Today, the Copenhagen Fashion Summit along with the Boston Consulting Group released a report about the future of the fashion industry. Given the current rate of population growth, there will be 8.5 billion people on Earth by 2030, which means that the fashion industry will have to expand by 63% to clothe all these people.
But not so fast. Fashion is currently one of the world’s most polluting industries, although the sheer extent of the damage it causes is hard to accurately assess. According to the best estimates laid out in the report, if the fashion industry doesn’t change its business practices soon, environmental pressures may cause the sector to collapse altogether. “In the worst case,” the report explains, “the fashion industry will face distinct restrictions on one or more of its key input factors, leaving it unable to grow at the projected rate and in the long run unable to continue under its current operating model.”
In other words, in 13 years, all you’ll have to wear might be a barrel and suspenders.