EMA's December Sustainable Fashion Roundup: Shein Files for IPO while COP28 Falls Short
While many of us were out holiday shopping and hunting for Boxing Day deals, fashion leaders gazed into their crystal balls to determine where the industry would go next. From the world stage at COP28 to local shopping streets, the end of the year showed glimmers of progress and promise, but much left to be desired. As we move from 2023 into a new year, these decisions will shape the fashion industry's future. Read on to learn more.
World leaders discussed the future of sustainable fashion at COP28
Criticized in the past for its lack of attention towards the fashion industry, COP28 changed its tune this year by including industry leaders such as Stella McCartney, Ellen MacArthur, Fashion Revolution, and the Global Fashion Agenda. While including the fashion industry was an important starting point, many have criticized the conference for its slow and insufficient solutions to the fashion and climate crises.
According to recent reports, many major fashion brands are off-track to meet their 2030 climate targets. COP28 discussions highlighted an over-reliance on fossil fuels and biodiversity as key issues, emphasizing the importance of supplier incentives, material innovation, smart design, and circular business models to move towards a sustainable future. Some solutions discussed included policy changes, investments in sustainable fashion, prioritizing product quality, implementing extended producer responsibility, and using circular fashion practices such as rental and resale.
Although many sustainable fashion advocates were disappointed in the conference's overall outcomes, attendees celebrated a few wins. 2023 marked COP28's first-ever "Sustainable Fashion Show" and first-ever Entertainment and Culture pavilion, putting fashion and culture on the world's climate agenda. Stella McCartney hosted an exhibition that showcased material innovations, while Bestseller and H&M Group announced their investment of up to $100 million in Bangladesh's first utility-scale offshore wind farm. The Global Fashion Agenda also announced its 2023 edition of the GFA Monitor. It is a guide that equips fashion companies with tools, solutions, data insights, policy developments, and best practices to reach a net-positive industry.
Fast fashion giant Shein files for IPO
To the ire of climate activists, fast fashion brand Shein has filed to go public in the United States, and experts expect it to be one of the biggest IPOs in recent years. The brand now accounts for over half of all fast-fashion sales and is valued at an estimated $66 billion. Activists criticize Shein for a plethora of ethical and environmental violations, with alleged connections to forced Uyghur labor in China, various copyright infringement lawsuits from independent designers, and a business model that encourages overconsumption.
Shein's proposed IPO has received backlash from activists, lawmakers, and sustainable fashion startups alike. Fashion resale platforms aimed Shein in recent marketing campaigns, with Vestiaire Collective banning Shein and other fast fashion products from its platform and ThredUp asking customers to boycott a Shein pop-up sale in Oakland. The fast fashion IPO also faces opposition in the United States Congress, with Democratic Congresswoman Jennifer Wexton leading a bipartisan call for the US Securities and Exchange Commission (SEC) to halt the IPO until it can verify that the brand does not use forced labor.
"If the fast fashion giant Shein wants to go public in the US, they should have to prove to American consumers that their products are not sourced from forced labor. The Chinese government's extensive forced labor regime, which has stripped the rights and freedoms of over a hundred thousand Uyghurs and other ethnic minorities in the Xinjiang Uyghur Autonomous Region, has infected global supply chains, including the clothes that millions of Americans purchase from Shein," says Wexton. "Americans' money must not help prop up the brutal oppression of Uyghurs, and products made from forced labor have no place in the American marketplace."
Circular Library, a new sustainable fashion hub, opened in California
Circular Library, a new concept store, had its grand opening in Venice, CA, featuring art installations, circular fashion education, and holiday ornament-making using upcycled materials. Located on Abbot Kinney Blvd., Circular Library will join other sustainable brands like Everlane, Allbirds, and Christy Dawn on the shopping street. The store is a collaboration between sustainable South Korean fashion brands LE CASHMERE and RE;CODE, intending to be a space for "community, collaboration, culture, and sustainable fashion."
Both LE CASHMERE and RE;CODE are dedicated to circular fashion practices. Unlike traditional cashmere clothing brands, 100% of LE CASHMERE's materials are sourced from mountain goats' naturally shed hair in Mongolia and certified by the Sustainable Material Lab. This ensures that all clothing pieces are sourced sustainably and ethically, supporting local Mongolian communities with no harm to the animals. On the other hand, RE;CODE focuses on upcycled fashion by running upcycling workshops, collaborating with independent designers, and supporting the underprivileged.
"The store supports the idea of circularity and sustainability, and we really wanted to support the local community by creating experiential workshops. Circular Library will double as a communal space for local artist exhibitions, workshops, and annual meet-ups centered around sustainability and fashion," says Brandon Yu, who leads the Circular Library project. Circular Library is now open at 1221 Abbot Kinney Blvd. for sustainable fashion consumers to visit.
About the author:
Katy Ho (she/her) is a Chinese Canadian writer, activist, and daughter of refugees who explores the intersections of gender, climate, and pop culture through her work. When she's not writing about feminism and climate justice, you can find her hosting book club meetings, visiting her local thrift store, and coaching the next generation of climate leaders.
Shein photo credit: Dick Thomas Johnson