So said Rebecca Henderson, a John and Natty McArthur University professor at Harvard University and author of “Reimagining Capitalism in a World On Fire.”
According to Henderson, remaking fashion requires rebuilding purposeful, inclusive institutions and grappling with architectural innovation. Change should be implemented in strides within a procedural approach so a firm doesn’t take on too many projects .Purpose can’t be faked either. The “Zara Gap” model applies postponement metrics to inventory risk; it quantifies impact on market capitalization of 30 to 40 percent. For a sustainable fashion business, Thorbeck calls for shared value and shared risk starting with upstream suppliers, instead of low cost and long lead times that have characterized the business for so long.
“Consciousness” across investors, corporations and consumers is the guiding word, according to Liz Simon, chief sustainable transformation officer at Fashion3, in the same session on “Creating the New Social Impact Narrative.”