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Sustainable Style Is Fashion on the Path to Progress
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00:04Merci d'avoir reçu aujourd'hui, je suis Maurice Antolive, j'ai l'associé partner avec McKinsey & Co.,
00:09et l'un des authors de notre anniversaire State of Fashion Report,
00:13qui dédicates un focus à ce sujet qu'il nous donne aujourd'hui,
00:18Sustainability in Fashion.
00:20Le industrie est à un moment pivot.
00:23While fashion plays un rôle important dans le global économie,
00:27it's also one of the largest contributors to greenhouse gas emissions,
00:33with up to 3-8% of global emissions.
00:37In recent years, fashion brands have made ambitious commitments regarding their sustainability.
00:46Keeping pace with these commitments, however, is becoming increasingly challenging.
00:51And one of the analyses we just published shows that up to 60% of the leading fashion brands
01:00are not on track to deliver on their targets.
01:03If no further action is taken, industry emissions could grow up by 30% by 2030.
01:11So the discussion today will explore some of the progress that has been made in recent years,
01:17some of the roadblocks that the industry is facing,
01:22and the role that brands and investors alike can play in driving change.
01:29So joining us today, we have an amazing panel of industry experts
01:33who bring a very different perspective on the topic at hand.
01:38So first, I would like to welcome Sophie Brocard,
01:41who is the CEO of Patou, part of the LVMH Fashion Group.
01:46Sophie has over 25 years of experience leading brands in fashion and luxury,
01:52with previous roles at Vuitton, Céline, LVMH,
01:57Frédéric Malle, J.W. Anderson, and Nicolas Corkwood.
02:02Sophie is also, she has been the LVMH Price Mentoring Director
02:08since it was created back in 2013.
02:13Then, we have Julie Rose, a partner at Corellia Capital,
02:18who brings over 20 years' experience as an investor in brand and technology.
02:23Julie has recently launched a fund with Fleur Pellerin,
02:28Corellia Brands, which supports emerging premium brands
02:31committed to sustainable practices in fashion, beauty, food, among other categories.
02:41We then have Anders, and I will do the insult of trying to say your name,
02:47Sjöblom, which is not the Swedish way of saying it,
02:51the CEO of Recover, a global materials science company
02:54with a focus on scaling recycled cotton
02:57and the leading sustainable brands in the textile slash apparel industry.
03:02The company reached the status of unicorn in 2022
03:06and leads the intersection of tech and sustainability.
03:09Before Recover, Anders was leading H&M Home Beauty and Sports as global MD.
03:20And finally, we have Marie-Christine Webel,
03:24who joined Vestiaire Collective in 2023 as the Global Chief Marketing Officer.
03:31Marie-Christine has over 15 years' experience in marketing and strategy roles
03:35at global powerhouses, including L'Oréal, Zalando,
03:39and more recently, the French unicorn, Doctolib.
03:44Thank you so much for joining us today.
03:46And let's jump in into content.
03:50So first, to start on a positive note,
03:53I would like to ask each one of you
03:56to share where you feel the fashion industry has made more progress
04:01when it comes to sustainability.
04:04I'm happy to start, if you want.
04:06Thank you.
04:07So I would say from a macro standpoint,
04:10what's quite remarkable is that we're seeing really a combination of factors
04:14that historically are perfect ingredients to drive proper change.
04:18So one, we are seeing some initial shift in consumer behavior.
04:22So take, you know, resale, for instance,
04:24like it's gaining wide, very wide adoption,
04:27growing much faster than first and close now.
04:30So that's a very encouraging trend.
04:32Then we're also seeing more engagement from the strategic players.
04:36So here I'm talking about brands.
04:37And, you know, at Corellia, we're super excited to see,
04:40you know, the success stories of more established brands
04:43that really put sustainability at the core of their DNA.
04:47So the likes of, you know, Veja, Patagonia,
04:50but also a new generation of emerging brands
04:53that really can sync sustainably from the onset.
04:56And we actually believe that those emerging brands,
04:59they can also be very strong drivers of change
05:02because obviously they don't have the same constraints
05:04as some of the bigger brands.
05:06They can be very creative, invent new business models like on demand.
05:10So we think that's also very favorable.
05:12Another favorable, you know, trend,
05:15obviously a lot of the innovations now are scaling up,
05:18gaining, you know, more funding.
05:20That's another thing.
05:21And then I would say lastly,
05:23another thing we view very positively
05:25is actually regulatory environments.
05:28And I feel that here in Europe,
05:30we are particularly advanced.
05:31And I think that can be a strong driver of change.
05:34So, yeah, overall, lots of things to celebrate, I think.
05:43I mean, I am a little bit biased,
05:45but what I'm most excited about
05:46is obviously the resale revolution.
05:50We have some younger participants in the audience,
05:53but I think most of you can still remember
05:54a time when secondhand was kind of a dirty word.
05:57You would really not admit
05:58that you bought something secondhand.
06:00And I think that has completely changed.
06:02So the secondhand or pre-loft market
06:05is now worth 200 billion
06:07and is predicted to grow at 15, 20% annual rate.
06:12So it is a gigantic market
06:15and it still only constitutes for 6%
06:18of the overall fashion industry.
06:21So there's also a huge growth potential.
06:24And I know at least for Vestiaire
06:25that we avoid three times the emissions
06:29that we produce.
06:30So just logically, the more we grow,
06:33the bigger the positive impact
06:34on the environment will be.
06:35And you can really detect
06:37that consumer behaviors are changing,
06:39that also the attitudes in the industry are changing,
06:41that you have much more openness
06:42to actually collaborate on circular models.
06:45So I'm looking into the future
06:47with a very positive outlook.
06:53Okay, thank you.
06:54So at brand level,
06:56I do see a lot of progresses.
06:59The first one I would say
07:01is on traceability.
07:04Like five years ago,
07:05if you asked a supplier
07:08where the cotton could come from,
07:10they told you,
07:11we don't know,
07:13it's super difficult to know.
07:14And now five years in,
07:16we get that information,
07:17we've pushed to get it.
07:20So I don't want just to promote my brand,
07:22but if you look at the Patu website,
07:25if you're interested,
07:26go and see it.
07:27You will see we have worked
07:29with a company called Fairly Made
07:32that helps us trace
07:35the origin of the harvesting,
07:38where the weaving is made,
07:41where the knitting is made,
07:44where, of course,
07:45the product is made.
07:46We also evaluate
07:48the carbon impact
07:49of each product,
07:51the kilometers needed,
07:53and the recyclability.
07:55So this is,
07:57you know,
07:57it's not 100% complete.
07:59Some suppliers do not answer,
08:01unfortunately,
08:02but we are really getting there.
08:03and this is a very key information
08:06for the consumer,
08:07but also for us as a brand,
08:10because for my team,
08:11that means they know how to improve
08:13on the base they have.
08:17Secondly,
08:18I think there has been
08:19a lot of innovation,
08:21I mean,
08:21improvement in certifications.
08:24It might look like a maze
08:26to neophytes,
08:27but there are really great certifications
08:29out there.
08:30I would quote goats
08:32for cotton and silk.
