Did you know that:
- only 42% of the large fashion brands disclose supplier information (McKinsey, 2017)
- tracing raw materials remains a huge challenge, with just 7% of companies knowing where all of their cotton is coming from (Tearfund, 2017)
- only 21% of companies report the application of their Code of Conduct to multiple levels of their supply chain (Tearfund, 2017)
- the European clothing, footwear and accessories industries lost approximately €26.3 billion in annual revenues from counterfeit goods in 2013 (OHIM-EUIPO, 2015)
- European lost sales in the fashion industry due to counterfeiting translates into direct employment losses for approximately 363,000 jobs in 2013 (OHIM-EUIPO, 2015)
Several companies in the fashion industry are shifting towards more ethical business models to meet the conscious customers’ needs. We at TCBL believe that tapping into a new breed of transparency-enabling technologies is key to competitive advantage going forward.
Download the attached "Stop&Read" to dedicate 10 minutes to thinking about how you can incorporate transparency into your company's future.