Page 4 - February-March-2020

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H&M and YCloset team up to test

renting COS clothing in China

That’s how much of the world’s greenhouse gas emissions the clothing industry is responsible for - it uses more
energy than the shipping and aviation industries, according to the United Nations.

H&M’s brand COS and YCloset, China’s leading and their move into rental clothing marks an impor-
clothing rental business have teamed up for a tant shift in public purchasing decisions. In 2018,
three-month trial in an attempt to foray into the rentals generated $1 billion in revenue, reported
country’s growing clothing rental business as more Bloomberg.
and more consumers become aware of the environ-
mental impact of fast fashion. “It is important for us to try new approaches - testing
and collaborating to achieve the best outcome for
YCloset is China’s largest clothing rental platform our customer and community - as well as the future
with 15 million users who pay monthly subscription of our business,” COS managing director Marie
fees and have the option to buy the clothes after they Honda said in a statement.
have rented them.
The U.S. was responsible for 21 million pounds of
H&M, the world’s second-largest fashion group, also discarded clothing in 2015, according to the Environ-
launched its own rental business on November 29 mental Protection Agency. This number has risen
through its Stockholm flagship store in another from 4.6 billion pounds in 1980.
three-month trial. This rental service is however, has a
limited range of festive gowns, with a fee per item. Reusing clothing contributes to sustainability: A
research by British advisory group Waste and
Popular fast fashion retailers like H&M, Banana Resources Action Program concluded that extending
Republic, and Urban Outfitters are all entering the the life of one clothing item by three months contrib-
clothing rental industry. Fast fashion retailers are utes to a 10% reduction in its carbon, water, and
projected to generate $44 billion in sales by 2028, waste footprints.
New trade policy to focus on

“efficiency-driven” economys

The much-awaited new Strategic Trade Policy Razak Dawood has sought the services of individuals
Framework (STFP) 2019-24 has started to take shape “who have direct links with trade matters”.
as the Ministry of Commerce began brainstorming to The vision, mission and goals of the STPF 2019-24
formulate the policy starting with the first meeting for are to transform Pakistan from a factor driven to
the purpose between different government efficiency-driven economy integrated into the global
functionaries. and regional value in the medium term and an
innovation-driven economy in the long-term.
The first meeting for the STFP was held on December The Commerce Division has envisaged the following
12, 2019 between the Commerce Advisor, goals for the STPF 2019-24; (i) increase exports at a
Commerce Secretary, Additional Secretary, former minimum compound annual growth rate of 12 per
Secretary Commerce, Younus Dagha, former Chief cent annually till 2024;(ii) improve competitive and
Executive Officer, the erstwhile Export Promotion efficiency of the industry, especially export sector ;(iii)
Bureau (EPB) now TDAP, and officials of Commerce increasing the share of regional trade in the total
Ministry and National Tariff Commission (NTC). trade by 20 per cent and ;(iv) promote sustainable,
Additionally, Prime Minister's Advisor on Commerce, socially-compliant, inclusive and gender-sensitive
Industries and Production and Investment, Abdul
export development.
November/December 2019