The Sustainable Recovery of the Fashion Industry from COVID

Find Similar History 34 Claim Ownership Request Data Change Add Favourite

Title
The Sustainable Recovery of the Fashion Industry from COVID

CoPED ID
ceb4f71b-a943-4b60-a938-04071785db07

Status
Closed


Value
£149,350

Start Date
May 31, 2020

End Date
Feb. 28, 2021

Description

More Like This


We are the UK's No.1 men's formal-wear rental specialists and have been successfully providing rental services to High Street Retailers and Independent Stockists for over 20 years.

It is our opinion that business has changed, perhaps forever, due to the corona-virus. We seek to capitalise on this lull during lock-down to reinvent ourselves from a Traditional Men's Hire-wear Provider to the Global Centre of Expertise in Sustainable Fashion.

We consider ourselves Sustainability Fashionista and we have strong desire to address sustainability in the fashion industry. Our industry, in its current form, is unsustainable. It is the second biggest polluting industry - it is projected to use 25% of the world's carbon budget by 2050.

We are reaching out to clothing retailers to help them reduce the losses in income they face due to covid-19. Clothing Retailers are expecting a 20% reduction in annual revenue with 80% considering their future highly uncertain.

We also wish to help retailers reduce the costs from the return of clothing. UK Retailers loose £20B annually on returned clothing with more than 50% disposed of.

Our project will develop a Hire Service Model to provide a fully managed Clothing Hire Service to Retailers including consultancy support for customisation and implementation. It also includes a Returns Service Model that refurbishes Retailer's returned clothes.

The project provides us with a Circular Business Model that will minimise our impact on the environment and also create an Operational Excellence Model to make us the Global Centre of Expertise in Sustainable Clothing Hire.

We also seek to develop a Talent Pipeline Model to recruit and develop local disadvantaged job seekers to help resource our expansion. This also includes tasks to improve the quality of working lives of all our staff.

Lastly the project provides us with methods to compel our consumers to rent clothes.

Our project positive impacts society, the economy and the environment. Our ideas and energy will be channeled into delivering pro-environmentally sustainable changes within our company and to Society as a whole. We will secure the jobs of our existing ACS staff employment and recruit many more from disadvantaged backgrounds. We will improve our staff and their family's health and well-being. We intend to share our expertise with other organisations. Finally we will provide new revenue streams for Retailers by reducing the need for shop closures and securing jobs whilst saving them money by refurbishing their returned garments.

---ADDITIONAL INFORMATION HERE---

Whilst researching the business models the project team has become more conscious of opportunities to further innovate the business models by significantly developing the social and environmental dimensions of the models to make them more valuable to all stakeholders not just shareholders. Two of the four additions to the scope are:

- Planning for B-Corps Status by 2021
- Planning the achievement of Zero Carbon Emissions by 2025.

Early indications are that these two outcomes will increase significantly the demand for services from ACS towards a 10-fold increase over by 2025.

In addition, the latest exploitation plan is intimating a 4-fold increase in demand during 2021. As a consequence the development, and implementation, of a capacity plan to configure the most optimal system to satisfy demand next year is proposed to be added to the scope.

The final proposed amendment to the scope is the research into the development of a Sustainability Clock to promote the benefits of rental clothes to customers - real-time Sustainability Balanced Score Card that updates the savings to our planet every time a clothing item is rented by a customer from ACS.

Acs Clothing Limited LEAD_ORG
Acs Clothing Limited PARTICIPANT_ORG

Subjects by relevance
  1. Sustainable development
  2. Clothes
  3. Clothing industry
  4. Consumer behaviour
  5. Consumers
  6. Retail trade
  7. Ecological character
  8. Business
  9. Well-being
  10. Innovations
  11. Men
  12. Recycling

Extracted key phrases
  1. Sustainable Clothing Hire
  2. Sustainable Fashion
  3. Sustainable Recovery
  4. Fashion Industry
  5. Hire Service Model
  6. Wear rental specialist
  7. UK Retailers loose
  8. Project positive impact society
  9. Clothing Hire Service
  10. Returns Service Model
  11. Clothing Retailers
  12. High Street Retailers
  13. Time Sustainability Balanced Score Card
  14. Rental clothe
  15. Rental service

Related Pages

UKRI project entry

No UK locations linked to this project.