Saša Virijević Jovanović – Faculty of Applied Management, Economics and Finance, Jevrejska 24, Belgrade, Serbia
Dragan Doljanica – Faculty of Applied Management, Economics and Finance, Jevrejska 24, Belgrade, Serbia
DOI: https://doi.org/10.31410/ERAZ.S.P.2019.149
5th International Conference – ERAZ 2019 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Budapest – Hungary, May 23, 2019, SELECTED PAPERS
Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia;
ISBN 978-86-80194-21-9, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.S.P.2019
Abstract
The undeniable economic importance of the fashion industry has opened many research
questions that have become the subject of relevant scientific institutions worldwide. Starting from the
fact that the fashion industry is one of the few that has made constant growth in the past decade, it is
challenging to continue its growth in the future, but on a sustainable basis. The paper analyzes the
concept of modern fashion from the aspect of economy and its effects on the environment. With the
current pace of production and consumption of fashion products, the industry faces the threat caused
by the neglect of the environment and excessive use of resources. It is calculated that more than $500
billion of value is lost every year due to clothing underutilization and the lack of recycling. This situation
is unfavorable not only for society and the environment, but also for fashion companies taking into
account the cost of resources, which will jeopardize the profitability. The core priorities for immediate
implementation in fashion industry are supply chain traceability, combating climate change, efficient
use of resources and secure work environments. Therefore, this research tends to emphasize the main
obstacles that fashion industry will face toward its sustainable development in future as well as to explore
the possible solutions.
Key words
sustainable development, fashion industry, fast fashion, sustainable fashion, Pulse Score of
the fashion industry.
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