08:35It's really the best certification,
08:37and RWS for wool.
08:41And third,
08:42thirdly,
08:43there are some manufacturers
08:45who are now very committed
08:47to eco-responsibility.
08:49You couldn't find them
08:50five years ago.
08:51For example,
08:52at Patou,
08:53we work with
08:56a jersey company
08:58in Portugal
08:59called Valerius,
09:00and they are incredibly
09:02eco-responsible
09:03and committed.
09:04They have the best certification.
09:06They are goats.
09:08They recycle everything
09:10they can recycle.
09:11They recycle the waste,
09:13recycle finished products,
09:15water.
09:16They even recycle warm air
09:19to minimize
09:20the energy consumption.
09:24and, you know,
09:25this is due to the founder
09:27who had this vision
09:29that it was necessary
09:30for his company
09:31to survive in the future
09:33and also because
09:35it was necessary
09:35for the planet.
09:36And I want to pay tribute
09:39to these visionary people
09:40who actually
09:43really are pushing
09:44the needle forward.
09:46Thank you.
09:47Anders?
09:48Yeah,
09:49and seeing as we are
09:50at VivaTech,
09:51I'd like to highlight
09:52the fact that there's been
09:53enormous progress
09:53in tech.
09:54I think one of the most
09:56notable changes
09:57in the last couple of years
09:58in the fashion industry
09:59has been
10:00the introduction
10:01of a lot of new materials
10:02and also processes.
10:04We today have materials
10:06that are made
10:08from recycled
10:09or actually
10:10taking agricultural waste
10:12like Pina Tech
10:13or orange fiber.
10:14There are a lot
10:15of new fibers
10:16coming out,
10:17emerging ones
10:17called
10:18new generation fibers.
10:20All of them
10:21are more or less
10:22viscose
10:22with a varying degree
10:23of recycled textile
10:24as the raw material
10:25and then, of course,
10:26tremendous progress
10:28in recycling technology
10:29both in plastics
10:31and polyester
10:31but also in natural fibers
10:33and just taking us
10:34at Recover
10:35where we do
10:35recycled cotton.
10:36We have had
10:37a revolutionary progress
10:39in terms of technology
10:41just the last two years
10:42and we can now have
10:4340% of recycled cotton fiber
10:45in a cotton yarn
10:46without reducing
10:47the quality
10:47which is to compare
10:49with an industry standard
10:50of maybe 10-20%.
10:52And then also
10:53in processes
10:54I would say
10:54that there's a lot
10:55of technical development
10:56where introduction
10:58of 3D AI
10:59for example
11:00in the product creation phase
11:02reduces the need
11:03for sampling
11:04for a lot of transportation
11:05and other activities
11:07that would
11:07sort of harm nature.
11:09Thank you.
11:10You mentioned quality
11:12but what are
11:13some of the other
11:14major roadblocks
11:16you see
11:16for the industry
11:18to adopt
11:18more sustainable
11:19practices?
11:21Yeah.
11:22I mean
11:22if we go with
11:24technology
11:25the main roadblock
11:27is scalability.
11:28A lot of those
11:29technologies
11:30that I just mentioned
11:31and innovations
11:32they're not even available
11:33they don't exist
11:33on a commercial scale.
11:35Brands are using them
11:36for small capsule collections
11:37which is nice
11:39but it actually
11:39doesn't really make
11:40a difference.
11:42But for those
11:43technologies
11:43that actually
11:44are scalable
11:44like for example
11:45Recycle Cotton
11:46I do see
11:47another big roadblock
11:49which is that
11:50big fashion companies
11:51and retailers
11:53they simply
11:54lack the internal
11:55structures
11:56and incentives
11:57to actually
11:58deliver on their own
11:59sustainability commitments.
12:01So a lot of CEOs
12:02and C-level executives
12:04that I meet
12:05they genuinely
12:05want to
12:06drive sustainability
12:08but they sort of
12:09ignore or neglect
12:11the fact that
12:11you need to do
12:12structural change
12:13in the companies
12:13change
12:15what you measure
12:16and how you measure
12:16and make sure
12:17that the decision makers
12:18that take the everyday decisions
12:19the buyers
12:20the designers
12:21the people in the supply chain
12:22that they are also measured
12:23on sustainability target.
12:25Today they are
12:25still often just measured
12:27on sales
12:28and profitability
12:29and you tend to get
12:31what you measure.
12:33But
12:34Anders
12:34even if there is
12:36alignment
12:37between CEO
12:38and the team
12:39and I think
12:39at Patu
12:40we are born
12:41five years
12:42we launched the brand
12:43five years ago
12:44with eco-responsibility
12:45in mind
12:46it was really
12:47in the DNA
12:48we hired people
12:49who are committed
12:50to eco-responsibility
12:52they are knowledgeable
12:52about it
12:53and even if there is
12:55that alignment
12:56there are really
12:57tangible
13:00difficulties
13:00we face
13:01on the fabrics
13:03because that's the heart
13:04of the problem
13:05in fashion really
13:07and you mentioned
13:09sometimes it's too expensive
13:11we have accepted
13:13that
13:13in general
13:15it's five to ten percent
13:16more
13:17to be eco-responsible
13:19to use eco-responsible
13:20fabrics
13:21and eco-responsible factory
13:23but beyond that
13:24it's difficult
13:25for the customer
13:27to accept
13:28the costing freeze
13:30sometimes
13:31the delays
13:32of production
13:32are too long
13:34you know
13:34we are in a business model
13:36where we need to deliver fabrics
13:38in less than
13:4015 weeks
13:41that's really the maximum
13:42and sometimes
13:43manufacturers
13:44tell me like
13:45oh yeah
13:45okay in six months
13:46you get it
13:46I mean
13:47that doesn't work
13:49sometimes
13:50the material itself
13:52is
13:52it's not desirable
13:54so
13:55it doesn't make sense
13:56or
13:57the quality
13:58is not
13:59as durable
14:00and I think
14:00we have to discuss that
14:01because
14:02often the problem
14:03of recycled
14:05fibres
14:07and
14:08overall
14:10we have an issue
14:12in fashion
14:12that the
14:14quantity of fabrics
14:16that are
14:16certified
14:18are not enough
14:19for what we need
14:21I mean
14:22it's better
14:22problem that way
14:24but still
14:24we have to remember
14:27that fashion
14:27is actually
14:28an industry
14:29it's manufacturing
14:31we use heavy machines
14:33to do the weaving
14:34we need a lot of energy
14:35and
14:37progress
14:38takes long time
14:39you know
14:40in fashion
14:41and
