The concept of circular economy is increasingly used in different industries and economic areas. But how could it be defined?
If we look beyond the current extractive industrial model, a circular economy aims to redefine growth, focusing on positive benefits for the whole society.
This involves gradually separating economic activity from the consumption of finite resources and re-designing the waste system. All this in a gradual transition to the use of renewable energy sources. In short, the circular model builds economic, natural and social capital in three ways: designing away from waste and pollution, giving the greatest possible life to products and materials in use and regenerating natural systems.
Circular economy recognizes the importance of working optimally and effectively at all levels, whether in large corporations, small and medium enterprises (SMEs), organizations and individuals.
The transition to a circular economy does not only mean the reduction of the negative impacts existing in the linear economy. It is a long-term movement that, in addition to social and environmental improvements, involves the generation of economic and commercial opportunities.
Brands and companies are beginning to rethink their overall business and redesign their visions, strategies, supply chains and practical procedures.
New design practices are adopted throughout the process. Better fibres and materials are sought and tested, harmful chemicals are banned, new suppliers are connected, new production units are integrated and new B2B partnerships are initiated. In addition, cross-sector collaborations are initiated and additional customer services are introduced.
With all this, if companies and brands become aware, they will achieve higher levels of sustainability for the fashion industry and for the planet. Circular economy concept involves innovation and the creation of effective and creative solutions.