Hong Kong fashion summit 2019: Sustainable fashion on the rise in Asia
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Global sustainability initiative Fashion for Good appeared at the Hong Kong Fashion summit yesterday to showcase a new investment fund dedicated to driving sustainable fashion in Asia.
The team at Fashion for Good have launched the ‘Good Fashion Fund’ to initiate systemic change in the apparel and footwear supply chain, through investing in innovative technologies focused in India, Bangladesh and Vietnam. Fashion for Good, based in Amsterdam, is partnering with corporate fashion leaders at the C&A Foundation, impact investment firm FOUNT and Hong Kong-based The Mills Fabrica to début the fund. Aiming to disrupt the manufacturing culture in south-east Asia, the fund was revealed at the Hong Kong Fashion Summit 2019.
What is the Hong Kong Fashion Summit?
The Hong Kong Fashion Summit consists of a 2-day conference and sharing platform to discuss trends, technology and green solutions to the Asian fashion industry. Bringing together media, NGOs and key players in the global fashion network, the objective is to raise awareness around the environmental impact in a continent where fast fashion is at large.
The 'Good Fashion Fund' was announced officially yesterday by C&A Foundation board director Albert Brenninkmeijer and Fund director Bob Assenberg.
Launching the Good Fashion Fund
With a target size of $60 million, the Good Fashion Fund aims to “to catalyse positive change in an industry that clearly requires disruption”, Investment Manager at Fashion for Good Rogier van Mazijk told Euronews Living.
The investment fund will act as a means of “taking innovation to the mainstream, on a manufacturer level”, hoping to make a lasting impact that “ripples through the fashion value chain”, says van Mazijk.
The point is to mobilise manufacturing chains in India, Bangladesh and Vietnam by introducing environmentally friendly practices like the use of safe and recyclable materials, clean energy and encouraging fair job creation.
The money will go to small and medium manufacturers committed to adopting this sustainable criteria, as well as various larger ones willing to invest in “highly disruptive technologies”.
There is a critical need to create a new platform to “address the financing gap for sustainable innovations” in Asia, remarked Vanessa Cheung, the founder of Hong Kong based The Mills Fabrica. Agreeing with her, Leslie Johnston, Executive Director the C&A Foundation, said “we all know that ‘business as usual’ will not result in the fashion industry being a true force for good” and praises the “high risk appetite” of the Good Fashion Fund as a revolutionary shift in the industry.
Source: https://www.euronews.com