‘Planet’ within a Business context, refers to the impact a business has on the environment. Brands often publicise that they focus on the planet and sustainability, however ‘planet’ is often hard to measure as it is not as qualitative as other core business pillars, such as profit. Businesses are looking to reduce their impact on the planet and make it easier to measure, through the implementation of a ‘circular business model’. 

Circular economy is described as ‘An economic system based on the reuse and regeneration of materials or products, especially as a means of continuing production in a sustainable or environmentally friendly way’ (Weiner and Simpson, 2022). Furthermore, The Ellen MacArthur foundation, who are credited with the idea, see a circular business model (See fig 1) as and opportunity to minimise, and eliminate waste, while revitalising nature. (EllenMacArthurfoundation.org). While the circular business model is seen by many environmentalists as an innovate improvement to the traditional linear business model, others argue that a circular approach does not always result in higher sustainability (Science Direct, 2022). This is due to recent empirical studies that found consumers may buy higher quantities of product if they believe them to be sustainable, leading to higher rates of greenwashing, which many consumers are unable to recognise, allowing them to buy more and thus more waste is produced. (Warmington-Lundstrom and Laurenti, 2020).

Sustainability is becoming an increasingly talked about subject within the fashion industry and this is due to its detrimental impact on the environment. Harm to the planet is caused throughout the supply chain, for example in textile production and transport. In todays fast paced culture, fast fashion thrives. Multiple sources state that fashion is the second largest polluting industry (Alden Wicker, 2022). However due to fashions interconnectivity with other industries, such as transport, its direct impact may not be so high as scholars claim.

As consumers are becoming increasingly aware of the many negative effects the fashion industry has on our planet, the UNs’ sustainable development goals, which were introduced in 2015, are being more closely considered (UN.org). A particular focus is goal 13, climate action. Due to its size, the fashion industry is amongst the biggest contributors to climate change on the planet. Therefore, change must be made. (Marcketti and Karpova, 2020) It is possible that with climate change being increasingly talked about in the media, and with the CMA publishing the ‘Green Claims Code’, businesses that have high contributions to climate change will risk loosing high amounts of revenue, and therefore profit, from a decline in sales, due to a surge in sustainably minded consumers.

Bibliography.

EllenMacArthurfoundation.org, Circular economy introduction – accessed 07.10.22

Figure 1^, Ellenmacarthurfoundation.org – assessed 09.10.22 https://ellenmacarthurfoundation.org/circular-economy-diagram

Marcketti and Karpova, 2020, The dangers of fashion Towards ethical and sustainable solutions. – Accessed 09.10.22

Science direct, Sustainable production and consumption, volume 29, 2022, Pg 273-285:  https://www.sciencedirect.com/journal/sustainable-production-and-consumption – accessed 6.10.22

UN.org , https://www.un.org/sustainabledevelopment/development-agenda-retired/ – accessed 09.10.22

Warmington-Lundstrom and Laurenti, 2020, Reviewing circular economy rebound effects. https://www.sciencedirect.com/science/article/pii/S2590289X19300258  – accessed 09.10.22

Weiner and Simpson,Oxford dictionary of English, September 2022 – accessed 07.10.22