14:42it's not like
14:43the digital
14:45world
14:46it's not the services
14:48technology
14:48helps
14:49but
14:50we are also
14:51linked to agriculture
14:53so we
14:54we have to give it
14:55more time
14:58maybe to come back
14:59on that
14:59because you're both
15:00mentioning like
15:00issues to scale
15:01and I think for me
15:03you know
15:03it's also linked to
15:04something that is really
15:06very specific to fashion
15:08which is
15:08the supply chain
15:09is so fragmented
15:10you have so many
15:12different stakeholders
15:13with different interests
15:14and you're a little bit
15:15on you know
15:16because to scale innovations
15:17you need funding
15:18and to do that
15:19you're in this circular
15:20issue
15:21where people are like
15:22okay
15:22who should start
15:23and really lead the efforts
15:25and when you think about
15:26where most of the impact
15:28is actually coming from
15:29it's upstream
15:29so it's like
15:30with suppliers
15:31but those suppliers
15:32you know
15:33they have seen margins
15:34they can't you know
15:35carry like
15:35cover the whole cost
15:37of you know
15:37the transformation
15:38so they're waiting
15:39for the brands
15:40you know
15:40to commit
15:41you know
15:41participate
15:42as you mentioned
15:43the brands themselves
15:44they also want to see
15:46the upside
15:46from the consumers
15:47the consumers
15:49they don't want to pay
15:49a premium
15:50and then it's a circular thing
15:52because to bring the cost down
15:53you need funding
15:54so I think that's also where
15:56you know
15:56potentially regulation
15:58and more cooperation
15:59between those sources
16:00of funding
16:01can really unlock
16:02you know
16:03that roadblock
16:03but for me
16:04that's very specific
16:05to fashion
16:06basically
16:07I think the consumer point
16:09is really interesting
16:10because I think
16:10one thing we've seen
16:12in all of the research
16:13we've conducted
16:14is the paradox
16:15between consumer intention
16:17and action
16:19very often
16:20we see consumers
16:22declaring
16:22wanting more sustainability
16:23but not really ready
16:26to pay for it
16:26and or adopting
16:29behaviors
16:30that are clearly
16:30not sustainable
16:32so how do we
16:34bridge a bit
16:35this gap
16:36and also
16:37how do brands
16:38who want to invest
16:40to support
16:41more sustainable practices
16:42recoup
16:43their investment
16:45to the best possible
16:46maybe Marie-Christine
16:47you
16:47I think you're
16:49completely right
16:49I think actually
16:50in fashion
16:50we don't have
16:51an environmental problem
16:53we have a behavioral problem
16:54people are not willing
16:56to put their money
16:57where their mouth is
16:58basically
16:59I often ask myself
17:00is that really true
17:01so we do a lot of studies
17:03with our customers
17:04and indeed
17:06when you ask them
17:06why do you shop on Vestia
17:08or why do you shop second hand
17:09the first answer is always
17:11because it's good value
17:12for money
17:12second one is
17:13I like the product
17:15or you have a good selection
17:16the third one then is
17:17because it's sustainable
17:19it is growing in importance
17:21but it's clearly
17:22not the main driver
17:23yet
17:24I think
17:25we have the responsibility
17:27to educate
17:28and actually
17:29when you educate
17:30you see very surprising results
17:32maybe I can give you
17:33a few examples
17:34the first one is
17:36last November
17:38we actually banned
17:3930 fast fashion brands
17:40from Vestia Collective
17:42which was a big step
17:44and actually caused
17:45a bit of a stir
17:47in the industry
17:47and then we tracked
17:49how the consumers
17:50who previously
17:51bought
17:52fast fashion from us
17:54how their behavior changed
17:56the expectation
17:58was a bit okay
17:59maybe they churn
17:59maybe they just
18:00follow Zara to Zara
18:02and leave Vestia
18:03but actually 86%
18:05just switched
18:06and they bought
18:07premium
18:08or luxury
18:09second hand items
18:10so actually
18:11by educating them
18:12by shining a light
18:13on the fast fashion problem
18:15we managed to get
18:16a behavioral change
18:18also very interesting
18:19was that the campaign
18:21which was clearly
18:21an impact campaign
18:22so we only talked
18:23about the impact
18:24of fast fashion
18:25on the environment
18:26brought a lot of new buyers
18:28on the platform
18:28and for me as a marketer
18:30it's really a novelty
18:31because
18:33it was always
18:34a bit the stigma
18:35okay
18:35you do impact
18:36I don't know
18:37on your homepage
18:38or you can
18:39you can maybe do it
18:40in the press
18:41but you don't talk
18:41in commercial campaigns
18:42about sustainability topics
18:44it will never work
18:45but actually
18:45it did work
18:46very well
18:47it brought new buyers
18:47and they actually
18:48stuck to the platform
18:49so I think
18:50that was a huge
18:50learning as well
18:51and the last point
18:53we actually just
18:54published a study
18:55which was
18:56quite revolutionary
18:57I think
18:58in the approach
18:59it was focused
19:00on cost per wear
19:01so
19:02is it actually
19:04cheaper
19:04to buy
19:05pre-loft
19:06or to buy
19:07also better
19:08sustainable products
19:09versus
19:09cheap fast fashion
19:11products
19:11so you basically
19:12took the purchase
19:13price
19:14deducted
19:15the resale price
19:15and divided
19:16by the times
19:17you actually
19:18wear the item
19:18and the results
19:19were super clear
19:20it is much
19:21cheaper
19:22on a cost per wear
19:23basis
19:23to actually
19:23invest in
19:24quality
19:25than to
19:26go for the
19:28high frequency
19:29purchase
19:29fast fashion items
19:30and I think
19:31well we had
19:32another campaign
19:33and we're educating
19:34and I think
19:34little by little
19:35we can really
19:35see the change
19:36in behavior
19:37so it comes
19:38down to that
19:38in my opinion
19:42I think
19:43it's very
19:43interesting
19:44that you
19:44raised the
19:44point of
19:45fast fashion
19:45which is
19:46one of
19:46the critical
19:47challenges
19:47that the
19:48industry
19:48is facing
19:49right now
19:50when it
19:50comes to
19:50sustainability
19:51and also
19:52the competition
19:52it brings
19:53to some
19:54of the
19:54brands
19:55who are
19:55trying to
19:56push
19:56more
19:57sustainability
19:57efforts
19:59what is
20:00the best
20:00way to
