed decisions, and combating counterfeiting in resale platforms.
The research report executive summary is available on www.sdabocconi.it/circularfashion.