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November 14, 2018

Fast Retailing commits to UN Global Compact

 Japanese retail giant Fast Retailing has become the latest signatory to the UN Global Compact.

By Beth Wright

Japanese retail giant Fast Retailing has become the latest company to expand its commitment to sustainable development by joining the UN Global Compact (UNGC).

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  • Key trends affecting the global luxury apparel market
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The platform, which claims to be the world’s largest corporate sustainability initiative calls on firms to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption.

Uniqlo brand owner Fast Retailing joins more than 9,800 participating companies from 161 countries in the UNGC platform – including Nike, VF Corp, and Levi Strauss. As a signatory, it formally pledges to support and promote the UNGC principles.

With a corporate statement committed to changing clothes, changing conventional wisdom and change the world, Fast Retailing says it is “dedicated to creating great clothing with new and unique value to enrich the lives of people everywhere”.

Earlier this month, the company said that by 2020, all the jeans made and sold by the group will be produced using a washing process that cuts water use by 99%.

Developed at the group’s facility for jeans research and development in Los Angeles, California, the technology combines advanced washing equipment “utilising nanobubbles and ozone with the skills of jeans designers” to reduce the amount of water in the washing process compared to conventional production methods.

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Free Report
img

What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
by GlobalData
Enter your details here to receive your free Report.

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