Heat believes that modern-day luxury means being socially and environmentally responsible. Our business was founded upon the increasing demand for sustainable initiatives at the end of the product life cycle in the fashion industry. It's no secret that the process of producing and distributing clothing places an immense strain on the environment; the fashion industry is the world's second-largest polluter and generates 4% of global waste each year.
Although the fashion world has been historically scrutinised for its idle approach to addressing its environmental footprint, in recent years, there has been a shift in mentality towards a more sustainable approach to fashion, from experimental fabrics to textile recycling; businesses have poured capital into developing new initiatives to satiate the Green Generation who demand imperative change.
Millennials and Gen-Z consumers constitute an ever-growing force of the global economy's spending power, valuing transparency, defining and evaluating brands based on its products and ethics. In 2019, McKinsey reported that 66% of consumers were willing to pay more for sustainable products, making it evident as an essential factor for businesses to consider moving forward. Such demands and movements from leading fashion houses and innovative start-ups have caused a ripple effect amongst the industry as companies shift their priorities to embrace change.
Fashion houses have committed to sustainable initiatives, such as the Fashion Pact, which has been signed by 150 leading brands as of 2019. The agreement aims to hit targets to combat global warming, restore biodiversity and preserve oceans (namely by reducing the use of single-use plastics). Other commitments include existing initiatives like the UNFCCC's Fashion Charter (of which Fashion Revolution is a signatory), alongside numerical targets like brands reaching 100% renewable energy in their respective operations by 2030.
Despite their efforts in the production process, the unpredictable cyclical nature of fashion facilitates a domino effect which contributes to the ongoing issue of overproduced garments and causes brands and retailers to be inundated with excess garments. Our business model was motivated by a lack of players in the market who provide a creative solution to eliminating fashion waste in a beneficial way for distributors and consumers.
With a circular economy at the heart of our business infrastructure Heat contributes to fashion sustainability by reshaping the typical product life cycle. Implementing a closed-loop process which extends a product shelf life by extracting the maximum value from each item. Favouring a playful, consumer-centric model, our service divulges an unprecedented immersive luxury shopping experience, incorporating elements of surprise and suspense alongside the reassurance of a value-added product.