New sustainable textile industry business model based on circularity and green economy

This paper studies the application of new sustainable business models of the textile industry, which are based on circularity and green economy. The paper is based on the fact that the textile industry is a very important economic branch for the economic growth of many countries, since it contributes to the creation of new jobs, the improvement of trade and the creation of total added value, but that its business, in addition to numerous positive impacts, also has a number of harmful consequences, especially in the sphere of environmental pollution. In order to reduce and eliminate the harmful effects, new development models and concepts were defined, the most important of which is the concept of sustainable development, with circular and green economy as very important elements. The work is based on the fact that in recent decades the state influence of the textile industry has a growing trend, which is conditioned by rapid changes in fashion trends and the growth of the world population and living standards, as a result of which there was an intensive and irrational use of natural resources, the creation of large amounts of waste, as well as the emission of harmful gases with a greenhouse effect. All this indicated the necessity of moving from a linear to a circular business model in this sector as well. The paper points to the key strategic directions of the future development of the textile industry, as well as to the already achieved results in that area. In the final part of the paper, a comparative analysis of some important indicators of the extent and success of the green transition of the textile industry of the EU and Serbia was performed. The analysis of the presented results shows that the measures taken in the EU textile industry gave certain positive results, especially regarding the reduction of harmful gas emissions and the reduction of textile waste generation, but that there are still certain obstacles to the implementation of the planned activities. These obstacles primarily concern the lack of appropriate infrastructure for the collection and recycling of textile waste, the lack of appropriate personnel, as well as the insufficient digitization of this sector and unfair competition from other countries. All the mentioned obstacles and problems are more prevalent in the textile industry of Serbia, which is primarily a consequence of its insufficient economic development and lack of appropriate resources. The paper concludes that the process of transition from a linear to a sustainable business model is necessary, but that it implies overcoming existing difficulties, in order to successfully continue the process of improving the sustainability of the textile industry in the function of fulfilling not only economic, but also social and environmental business criteria.