Zara owner Inditex is leading by example in the global fashion world, sharing that despite hiking prices, it has seen sales and profits rise by staying committed to eco-friendly brand values.
Despite a tough trading environment for fashion firms amid a weakening global demand for clothing, the firm has seen a 19% increase in sales over the past year.
Nick Drewe, a retail expert at online discounts platform, Wethrift, says, “Zara is one of the world’s biggest fashion retailers, and perhaps a prime example of consumers steering their buying behaviours away from lower quality fast fashion, and investing in higher quality items.
“Sustainability is continually becoming a significant factor in the world of fashion, and several huge brands such as Zara competitors H&M, Mango, Uniqlo and ASOS are all doing their bit to provide customers with a buying experience that generates more good for the environment than damage.
“An increasing number of online fashion brands have pivoted their offerings to begin catering to vegan audiences, and have focused a much stronger emphasis on improving their sustainability ethics. In fact, a recent study found that as many as 95 per cent of shoppers claim they would like to see more ‘vegan-verified’ fashion.
“Zara has set many goals relating to sustainability, including reaching net-zero emissions by 2040.
“The retailer has also recently introduced a repair and resell service, allowing shoppers to use their online app to sell any unwanted Zara-only items, and make money on their old or unwanted clothing.
“This is a great opportunity for shoppers to not only dispose of items in a sustainable manner, but to also clear out their wardrobes and make a financial profit in the process.
“But how are the often controversial and unsustainable ‘fast fashion’ brands faring in the current climate?
“This year, Boohoo Group revealed a 13% fall in profits for the first six months of 2022, with many predicting this pattern to continue as the cost-of-living pressures and a preference for quality over quantity weighs heavily on the minds of consumers.
“Fashion and trend lovers are looking at the bigger picture when it comes to curating their style and picking pieces for their wardrobes. They are more frequently looking to shop with the brands producing high quality and ethically made items, as opposed to quick and inexpensive items that aren’t considered long-term investments.”