COWES – A new report from the Ellen MacArthur Foundation (EMF) suggests circular business models have the potential to unlock huge environmental and financial gains for brands and retailers.
The non-profit estimates the market for rental, resale, repair and remake services – currently valued at around US$73 billion – could grow to more than US$700 billion by 2030, assuming a market share of around 23 per cent.
Marilyn Martinez, fashion initiative project manager at the EMF, said: “Not only do circular business models have massive potential to become mainstream, they provide new and better growth for the fashion industry.”
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