20:01take into
20:01account
20:02this
20:03driving
20:03force
20:04in the
20:04industry
20:04not
20:05necessarily
20:05for
20:05greater
20:05sustainability
20:09should I
20:10have a
20:10stab
20:10no but I think
20:11I mean
20:11you can
20:12you mentioned
20:13a lot of
20:13examples on
20:14how to
20:14influence
20:15consumers
20:15to more
20:17healthy
20:17behavior
20:18and I think
20:18that one
20:19part of it
20:19is of course
20:20to influence
20:21the very
20:21underlying
20:22consumer
20:23behavior
20:23in fashion
20:24and I think
20:25one way to
20:26do that
20:26is of course
20:26always to
20:27create amazing
20:28products
20:28and tap
20:29into
20:29customer
20:29desires
20:30because
20:30shopping
20:31fashion
20:32it's an
20:32emotional
20:32decision
20:33it's not
20:33a rational
20:34one
20:34so you
20:35can do
20:35that
20:35by
20:36creating
20:36fantastic
20:36products
20:37and then
20:37have
20:37sustainability
20:38at the
20:38very
20:38core
20:39at the
20:39very
20:40starting
20:40point
20:40and
20:40everything
20:41you
20:41do
20:41and
20:41have
20:41as
20:42a
20:42hygiene
20:42factor
20:42which is
20:43I think
20:43what a lot
20:44of the
20:44luxury
20:44brands
20:44have started
20:45to do
20:45and I
20:45think
20:45we're going
20:46to see
20:46more of that
20:47in the
20:47luxury
20:47segment
20:47but then
20:48we have
20:48the big
20:49elephant
20:49in the
20:50room
20:50which
20:50is
20:50fast
20:51fashion
20:51and I
20:52think
20:52in fast
20:52fashion
20:53the
20:53behavior
20:53is
20:54we
20:55as
20:55consumers
20:55because
20:56a lot
20:57of us
20:57will be
20:57included
20:57in
20:58that
20:58we
20:59shop
20:59twice
20:59as
21:00much
21:00clothes
21:00now
21:01and
21:01we
21:01use
21:01them
21:01half
21:02the
21:02time
21:02just
21:03in
21:03the
21:03last
21:0315
21:03years
21:04and
21:05this
21:05behavior
21:06we should
21:06just be
21:06aware
21:07has also
21:07created
21:08a lot
21:08of
21:08value
21:09a lot
21:09of
21:10European
21:10and
21:11international
21:11fashion
21:12houses
21:12and
21:12retailers
21:13have
21:13had
21:13a lot
21:13of
21:13financial
21:14value
21:14coming
21:14out
21:15of
21:15this
21:15but
21:16also
21:16it
21:17has
21:17created
21:17economic
21:17growth
21:18and
21:18possibility
21:19to
21:20work
21:20for
21:21people
21:21in
21:21poverty
21:21in
21:22developing
21:23economies
21:23where
21:24the
21:24supply
21:24chain
21:24has
21:24grown
21:25but
21:25of
21:26course
21:26this
21:26behavior
21:27also
21:27comes
21:27with
21:28tremendously
21:28negative
21:29impact
21:29on the
21:30environment
21:30and
21:31there
21:31I
21:31think
21:32fast fashion
21:32brands
21:33and
21:33players
21:33volume
21:34brands
21:35in
21:35general
21:35can
21:36make
21:37a big
21:37difference
21:37by
21:38addressing
21:38the
21:39effects
21:39of
21:39this
21:39behavior
21:40rather
21:41than
21:41only
21:41focus
21:41on
21:42the
21:42actual
21:42behavior
21:42and
21:43this
21:44is
21:44where
21:44circularity
21:45is
21:45a
21:45big
21:45part
21:46of
21:46the
21:46solution
21:46because
21:47if
21:47you
21:47adapt
21:48circularity
21:48in
21:48this
21:49and
21:49significantly
21:50increase
21:50the
21:51level
21:51of
21:51recycled
21:52content
21:52for
21:52example
21:53the
21:53impact
21:54of
21:54this
21:54behavior
21:55become
21:55much
21:55less
21:56negative
21:56for
21:57the
21:57environment
21:57so
21:57that's
21:58something
21:58you
21:58can
21:58do
21:58today
22:00I
22:00think
22:01there
22:01is
22:01course
22:01correcting
22:02but
22:02then
22:02I
22:02think
22:02part
22:03of
22:03the
22:03solution
22:03is
22:04also
22:04as
22:04you
22:04were
22:04mentioning
22:05in
22:05educating
22:05consumer
22:06and
22:07creating
22:07a new
22:08narrative
22:08around
22:09what
22:09makes
22:10a
22:10product
22:10actually
22:11desirable
22:11and
22:12I
22:12think
22:12clearly
22:13with
22:13fast
22:14fashion
22:14and
22:14ultra
22:15fast
22:15fashion
22:15desirability
22:16has been
22:17associated
22:18with
22:18constant
22:19newness
22:20we went
22:21from
22:21having
22:21two
22:21seasons
22:22a year
22:22to
22:2252
22:23seasons
22:24and
22:24instant
22:26gratification
22:27and
22:27that's
22:28been
22:28made
22:28possible
22:29by
22:29technology
22:30obviously
22:31today
22:32it's
22:32so smooth
22:33to buy
22:33literally
22:34you don't
22:34even
22:34realize
22:35it's
22:36very easy
22:36and
22:37so
22:37I
22:37think
22:38for
22:38brands
22:38it's
22:38also
22:38about
22:39building
22:40this
22:40new
22:40narrative
22:42associating
22:42desire
22:43with
22:43the
22:44quality
22:45of
22:45the
22:45product
22:46the
22:46way
22:46it's
22:46made
22:47the
22:47history
22:47of
22:48where
22:48even
22:48and
22:49I
22:49think
22:49that
22:49can
22:49be
22:49a
22:50powerful
22:50lever
22:50and
22:51then
22:51there
22:52is
22:52a
22:52second
22:53to
22:53come
22:53back
22:53to
22:54that
22:54kind
22:54of
22:54closing
22:55the
22:55gap
22:56on
22:56the
22:56consumer
22:57side
22:57maybe
22:58another
22:58point
22:58is
22:59also
22:59making
23:00it
23:00much
23:01easier
23:01for
23:01the
23:02consumer
23:02to
23:03actually
23:06at
23:07the
23:07moment
23:07you
23:07were
23:08mentioning
23:08certifications
23:09but
23:09from
23:10one
23:10brand
23:11to
23:11the
23:11other
23:11the
23:12methodology
23:12in
23:12one
23:12country
23:13to
23:13the
23:13other
23:13it's
23:14quite
23:14different
23:15and
23:15there
23:15is
23:16this
23:16greenwashing
23:17fear
23:17and
23:18I
23:19think
23:19that's
23:19where
23:19regulation
23:20could
23:21be
23:21helpful
23:21to
23:22make
23:22sure
23:23that
23:23we
23:23have
23:23much
23:24clearer
23:24benchmarks
23:25and
23:25standards
23:26and
23:27possibly
23:27also
23:28punish
23:28unsustainable
23:29behavior
23:30like
23:30there's
23:30been
23:31a
23:31lot
23:31of
23:31talk
23:31around
23:32taxing
23:33fast
23:33fashion
23:33so
23:35regulation
23:35could
23:36lever
23:38my
23:38next
23:39question
23:39was
23:39on
23:39the
23:39topic
23:41it's
23:42clear
23:42that
23:42one
23:43of
23:43the
23:43key
23:43challenges
23:44when
23:44it
23:44comes
23:44to
23:45sustainability
23:45is
23:45also
23:46the
23:46lack
23:46of
23:47common
23:47standards
23:47and
23:48clear
23:48definition
23:49of
23:49what
23:50sustainability
23:50means
23:51in
23:52fashion
23:52we
23:53are
23:53seeing
23:54increasing
23:54activity
23:55from
23:56regulators
23:56to
23:57try
23:57and
