What is the fashion industry worth globally?

What is the fashion industry worth globally?

$2.5 trillion

What is global fashion?

Global Fashion Group (GFG) is a publicly traded e-commerce fashion site in emerging markets. In May 2019, GFG reported net revenue of over €1.15 billion for financial year 2018. GFG is currently led by co-CEOs, Patrick Schmidt and Christoph Barchewitz. Schmidt, formerly CEO of THE ICONIC is based in Kuala Lumpur.

How big is the fashion industry worldwide?

In 2019, global retail sales of apparel and footwear reached 1.9 trillion U.S. dollars, and were expected to rise to above three trillion U.S. dollars by 2030. The fashion industry continues to have positive growth, especially in emerging markets within the Asia-Pacific and European regions.

Is fast fashion a global issue?

Besides the sheer bulk of waste in landfills, fast fashion has an impact on the environment through carbon emissions. The fashion industry is responsible for 10% of global CO2 emissions each year, according to the Ellen MacArthur Foundation. 3 That’s more than all international flights and maritime shipping combined.

How much do fast fashion workers get paid?

Approximately 85% of garment workers do not earn the minimum wage and are instead paid a piece rate of between 2-6 cents per piece. Most garment workers work 60-70 hour weeks with a take home pay of about $300 dollars. Workers are not paid overtime and toil in unsafe, cramped, dirty, and poorly ventilated factories.

How many hours do garment workers work?

Garment workers are often forced to work 14 to 16 hours a day, 7 days a week. During peak season, they may work until 2 or 3 am to meet the fashion brand’s deadline. Their basic wages are so low that they cannot refuse overtime – aside from the fact that many would be fired if they refused to work overtime.

Why is Nike a bad company?

Nike sweatshops Nike had been accused of using sweatshops to produce its sneakers and activewear since the 1970s but it was only in 1991, when activist Jeff Ballinger published a report detailing the low wages and poor working conditions in Nike’s Indonesian factories, that the sportswear brand came under fire.

Which brands do not use sweatshops?

Planet fashion: the 10 coolest ethical fashion brands

• Lucy & Yak. Lucy & Yak is an independent, ethically and sustainably made brand, dedicated to upholding a positive environmental and social impact.
• House of Sunny.
• SZ Blockprints.
• Pangaia.
• We Are We Wear.
• Birdsong.
• Noctu.
• Girlfriend Collective.