What's Happening?
The European circular fashion market is projected to surpass 100 billion euros by 2030, according to a report by the Fédération de la mode circulaire (FMC) and KPMG. This growth is driven by the four pillars of circular fashion: reinvent, reuse, repair,
and recycle. Currently, eco-designed products account for about 6 percent of the European fashion market, but this share could increase to nearly 15 percent by 2030 due to regulatory changes. The report emphasizes the role of European legislation, such as extended producer responsibility (EPR) schemes, in supporting demand and investment in circular fashion.
Why It's Important?
The projected growth of the circular fashion market represents a significant shift towards sustainability in the European textile industry. By focusing on eco-design and circular practices, the industry can reduce its environmental impact and create long-term value. The harmonization of EPR schemes and other regulatory measures are crucial in facilitating this transition, providing financial support for collection, sorting, and recycling infrastructure. This development not only addresses environmental concerns but also presents economic opportunities, potentially reshaping the European fashion market.