23:58regulate
23:58the
23:58industry
23:59on
23:59the
23:59topic
24:00last
24:01year
24:01alone
24:01the
24:02EU
24:03worked
24:04on
24:0416
24:04pieces
24:05of
24:05legislation
24:05on
24:06sustainability
24:07in
24:08fashion
24:08to
24:09which
24:09extent
24:10do
24:10you
24:10think
24:10that
24:10regulation
24:11can
24:11be
24:12a
24:12positive
24:12driving
24:13force
24:13for
24:13change
24:16I
24:17mean
24:17just to
24:17start by
24:18saying
24:18that
24:18regulation
24:19in
24:19general
24:19too much
24:20regulation
24:20can be
24:21an
24:22administrative
24:22burden
24:23and it
24:23can also
24:23be seen
24:24to limit
24:24creativity
24:25so
24:25per se
24:26it
24:27comes
24:27with a
24:28lot
24:28of
24:28potential
24:28negative
24:29effects
24:29however
24:30for
24:31the
24:32sustainability
24:32development
24:33in
24:33fashion
24:33I
24:34believe
24:34that
24:34it
24:34is
24:35an
24:35essential
24:35tool
24:35and I
24:36see
24:36three
24:37areas
24:38where
24:38it's
24:39critical
24:39to have
24:40legislation
24:41in place
24:42one is
24:43to speed
24:43up the
24:43pace
24:44of change
24:44because
24:45it's
24:45going
24:45too slow
24:46to be
24:46honest
24:46and
24:48especially
24:48I think
24:49what I
24:49see also
24:50having
24:51mechanisms
24:52that
24:52change
24:53the
24:53initial
24:53behavior
24:54from
24:54starting
24:54when you
24:55develop
24:56a product
24:56when you
24:57create it
24:57from the
24:57beginning
24:58to have
24:58sustainability
24:59as a
25:00fundamental
25:00aspect
25:01from the
25:01beginning
25:01just
25:02like
25:02you
25:02would
25:02have
25:03aesthetic
25:03appeal
25:04or
25:05function
25:05price
25:06and
25:06margins
25:07in many
25:07cases
25:08as an
25:08initial
25:08aspect
25:09when
25:09developing
25:10sustainability
25:10needs to be
25:11there as
25:11well
25:12and then
25:13I think
25:13the second
25:14part
25:14where
25:14it could
25:15play a
25:15big role
25:16in regulation
25:16is in
25:18investments
25:18looking at
25:19you because
25:19that's what
25:19you do
25:20but what
25:20we all
25:20need
25:21investments
25:22and funding
25:23for new
25:23technologies
25:24that can
25:24drive
25:24progress
25:24it's a
25:25super
25:26important
25:26part
25:26and
25:27then
25:27lastly
25:27it's also
25:28needed
25:29to make
25:29sure
25:29that there
25:29is
25:30accountability
25:30behind
25:31all of
25:32these
25:32fantastic
25:32sustainability
25:33commitments
25:34that we're
25:34getting so
25:34used to
25:35here in
25:35Communicator
25:36without
25:37real regulation
25:38the accountability
25:39will be
25:40lacking
25:41Sophie maybe
25:42from a
25:43brand
25:43perspective
25:43what role
25:45do you see
25:45regulation
25:45playing
25:46yeah I mean
25:47clearly it's a
25:48lot more
25:48administration
25:49I agree
25:50but I think
25:50it's absolutely
25:51necessary
25:52it's necessary
25:53to accelerate
25:54change
25:55as Julie
25:56mentioned
25:57it's necessary
25:59to clarify
26:00the customer
26:01because he's
26:02a little
26:02lost
26:03with so
26:04much green
26:04washing
26:04around
26:05it's necessary
26:07for really
26:08to have the
26:09same rules
26:09for fair
26:10competition
26:11between
26:12the brands
26:13and I
26:15think it's
26:15fine if
26:16regulation
26:17I think
26:18drive up
26:19the prices
26:20because in
26:21the end
26:22it's also
26:22the fact
26:23that the
26:23fashion prices
26:24have gone
26:25down so
26:26much
26:26that we
26:27have consumed
26:28so much
26:29more
26:29fashion
26:30and we
26:31consume
26:31fashion
26:31we don't
26:32invent
26:32fashion
26:33anymore
26:33and that
26:35is part
26:36of the
26:36problem
26:36that's why
26:37it all
26:37ends up
26:38in landfills
26:38after a
26:39year
26:39so
26:40regulation
26:41will drive
26:41up the
26:42prices
26:42but I
26:43think
26:43it's
26:43actually
26:44the
26:44industry
26:45where it's
26:45not so
26:46much a
26:46problem
26:46because
26:47you know
26:47you can
26:48live with
26:48five t-shirts
26:49instead of
26:49ten
26:50I think
26:50it's
26:51fine
26:52I have
26:53two
26:53caveats
26:54on
26:56regulations
26:57I mean
26:57first
26:57because I
26:58also take
26:59care of
26:59a lot
26:59of emerging
27:00brands
27:00and we
27:01have to
27:02be careful
27:02not to
27:03kill the
27:03creativity
27:04like Anders
27:05was saying
27:06because these
27:07brands can be
27:07super
27:08eco-responsible
27:09but they
27:09don't have
27:10the potential
27:12the human
27:13resources
27:14to do all
27:15this
27:15administration
27:16for the
27:17certification
27:18and regulations
27:19and then
27:20also we
27:21have to
27:21be careful
27:21of
27:22international
27:22competition
27:23it has
27:24to be
27:24fair
27:24so the
27:25rules
27:25should be
27:26international
27:26or we
27:27should be
27:28protected
27:28in each
27:30market
27:30of
27:31different
27:33regulations
27:34maybe just
27:35talking about
27:36the
27:36administrative
27:37burden
27:38and to
27:38come back
27:38on the
27:39technology
27:39point
27:40you're also
27:40seeing more
27:41and more
27:41solutions
27:42that now
27:43make the
27:43compliance
27:44way smoother
27:45way easier
27:46even for
27:46much smaller
27:47brands
27:48so I think
27:49that's also
27:49a very
27:50exciting
27:50space
27:51that's
27:51certainly
27:51a space
27:51that we
27:52spend a lot
27:52of time
27:53on at
27:54Corellia
27:54in terms
27:55of enablers
27:55of sustainability
27:56so
28:00one element
28:00when we
28:01consider
28:01the challenges
28:02ahead
28:03is the
28:03number of
28:04potential
28:04levers
28:05brands
28:06and retailers
28:07can work
28:08on to
28:08accelerate
28:09on sustainability
28:11given the
28:11currently
28:12challenging
28:13business
28:13context
28:13for a
28:14number of
28:14brands
28:14the
28:15difficult
28:16funding
28:17environment
28:17for a
28:19number
28:19of
28:19brands
28:19investors
28:20and so
28:21on
28:21what is
28:22your
28:22perspective
28:23on the
28:24areas
28:24where
28:25investors
28:26and brands
28:27or fashion
28:28companies
28:29overall
28:29should focus
28:30on to
28:31really step
28:32change
28:32on
28:32sustainability
28:34well I
28:35think on
28:36that you
28:36have to
28:36be quite
28:37pragmatic
28:37and factual
28:39and look
28:39at your
28:40value chain
28:40and where
28:41most of
28:41the impact
28:42is actually
28:42coming from
28:43so that's
28:43at the
28:44early stage
