Copenhagen Fashion Summit Sends Message to Industry: It’s Time to Redefine Success

LONDON — Fashion leaders gathered digitally for this year’s Copenhagen Fashion Summit and came ready to have honest conversations about the current state of the industry.

“Value system needs to be redefined before redesigned: It’s taken too long for us to understand that the capitalist definition of success is just not working,” said Indian designer Mriga Kapadiya. “The challenge is not that customers can’t wait, but companies are creating false expectations. Amidst the pandemic, it blew our minds how many people supported our preorder model because they were educated about our process since the beginning.

The results of the experiment? There’s no such thing as 100 percent impact-free clothing and getting anywhere near impact-free territory means big costs.“You have to be aware that this is going to cost you money, there’s no such thing as a free lunch and you can’t pass on the cost to the consumer, she is not ready to pay it. We spent on webinars, courses, certifications, consultants and more expensive fabrics.

Sakis Kotsantonis, cofounder of the consultancy KKS Advisors, pointed to an array of new viable financial solutions for fashion firms, sustainability-linked bonds and the increase of traditional private equity firms becoming more interested in financing sustainable innovations. Rockstrom backed Helmersson’s convictions that circularity is the future and stressed the importance of decoupling economic growth and reduced environmental impact.

Farrell spoke about the need to move towards regeneration in fashion, pointing to the industry’s roots in colonialism and pledging to continue “peacefully breaking the law until the risk of life on earth is reduced.”

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