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ZURICH - Fast fashion brands like Zara, H&M and Primark could face sharp declines in profits over the next decade as sustainability rises to the top of the consumer agenda, according to Swiss multinational investment bank UBS.

A new report by the bank for its clients warns that fast fashion brands and retailers could see profits fall by 10 to 30 per cent over the next five to ten years as customers become more environmentally aware.

“The compounding effect of consumers buying fewer items but also shifting the purchases they do continue to make to items that they perceive to be more sustainable could be severe,” said UBS analyst Victoria Kalb.

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