28:45around
28:45materials
28:46and then
28:46end of
28:47life
28:47with
28:47recycling
28:48so
28:49the issue
28:50you have
28:50here is
28:51that some
28:51of the
28:52innovation
28:52that you
28:53need to
28:53properly
28:54step
28:54change
28:55sustainability
28:55actually
28:57require a
28:58huge amount
28:58of capital
28:59very long
29:00time to
29:00market
29:01so you
29:02can't
29:02purely rely
29:03on pure
29:04financial
29:05investors
29:05to support
29:06those
29:06innovations
29:07so that's
29:07why you
29:08need an
29:08ecosystem
29:09of a
29:10number
29:11of
29:11different
29:11funding
29:12sources
29:12a little
29:13bit like
29:14what you
29:14have in
29:14biotech
29:15or in
29:15pharma
29:15for instance
29:16with
29:17financial
29:18investors
29:18but also
29:19corporate
29:20public
29:21funding
29:22philanthropy
29:23so I
29:24think that's
29:24very important
29:25another
29:26important
29:27lever is
29:27also to
29:28have those
29:28sources
29:29cooperate
29:30invest
29:30together
29:31because I
29:32think on
29:33the innovation
29:33side we've
29:34seen
29:34for instance
29:35alternative
29:36materials
29:37some of
29:38those
29:38startups
29:39initially
29:39they had
29:40some
29:40off-tech
29:41agreements
29:41but then
29:42the brands
29:42were like
29:43if you
29:43work with
29:44us
29:44you can
29:45only work
29:46with us
29:46and actually
29:47exclusivity
29:48is just
29:48not a
29:49viable
29:49option
29:49so what's
29:50really
29:51encouraging
29:51is now
29:52we're seeing
29:52more and
29:53more startups
29:53getting funded
29:54by competitors
29:56like on the
29:56luxury side
29:57on the mass
29:58side so I
29:59think that's
29:59very good
30:01and I
30:01think so
30:02how do we
30:03do next
30:03to go even
30:04further
30:05have more
30:05sources of
30:06funding
30:06more
30:07cooperation
30:07and I
30:09think for
30:09that there
30:09are really
30:10two main
30:10things we
30:11can do
30:11one is
30:13to come
30:13back to
30:13your earlier
30:14point on
30:15aligning
30:15incentives
30:16I think
30:17that's a
30:17crucial part
30:18to align
30:19interest
30:20and so for
30:21instance
30:21at Corellia
30:22a big part
30:23of our
30:23compensation
30:24is going
30:25to be
30:25driven by
30:26our portfolio
30:27companies
30:27actually achieving
30:28the sustainability
30:29objective
30:29and I think
30:30that can
30:30sort your
30:31sea level
30:32conflict
30:33of agenda
30:33and then
30:35another thing
30:36I think we
30:36touched upon
30:37is also to
30:38make people
30:39realize that
30:39there is no
30:40trade-off
30:41between
30:41performance
30:43and sustainability
30:44it's really
30:46end in end
30:46and actually
30:47if you don't
30:48think in a
30:48sustainable
30:49way
30:49first of all
30:50you actually
30:51expose your
30:51business
30:52to a number
30:53of risks
30:53like not
30:54just reputation
30:55but like
30:55supply chain
30:56disruption
30:56I mean
30:57it's
30:57serious risk
30:58and you
30:59can also
31:00miss out
31:00on big
31:01value
31:02creation
31:02opportunities
31:03so I
31:04think that
31:04education
31:05around
31:05you know
31:06circularity
31:07is actually
31:07you know
31:07a business
31:08value
31:09creation
31:09opportunity
31:10I think
31:10that can
31:10also be
31:11a game
31:11changer
31:12super
31:13interesting
31:13what you're
31:13saying
31:14and I
31:14think
31:14the point
31:15to actually
31:15lower
31:16the barriers
31:17for companies
31:18to act
31:18sustainably
31:19is really
31:20really
31:20important
31:21so what
31:23we do
31:23for example
31:24is we
31:24created
31:25something
31:25called
31:25well we
31:26call it
31:26RAS
31:27so resale
31:27as a
31:27service
31:28sounds
31:29super
31:29fancy
31:29it's
31:30actually
31:30quite
31:30easy
31:31so if
31:31you
31:32want to
31:32sell
31:33your
31:33Gucci
31:33bag
31:34or you
31:35bought
31:35a Gucci
31:35bag
31:36you
31:36don't
31:37love it
31:37anymore
31:37you want
31:37to give
31:38it a
31:38second
31:38life
31:38you can
31:39actually
31:39bring it
31:39back
31:40to
31:40Gucci
31:40they
31:42resale
31:43it via
31:43vestiaire
31:44and you
31:44get
31:44store
31:45credit
31:45so it's
31:46like the
31:46perfect
31:46circular
31:47model
31:47and
31:48actually
31:48extremely
31:49easy
31:49to
31:50implement
31:50so by
31:52offering
31:52that to
31:52brands
31:53we
31:53actually
31:53already
31:53created
31:5411
31:54partnerships
31:55so far
31:55with
31:56first
31:5610
31:56players
31:56and also
31:57with
31:57retailers
31:58and it
31:58is a
31:59win-win-win
32:00situation
32:01for the
32:01consumer
32:01for us
32:02and for
32:02the
32:03producer
32:04or the
32:04brand
32:05so I
32:06think by
32:06really
32:06rolling out
32:07models
32:08like that
32:08you make
32:09it super
32:10easy
32:10for brands
32:11and they
32:11have the
32:12brand
32:12benefit
32:13for sure
32:13but also
32:14the
32:14economical
32:15gain
32:16and it's
32:17really about
32:17creating
32:17models like
32:18that
32:19and I
32:19think in
32:19that
32:20context
32:20it is a
32:21tech
32:21conference
32:22what is
32:23very
32:23interesting
32:24what we
32:24saw
32:24with one
32:25of our
32:26partners
32:26Chloe
32:26they
32:27actually
32:28implemented
32:28a digital
32:29ID
32:29so you
32:31can actually
32:31trace all
32:32of the
32:32materials
32:33that your
32:34garment has
32:35been made
32:35of to
32:36the very
32:36origins
32:37you have
32:38the
32:38certification
32:39of
32:39authentication
32:40you have
32:41the care
32:42instructions
32:43and you
32:44can actually
32:44instantly
32:45resale it
32:45via
32:46Vestia
32:47Collective
32:48so I
32:49think they
32:49are really
32:49one of the
32:50pioneers
32:50who lead
32:52the way
32:52for other
32:53brands as
32:53well in
32:53the resale
32:54space
32:55and one
32:56other element
32:57that we
32:58offer as
32:58well or
32:59that is
32:59very interesting
32:59to our
33:00partners is
33:00also the
33:01data
33:02aspect so
33:03we have
33:0430,000 new
33:05articles on
33:05the platform
33:06that can
33:06also then
33:07inform what
33:08you should
33:09produce as a
33:09first-hand
33:10brand and
33:10then what
33:11will resale
33:11so I
33:12think having
33:13this constant
33:14exchange and
33:15loop is
33:15really important
33:17for the
33:17progress
33:19and I
33:20think when
33:21it comes to
33:21investments in
33:22general I
33:22think for
33:23me scalability
