Last Week's Recap of the Fashion Industry - From Mushroom Leather to the Suez Canal
Hello and welcome to the 46th issue of moderated, a newsletter created to dive into insights and phenomenons of the Fashion Industry. It also has a curation and summary of the most talked about last week’s events of the industry, offering further readings for more details.
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So let’s check the last week’s recap of the Fashion Industry.
Last Week’s Recap
Mushroom-Based Materials Producer Secured US$60 Million in Financing
Ecovative creates textiles and other materials from the root structure of mushrooms known as mycelium. Last week, the company raised US$60 million in financing. The funding will be used to develop further the company's technologies and scale the business. This is a reflection of the increasing interest in leather alternatives, particularly mycelium. Earlier this month, Hermès partnered with mycelium start-up MycoWorks. Stella McCartney also announced products made from the same material. Adidas, Lululemon, and Kering group have plans to start using mushroom leather this year.
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Indian Garment Workers Are Forced to Resign Amid Pandemic
Clearly, we are still finding out the whole impact the pandemic had on the fashion industry as a whole. In the region of Bangalore in India, as many as 62% of garment sector workers were allegedly forced to resign during 2020 lockdowns caused by the pandemic. This data was revealed by the report “Forced Resignations, Stealthy Closures” by the Garment and Textile Workers’ Union (GATWU) and the Alternative Law Forum (ALF) in India. The report identified that 17 out of the 25 factories surveyed pressured workers to resign due to the economic troubles caused by the pandemic. Many of the 89 workers interviewed reported they were threatened with the delay or cancellation of their benefits if they didn’t agree on asking for resignation. None of the factories’ management teams answer the accusations yet.
For more information, check the full report “Forced Resignations, Stealthy Closures”.
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After Leaving Social Media, Bottega Veneta Launches Online Magazine
Since January, Bottega Veneta has been progressively leaving all social media. Many were curious to know how the Italian brand was going to communicate with its clients after this bold move. We finally got the answer. Last week, Bottega Veneta launched the first edition of its quarterly digital magazine called Issued. The publication uses editorials and videos to add to the storytelling of the label’s products. Daniel Lee, the creative director of Bottega Veneta, explained to The Guardian the decision of changing the brand’s communication strategy:
“Social media represents the homogenisation of culture. Everyone sees the same stream of content. A huge amount of thought goes into what I do, and social media oversimplifies it.”
Lee added that the new digital journal format is more “more progressive and more thoughtful”, different from the “mood of playground bullying on social media”. An interesting thing is that the magazine has no text. Instead, on top of the images, it communicated with music, sounds, and voice-overs.
You can look and hear the first edition of Issued here.
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Versace Becomes the Second Fashion Brand on Clubhouse
Until recently, Clubhouse was not allowing brands to officially join. This rule changed not that long ago and after Ted Baker’s debut on Clubhouse, Versace becomes the second fashion brand to join the audio platform. The Italian brand’s entry on Clubhouse is part of a new female empowerment discussion series called “Medusa Power Talks”, featuring relevant female names in the fashion industry – including, of course, Donatella Versace herself.
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Supply Chain Patterns Might Take Months to Recover From the Suez Canal Blockage
The enormous cargo ship that blocked the Suez Canal has been released for already a week. However, according to S&P Global Market Intelligence, it will still take months for the supply chain to recover from the disaster. The 6-days blockage caused the delay of about 370 ships. In the fashion industry, the European market will be the most affected. However, several brands in the US will also experience shipping delays, including Walmart, and PVH Corps group (owner of Tommy Hilfiger, Calvin Klein, and others).
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Alexander McQueen and Balenciaga Become Fur-Free
Gucci has been fur-free since 2018, but now other two brands from the Kering group join the practice. Alexander McQueen and Balenciaga officially stopped using real fur for their products. The move is a response to consumer's increasing demands for more sustainable or cruelty-free alternatives to traditional animal products such as exotic skins, fur, and even leather. However, it is important to question how they will substitute the fur for their products. Usually, faux-fur is made from plastic, which is not a sustainable solution at all.
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