The textile industry is one of the most resource-intensive industries in the world and it is essential that it transitions to circular business models to create a more sustainable future.
When we work with sustainability and the transition to a circular economy, it is common for us to get stuck in focusing only on products and waste management. This is because products are tangible and physical, which makes them easier to understand, while many people are not used to working with business models.
In order to really achieve a changeover, however, we need to find new ways to manage the systems around the products. That is why CircularHub emphasizes the importance of business models and tries to find profitability in the circular thinking first. We focus on working with product design and business models simultaneously to create a stable foundation for the transition to a circular economy.
A circular business model is a business model where resources are kept in use as long as possible, and where the focus is on maintaining or increasing their value before they are recycled and regenerated. This is in contrast to the traditional linear model of “take, make, use, throw away.”
In the textile industry, this can mean designing products that can be shared, repaired, refurbished and discovering the viability of business models for it.
Adopting a circular business model in the textile industry would have a number of benefits:
- It helps textile companies attract and retain customers looking for sustainable alternatives, as consumers become increasingly aware of the environmental impact of their purchasing choices.
- It helps textile companies develop a more resilient and adaptable business model, reducing their dependence on fossil fuels and volatile commodity prices.
- It helps to create jobs in the recycling and renovation industry.
- In addition, it reduces pollution and waste, conserves natural resources and protects the environment.
- In addition, circular business models can help textile companies create entirely new revenue streams, by designing products that are shared or rented, rather than sold. This can help reduce the need for products from new materials and also improve customer loyalty.
It is important for the textile industry to adopt circular business models to create a more sustainable future for all. It is not only better for the environment, but also for the textile companies, the economy and society in general. The textile industry has the power to lead the way towards a more sustainable future, but it will take a concerted effort from all stakeholders to make this happen.
CircularHub has developed tools for working with circular business models in companies or in workshops.
CircularHub contributes reports related to circular business models
CircularHub also publishes news related to circular business models (translation in progress):