33:24and partnerships
33:26are really the
33:27two keys
33:27because also
33:28connecting it
33:29back to what
33:29we just
33:30discussed when
33:30it comes to
33:31regulations as
33:32much needed as
33:33it is I
33:33think we all
33:34agree in
33:34this area in
33:35many cases
33:36technology and
33:38tech can be
33:38much more
33:39efficient than
33:39regulation take
33:41for example the
33:41big the big
33:43topic in the
33:43industry that is
33:44transparency because
33:46trans without
33:46transparency there
33:47can be no
33:48sustainability and
33:50transparency can
33:51be solved with
33:52physical tracers
33:53with data
33:54management with
33:55blockchain technology
33:56with a lot of
33:57different solutions
33:58but all of these
33:58solutions needs
33:59investments and I
34:01think what's
34:01tricky what you
34:02were alluding to
34:02as well is that
34:03not one single
34:05player not even
34:05the big fashion
34:07companies can take
34:08and bear this
34:09investment by
34:09themselves neither
34:11can a small
34:11supply chain player
34:12or an investor
34:14it needs to be
34:15coordinated and
34:16distributed
34:16in the entire
34:17value chain which
34:19is I think the
34:19complex part but
34:21which is why
34:22strategic partnerships
34:23is so fundamental
34:24to see this
34:25change
34:28and us as a
34:29brand of course
34:30we are in
34:33an intermediary
34:34between the
34:35customers and
34:36this network of
34:38suppliers
34:40and we all know
34:41that kind of
34:4290% of the
34:44impact is
34:46actually with the
34:46suppliers and
34:47mostly again with
34:49the fabrics
34:50so we
34:51we have to keep
34:52pushing
34:53we have to keep
34:55pushing the
34:55suppliers we have
34:56a very important
34:57role because we
34:58are the one
34:58deciding which
35:00materials will
35:02technology will be
35:03accepted by the
35:04by the clients
35:05and at what
35:06cost so this
35:08is a very
35:09important to continue
35:12and I think the
35:13luxury sector has
35:14been really pushing
35:16on the other side
35:18I totally agree with
35:19education I think we
35:21have a role to play
35:21in educating the
35:23customer in showing
35:26how to take care of
35:27the product to give
35:29it more longevity
35:31we work on
35:32certificate
35:33certificate on
35:34authenticity
35:35so it's important
35:36we work with
35:37I think I see
35:38Simon here
35:40to give value
35:42to give more value
35:43to each product
35:46because it's
35:47about valuing
35:48more the
35:49quality
35:50than the
35:51quantity
35:51it's that shift
35:52that we are
35:53we need to push
35:54with the
35:55with the
35:56consumer
35:59and I think
36:00I'm just
36:01building on that
36:01I think the
36:02education piece
36:02is actually
36:03it's not the
36:04funniest or
36:05sexiest word
36:05but it's so
36:06important here
36:07educating of
36:08the consumer
36:09but also
36:09educating the
36:10entire industry
36:11whenever you
36:11have an
36:12industry that's
36:12undergoing
36:13quick progress
36:14especially on
36:15the tech side
36:15education will
36:16be lagging
36:17I think one
36:17of the most
36:18frequent
36:18questions that
36:19I get
36:20or perceptions
36:20is that for
36:21example
36:21recycled cotton
36:22cannot be
36:23used for
36:23high end
36:24applications
36:24it's pad
36:25quality and
36:26the customer
36:26doesn't like
36:27it because
36:27obviously that
36:28was true
36:28five years
36:29ago but
36:29a lot of
36:30things have
36:30happened
36:30so it's
36:31I think
36:31the education
36:32part both
36:33on the
36:33progress making
36:33but also
36:34again going
36:35back to
36:35when creating
36:36products
36:37what choices
36:38can you make
36:38already in the
36:39beginning that
36:40impacts
36:40sustainability
36:41throughout the
36:42entire life
36:43chain or
36:43life cycle
36:44of the product
36:44and making
36:45sure that that
36:46education is
36:47part of a
36:48training for
36:49anyone who's
36:50in the
36:50industry
36:51and we
36:52have also to
36:53promote
36:53new circularity
36:55as brands
36:56I mean
36:56reselling is
36:57super important
37:03I don't know
37:04if you have
37:04any final
37:04notes
37:06no
37:07I think
37:08I mean
37:08that's just
37:08to the
37:09partnership
37:09part
37:10I think
37:10that's why
37:10also they're
37:11representing
37:11different aspects
37:12here but
37:12they're all
37:13needed
37:13I mean
37:14it's
37:14I saw it
37:15outside here
37:16on the
37:16wall
37:16with the
37:16reduce
37:17reuse
37:18recycle
37:18I mean
37:19it's that
37:19order but
37:20all of them
37:20are needed
37:21so
37:21at some
37:23point
37:23one product
37:24for one
37:24person will
37:25have an
37:25end of
37:25life
37:26then of
37:26course
37:26it should
37:27go
37:27to someone
37:28else
37:28at some
37:29point in
37:30time
37:30maybe
37:30it is
37:31better to
37:31recycle it
37:32than actually
37:32repair it
37:33because you
37:33can't repair
37:34it anymore
37:34then it's
37:35when you
37:35should
37:35recycle
37:35so
37:36there's no
37:36contradicting
37:37all of
37:38these
37:38technologies
37:38are needed
37:40and repair
37:41repair
37:42also
37:43that's
37:44true
37:45super
37:45thank you
37:46very much
37:46for this
37:47super
37:47insightful
37:47discussion
37:48I think
37:49we have
37:50a lot
37:50of
37:50progress
37:50to
37:51celebrate
37:52which is
37:53really good
37:53news
37:54but also
37:54a lot
37:55of
37:55challenges
37:55ahead
37:56I will
37:57remember
37:57from this
37:57discussion
37:58the clear
37:59need
37:59for
38:00coordinated
38:01action
38:01I think
38:02across the
38:02whole fashion
38:03ecosystem
38:04and the clear
38:05need as
38:05well
38:05to step
38:06up
38:07investment
38:07and actions
38:08as well
38:09as to
38:09educate
38:10consumers
38:11and
38:13brand
38:13and retail
38:14partners
38:14alike
38:16I think
38:16we might
38:17have time
38:17for one
38:18or two
38:18questions
38:18from the
38:19audience
38:23if
38:23someone
38:23has a
38:24question
38:34Hi
38:35thank you
38:35so much
38:35this was
38:36very
38:36very
38:36insightful
38:37my name
38:37is Franklin
38:38I do
38:38have a
38:38question
38:39regarding
38:39I know
38:40you mentioned
38:41a lot
38:41about
38:41the need
38:42to
38:43have
38:43data
38:44to trace
38:45the origin
38:46of materials
38:48is there
38:48any form
38:49of standards
38:50that's currently
