Square-toe heels out in public... Princess Polly just hit the US public market. You've probably seen Gen Z “microinfluencers” doing hauls of its clothes (#PollyHaul). The trendy online fashion boutique, owned by A.K.A Brands, is one of the first fast-fashionistas to hit Wall Street since ASOS. Like ultra-fast fashion giant Shein, A.K.A churns out 500 to 800 styles per week across its brands, which include Princess Polly, Petal & Pup, and Rebdolls. But A.K.A. shares fell 9% after their NYSE debut.
Recycled t-shirt bidding war... The ~$30B fast-fashion market is projected to grow 22% this year from 2020 – but younger consumers don't love the environmental price tag, and are willing to pay extra for more sustainable fashion. Now, fast-fashion brands are trying to hop on the green wave. Polly launched an "Earth Club" and started using "low-impact" clothing material, H&M plans to use 30% recycled materials by 2025, and UK-based BooHoo pledged to halve emissions by 2030.
Fashion isn't sustainable, but sustainability is fashionable.. On one end, we've got recommerce brands like ThredUp and Poshmark that have leaned in to green. On the other, brands like Shein and Forever21 are focused on constantly-changing trends — which requires churning out thousands of new items each day. Gen Z controls $140B+ in spending power, and 25% of GenZ'ers say their purchasing decisions are influenced by environmental impact. Fast-fashion may have to change to stay on trend.