She's On The Money - The Fast Fashion Effect

Episode Date: September 6, 2024

Fast fashion is all about quick trends and affordable finds, and let’s be real—it’s hard to resist! But today, we’re taking a closer look at what happens behind the scenes of these quick-turnaround styles. We explore how ultra-fast fashion is shaking up the industry and what that means for us as shoppers and the planet. And don’t worry—we also share tips on how to enjoy fashion in a way that feels good for both your style and your values. Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.  Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

Hello and welcome back to She's On The Money. I'm Victoria Devine, here to get your weekend started arguably the right way. You've all been loving our Saturday series, so I decided I'm just going to give you more of what you want. Last week, we dove into the whirlwind that is micro-trend culture, how social media has turned us all into trend chasers, with new styles popping up faster than you can refresh your feed. This rapid-fire trend machine is feeding something much bigger, fast fashion. You know the names, Shein, DHGate, AliExpress, the brands that can turn a runway dream into a cheap reality overnight. But what's the real story behind those arguably too good to be true prices? Today, we're going to be diving a little bit deeper into the fast fashion supply

chain. We're going to explore the ethics, the knockoffs, and whether our shopping habits are doing more harm than they are good. If last week's episode made you second guess that latest haul, this one's going to make you think twice before hitting add to cart again. Before we dive deeper, I just want to take a moment to say, look, we get it. Times are tough and sometimes that bargain dress or those cheap as sneakers from fast fashion brands, they feel like a really small win. I'm not here to shame anyone for trying to make their budget stretch. I have absolutely been there too. Back in the day, my fake Prada bag was the talk of the town. I got that on AliExpress and it definitely looked like a cross between a Gucci, Prada, I don't know, Saint Laurent bag.

At the time, I thought it was the coolest thing ever. Now, looking back, it just gives me the ick. And more recently, I purchased, and I guess this is what has prompted this entire episode, a foot muff for my baby's pram on AliExpress. Because let's be honest, that item was very obviously being drop shipped. And I just figured, let's go straight to the source. Many of you jumped into my DMs and said, oh my gosh, V, I would never buy anything from AliExpress. But I'm here now to tell you, unfortunately, my AliExpress purchase is probably from the same supplier that supplied your dropshipping company that you ordered from last week. It's easy, it's convenient. And when you're watching your bank account closely, let's be

honest, a bargain is pretty hard to resist. But friends, here's the thing. We're not here to judge or point fingers. That's not what She's On The Money is about. It's about education. And this is about helping each other think a little bit more deeply about the choices that we're making. Every single time we click buy now, there's a ripple effect. It's not just about what ends up in our wardrobes. It's about the impact on the people who made it, the environment, and ultimately our own sense of value. So let's keep it really real. We all love a good deal, but it's worth pausing to consider the bigger picture. What do you really gain when you buy fast fashion? And is there a way we can satisfy the urge to shop without contributing to a system that might not

align with our values? This is never about guilt. It's about making informed choices that we can feel really good about, both for ourselves and for the world that we're part of. Let's start by defining what fast fashion really is. You've probably heard of the term tossed around, but what does that actually mean? Traditionally, fast fashion brands like Zara, H&M and ASOS have dominated the market by delivering on-trend, affordable clothing in a matter of weeks. These brands are a globalised supply chain that prioritises speed and cost efficiency, often at the expense of quality and sustainability. The goal is to get new styles into store as quickly and as cheaply as possible, which often leads to overproduction, textile waste and a

significant carbon footprint. The fast fashion model has been heavily criticised for contributing to environmental degradation and poor labour practices as factories in developing countries often face minimal regulation. Then there's ultra-fast fashion, which takes this concept to the extreme. Brands like Shein, Boohoo, and Princess Polly are at the forefront of this trend. Ultra-fast fashion doesn't just aim to be quick, it's designed to be instant. These companies can go from design to delivery in as little as 24 hours, and they regularly release thousands of new styles every day. They achieve this through cutting-edge technologies like digital design and 3D printing, which allow for real-time adjustments based on what's trending on social