38:50being worked
38:51on
38:51like
38:51tooling
38:52for instance
38:52where
38:52you could
38:53I feel
38:54consumers
38:55want to
38:56talk about
38:56education
38:57we need
38:57to be able
38:58to also
38:58show them
38:59transparently
39:00as you said
39:00not as
39:00greenwashing
39:01do we have
39:02tooling in
39:02place
39:03where we
39:03can
39:03easily
39:04as
39:04brands
39:05just
39:05implement
39:06to show
39:06this is
39:07how you
39:07can
39:07really
39:08verify
39:08the origin
39:10of your
39:10material
39:11and not
39:11just the
39:11brand
39:12telling you
39:12this is
39:12obviously
39:14sustainable
39:16I mean
39:17I can give
39:17a very
39:18specific
39:18example
39:18just
39:19from
39:19that's
39:20one of
39:20our
39:20core
39:21ideas
39:21right
39:22with
39:22Recover
39:22why we're
39:23a material
39:23science
39:23company
39:24and do
39:24recycling
39:25what we
39:26do
39:26is that
39:26we
39:27implement
39:27the
39:27physical
39:28digital
39:28tracer
39:29in all
39:29of the
39:29fabric
39:30so
39:30any
39:30consumer
39:31actually
39:31could
39:31scan
39:32the
39:32fabric
39:33and know
39:34if this
39:34contains
39:35recycle
39:35or not
39:35because
39:36a big
39:36issue
39:36today
39:37is that
39:37a lot
39:37of these
39:38claims
39:38of having
39:39recycled
39:39content
39:40in clothes
39:40that you
39:40buy
39:41in reality
39:41it's not
39:42recycled
39:42content
39:43unfortunately
39:43because that's
39:44too expensive
39:45but we're
39:46introducing
39:46physical
39:47tracers
39:47so that
39:48every
39:48consumer
39:48can verify
39:49like to
39:50your point
39:50by themselves
39:51in a trustworthy
39:52way
39:52but I'm
39:53sure
39:53I'm sure
39:53there are
39:53more
39:53systematic
39:55things
39:56in
39:56Patu
39:57we have
39:57a QR
39:58code
39:58in each
39:59of the
39:59garments
40:00so you
40:00can scan
40:01the QR
40:01code
40:01and you
40:02go directly
40:02to the
40:03product
40:03page
40:03and then
40:04you can
40:05retrace
40:06all the
40:07information
40:08from there
40:09you have
40:10a lot
40:11of innovation
40:11both on
40:12the B2B
40:13side
40:13so for
40:14brands
40:14to help
40:14them
40:15measure
40:15their impact
40:16all of that
40:16and then
40:17for the
40:17consumers
40:18also to
40:18help
40:18them choose
40:19I think
40:20a lot
40:21of progress
40:21has been
40:21made
40:22I would
40:22say
40:23what's
40:23lagging
40:23at the
40:24moment
40:24is
40:24some
40:25uniform
40:26methodology
40:27and the
40:27problem
40:27is like
40:28from one
40:28tool
40:28to the
40:29other
40:29there hasn't
40:30been
40:30so it
40:31comes back
40:31to that
40:32need
40:32for
40:32you know
40:33international
40:33proper
40:34standards
40:34but clearly
40:36there's been
40:36a lot
40:37of progress
40:37we're seeing
40:38we're looking
40:38at a lot
40:39of very
40:39exciting
40:39startups
40:40but the
40:41kind of
40:42feedback
40:42we get
40:43from a lot
40:43of brands
40:44is that
40:44it's still
40:45very manual
40:46I mean
40:46you mentioned
40:47even with
40:47Feli
40:48maybe you still
40:48have
40:48you know
40:49it's
40:49tech
40:49enabled
40:50but not
40:50you have
40:51a lot
40:51of manual
40:52work to
40:52do
40:52it's
40:53getting
40:53there
40:53it's
40:53getting
40:54in the
40:54right
40:54direction
40:55but I
40:55would say
40:56on the
40:56methodology
40:56there is
40:57still
40:57some
40:58progress
40:58to be
40:59done
40:59and for
40:59that
41:00you need
41:00like
41:00international
41:01standards
41:01as well
41:02and I think
41:03your question
41:04shows again
41:05the need
41:05for education
41:06I mean
41:06as you
41:06described
41:07there is
41:07a lot
41:07out there
41:08already
41:08but actually
41:09it's
41:10not a
41:10sexy
41:11topic
41:11and people
41:12don't
41:12naturally
41:13gravitate
41:13towards
41:14learning
41:14more
41:15about it
41:15so I
41:16finding ways
41:17to talk
41:18about it
41:18in a way
41:19that helps
41:20people
41:20or makes
41:21people curious
41:21and makes
41:22them want
41:23to engage
41:23is really
41:24important
41:24because I
41:25think
41:25sustainability
41:25is often
41:26the finger
41:29like don't
41:29do this
41:29don't do
41:30that
41:30but actually
41:30finding positive
41:31and joyful
41:32ways
41:32changing
41:32a bit
41:33I think
41:33for a lot
41:34of time
41:34it was
41:34and that
41:35wasn't
41:35very appealing
41:36like it
41:37was a lot
41:37about shame
41:38and so
41:38now I
41:39think there
41:39is a much
41:40more positive
41:41speech about
41:42sustainable fashion
41:43and also again
41:44here just bringing
41:45up the part
41:46of regulation
41:46I mean if you're
41:47looking at the
41:49food industry
41:50it has gone
41:50through its
41:51sustainability
41:51revolution
41:52before
41:53at least on
41:54national levels
41:54there are a lot
41:55of different
41:56credible
41:57certifications
41:58whether it's
41:58organic
41:58and you know
41:59whether it's
41:59friendly for the
42:00environment
42:00that consumers
42:01actually trust
42:02because it's
42:02an easy way
42:03and you
42:03understand it
42:04and I think
42:04that's where
42:05regulation can
42:05help to
42:06create that
42:06sort of
42:07uniform
42:07and easy
42:08way of
42:08communicating
42:09in a way
42:09that people
42:10can believe
42:10in
42:11and yeah
42:12I think
42:13we are very
42:14late
42:14versus the
42:15food industry
42:15and notably
42:16on our
42:16regulations
42:17and you know
42:18my dream
42:19is actually
42:19that we
42:20consider the
42:21carbon impact
42:22valuation
42:23the same
42:24way we
42:25consider the
42:26sugar content
42:27on food
42:28you know
42:28because now
42:29we can see
42:31this
42:31we know
42:32what high
42:33sugar content
42:34is bad
42:35for your
42:35health
42:36and tomorrow
42:37we hope
42:37that people
42:38can see
42:39the carbon
42:39content
42:40on each
42:41garments
42:41and evaluate
42:42it
42:42and know
42:45that it's
42:45important to
42:46keep for a
42:47long time
42:47your product
42:47to really
42:51make the
42:54planet
42:54more healthy
42:58thank you
42:59thank you
42:59so much
42:59for your
42:59question
42:59and thank
43:00you so
43:00much
43:01to all
43:01four of
43:02you
43:02for these
43:02super
43:03interesting
43:03insights
43:05have a
43:05great day
43:06thank you
43:06thank you
43:07thank you
43:07thank you
43:10Merci.
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