Count on New York to be a trendsetter.
The Fashion Sustainability and Social Accountability Act, aka the Fashion Act, was introduced by state lawmakers on Friday—a potentially game-changing set of regulations.If passed, the bill would make New York the first US state to take big brands in the industry to task on climate change.
The deets: The Fashion Act would require any global apparel and footwear company operating in New York with $100+ million in annual revenue to “map their supply chains, disclose environmental and social impacts, and set binding targets to reduce those impacts.”
- Companies would also be required to disclose their material production volumes.
- Brands would have a year to comply, and those that don’t could have to pay as much as 2% of revenues of $450+ million.
“As a global fashion and business capital of the world, New York State has a moral responsibility to serve as a leader in mitigating the environmental and social impact of the fashion industry,” State Senator Alessandra Biaggi, one of the bill’s sponsors, said in a release.
But, but, but: Similar regulations are already in motion across Europe and other US states, yet there’s a tough road ahead; sources speaking to WWD feel the Fashion Act is unlikely to pass due to counter-lobbying efforts.