MODERN CHALLENGES OF THE FASHION INDUSTRY IN THE CONTEXT OF ENSURING ITS SUSTAINABLE DEVELOPMENT
Abstract
The goal of the article is to determine the essence, directions, and features of ensuring sustainable development by fashion industry companies in the world and in Ukraine. Methodology of research. The goal set in the article was achieved using the following research methods: observation, analysis, generalization, and a systematic approach. Findings. The investigation made it possible to find out the features and directions of realisation of sustainable development goals in the fashion industry. It is noted that sustainable development is one of the priorities of companies in the fashion segment and the vast majority of them are focussed on introducing changes into corporate activities necessary to achieve the planned result. It has been determined that sustainable fashion and interaction with it is a complex process where social, environmental, and economic aspects must be combined, and the greater the overlap between these three components, the higher the degree of sustainability. Attention is focussed on the fact that companies in the fashion market need to concentrate on the formation of a new value proposition for their differentiation and growth in the long term. The main trends in the development of the fashion industry in the world and Ukraine are characterised, the forecast directions of movement of this sphere in the near future are outlined, the problems faced by fashion industry companies in the process of implementing sustainable development initiatives are identified. The recommendations of experts and market participants on achieving progress in the implementation of the strategy of creating a sustainable brand are summarised. Among the main recommendations are such as participation in various alliances that promote joining environmental and social initiatives, exchange of best practises in the direction of sustainable fashion; development and implementation of internal ethical documents and codes; attraction of expert support through cooperation with scientists and specialists in the field of ecology; localisation of production and others. Practical value. The proposed recommendations are related to the search for effective solutions for the implementation of sustainable development initiatives in the fashion industry.
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