Fashion Innovation Center and EY address sustainability in the fashion industry
Sustainability and inclusion are no longer "nice to have" but critical to a fashion brand's bottom line and future growth.
Overproduction and lack of waste handling and garment recycling solutions have put the sector globally under governmental scrutiny.
Collaboration has become a vital tool for businesses in the fashion industry; idea sharing is advantageous for innovative solutions.
In the current age of idea sharing, the two organizations EY and Fashion Innovation Center (FIC) are entering the fashion industry to address critical initiatives.
Leveraging their ability to make impactful change, EY and FIC entering the fashion industry promises to take a significant step forward in solving three issues the fashion industry faces: compliance with upcoming regulations, cost efficiency and new revenue generation.
With their complimentary knowledge, skills, and access to industry experts, EY and FIC will focus on developing ready-to-implement products and solutions that ensure the textile and fashion industry is ready for compliance.
Ingo Bunzeck, Executive Director at EY Global Climate Finance and Funding says: “The combination of digitalized products and services with hands-on advisory capabilities enables an efficient transition to fashion 2.0. By bringing together our combined insights, skilled resources, and vast global networks, we can enable companies to be future-proof.”
Kurt Svegard, COO at FIC, comments: “FIC’s mission is to digitize the fashion industry. We work as a cross-sector ecosystem where we, together with EY, can speed up the implementation of strategies and business models that drive competitive advantage and sustainable growth.”
Fluent in the language of next-gen strategies, FIC operates like a switchboard ensuring rapport between academia, technology, research, politics, and creative businesses. EY's purpose is centered around building a better working world through insights and services and creating long-term value for clients, people, and society.
In the future, EY and FIC plan to harness the power of interdisciplinary dialogue and explore ways to provide actionable insights to businesses ready to comply with new legislations, shareholders` efficiency requirements and changing consumer behaviors.
Fashion Innovation Center
FIC's mission is to digitize the fashion industry by implementing strategies and new business models, driving sustainable growth from day one.
FIC acts as a switchboard between policy, research, and academia, as well as digital and tech industries, to help establish new business standards for the digitalization of the fashion industry.
EY exists to build a better working world, helping to create long-term value for clients, people and society and building trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate.
The Global Climate Finance und Funding Team facilitates the implementation of the sustainability transformation in organizations around the globe and across industries. To do so, the team develops financial solutions and secures funding for innovative projects that contribute towards a more sustainable world. Working across assurance, consulting, law, strategy, tax, and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.