media. But with this extreme speed takes the environmental and ethical concerns to another level. And if you think that the impacts stop there, think again, my friend. When we come back, we're going to dive into the staggering number of clothes fast fashion brands produce every year and where all those unsold items actually end up. Spoiler alert, it's not very pretty. hey welcome back my friends we're diving straight into the heart of the issue overproduction according to worldmetrics.org fast fashion brands collectively produce an astonishing 150 billion new items of clothing each year far exceeding the actual consumer demand this overproduction is a hallmark of the fast fashion industry where the emphasis is on quantity over

quality. The sheer volume of clothing being churned out not only leads to massive amounts of unsold inventory, but also intensifies the environmental crisis. The equivalent of one garbage truck of textiles from these brands is landfilled or burned every second. Yep, every single second. And the synthetic fibers commonly used in fast fashion can take hundreds, if not thousands of years to biodegrade. You only have to search hashtag textile waste to see the distressing images of piles and piles of clothes slowly breaking down and leaching harmful chemicals into the soil and water, effectively poisoning our planet for generations. It's not just the environmental cost though, is it? It's the human cost too. Labor conditions in the fast fashion

industry are notoriously poor, with workers often facing severe exploitation. According to the Clean Clothes campaign, over 80% of the garment industry's workforce is made up of women, many of whom are subjected to long hours, low wages and unsafe working conditions. In countries like Bangladesh, where much of the world's fast fashion is produced, garment workers earn as little as $96 a month, which is far below the living wage of $472. Additionally, the International Labour Organization reports that instances of forced and child labour are disturbingly common in the global supply chain of fast fashion brands. These harsh conditions are a direct result of the relentless pressure to produce clothing quickly

and cheaply, often leading to significant human rights violations. This is further intensified by a troubling lack of transparency and accountability within the industry. To keep up with this speed of distribution, these fast fashion platforms often rely on copying designs of other brands. Recently, a TikTok craze has emerged where users are exposing Shein's practice of selling dupes or knockoff versions of popular items from really well-known brands under different store names with the Shein platform. This trend has caught the attention of many shoppers who are arguably eager to find designer-inspired pieces at a fraction of the price. Creators online are often showcasing side-by-side comparisons of items from Shein

and their more expensive counterparts. Many of these videos highlight just how similar they are in design, but drastically different in price and usually quality. For me, it raises ethical questions about originality and the impact of such practices on designers who invest significant time and resources into creating their collections. Additionally, there are concerns about the quality and longevity of these sheen items, as well as the broader implications of supporting ultra-fast fashion. Earlier this year, a TikTok user named Emma went viral when she discovered a sheen tag insider $180 pink outfit she purchased from the brand Jaded London. This incident highlights a lesser-known aspect of the fashion industry, the practice of white labelling. Brands like the one

in this TikTok video often visit wholesale markets in Chinese manufacturing hubs to purchase pre-made apparel items. These items are then rebranded and sold under that company's label. In Emma's case, it's likely that the outfit she bought was originally manufactured for Sheen. When Sheen didn't sell enough of these units, the excess stock may have been taken to a wholesale market. A representative from jaded London might have purchased the outfit, rebranded it and sold it at a higher price point, inadvertently leaving the original sheen tag inside. It's a glimpse into the tangled web of fast fashion supply chains. It's a reminder that when you buy from certain brands, you might not be getting what you think you are. That exclusive piece could just be

another product of fast fashion's overproduction machine, rebranded and marked up without you even knowing it. But here's the good news. You have the power to make choices that align with your values. By supporting fast fashion, you're choosing quality over quantity, ethics over shortcuts and sustainability over disposability. Slow fashion isn't about keeping up with the latest trends. It's about building a wardrobe that lasts, supporting brands that treat their workers fairly and reducing your impact on the planet. Think about shopping secondhand, hitting up clothing swaps or investing in timeless pieces that won't go out of style next season. It's also about asking questions, demanding transparency from the brands you love and refusing to settle

for anything less than what's right. You don't just want the bag, you want to feel good about the bag and everything it stands for. So next time you're scrolling through your favorite fashion site take a moment to consider the story behind the clothes and how you can be part of a more sustainable and ethical future the advice shared on she's on the money is general in nature and does not consider your individual circumstances she's on the money exists purely for educational purposes and should not be relied upon to make an investment or financial decision if you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives

of MoneySherpa PTY LTD ABN 321 649 27708 AFSL 451 289. Thanks for watching!