A Crash Course on The BoF Sustainability Index 2022

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 17 June 2022

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the heels of releasing the second, expanded edition of The BoF Sustainability Index — which assesses companies’ progress toward ambitious 2030 goals across categories such as emissions and worker’s rights — Kent and Diana Lee, director of research and analysis at BoF Insights, join Imran Amed, BoF’s founder and editor-in-chief to unpack their findings, answer questions and lay out what needs to happen next.

Key Insights:

Progress on sustainability has been slow. But, a few shifts are coming that may push fashion forward — including EU regulation aimed at the textile industry, and emergence of new models like resale and rental.
Plenty of companies have set ambitious sustainability goals. What is important now is that they move beyond target setting to real action.
Given that most brands don’t own their own factories, to make real progress, companies have to take charge of their whole value chains, not just their own supply chains.
While growing revenue and sales are often at odds with promoting less waste and consumption, there are ways to generate financial gain through reuse, especially as new technologies emerge and fashion moves to be more about community and less about peddling things.
Though it can’t wait for full transparency to act, fashion needs better data to understand where opportunities for improvement are.

Additional Resources:

For more BoF sustainability coverage, sign up now for our new Weekly Sustainability Briefing by Sarah Kent.
Widespread Inaction on Sustainability Eclipses Progress at Fashion’s Biggest Companies: Efforts to transform the fashion industry in line with global ambitions to curb climate change and establish more responsible business practices by 2030 have yet to gain sufficient momentum, The BoF Sustainability Index 2022 finds

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Transcript

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0:00.0	The UN has said that by 2030, the world across industries needs to radically slash emissions
0:10.0	if we are to stand a chance of avoiding catastrophic climate change.
0:14.0	As an industry, we need to make fewer things of higher quality that last longer.
0:20.0	And that applies at the luxury level and it applies
0:23.9	at the mass market level. The fashion industry needs to feel that fire and needs to get that
0:30.5	urgency in terms of really doubling down on both existing sustainability initiatives as well as
0:35.4	creating new ones that are going to make meaningful changes.
0:39.7	Hi, this is Imran Ahmed founder and CEO of the Business of Fashion. Welcome to the Bof
0:44.9	podcast. It's Friday, June 17th. This week, I'm pleased to share a conversation that I had with
0:50.3	Sarah Kent, our chief sustainability correspondent, and Diana Lee, Director of Research
0:55.9	and Analysis at BOF Insights about the BOF Sustainability Index 2022. Between the two of them,
1:03.7	Sarah and Diana have overseen a massive expansion, as this year we have doubled the scope of
1:08.9	the index from 15 publicly traded companies to 30 of the biggest publicly traded companies in the fashion industry.
1:15.6	Across more than 9,000 data points, six categories, and months and months of research, we've been able to assess how our industry is making progress towards clear sustainability targets across a variety of different
1:29.0	categories. So there's a lot to understand. Think of it as your crash course on the BOF
1:34.8	Sustainability Index. If you want to download the full index, please have a look at episode notes
1:40.5	and also follow Sarah's new weekly sustainability briefing, which you can sign up for for free today.
1:48.0	Here's Sarah Kent and Diana Lee on the BOF Sustainability Index 2022.
1:54.9	So Sarah and Diana, let me know first. So what was the ambition of the index this year?
2:03.2	Why does the industry need this kind of tool?
2:06.1	Sarah, I'll go to you first.
2:07.3	It was actually your idea to create this index way back almost like two and a half years
	...

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