The fashion sector contributes significantly to global environmental pollution. Clothing manufacturing and transportation produce a large amount of greenhouse gas emissions. Recent research has shown that nowadays, the number of consumers that are more willing to pay higher prices for clothes with high sustainability content is growing. This paper provides a broad framework of current trends in the fashion, textile, and garment industry, highlighting circular and slow fashion values that companies and policymakers should address in the coming years to maintain their competitiveness in the market and promote sustainable development. The EU Strategy for Sustainable and Circular Textiles is expected to help fashion enterprises achieve more circular, sustainable, and resilient value chains. Notably, encouraging natural and recycled textiles, design for reuse and recycling, second-hand retail and repair, and product-as-a-service models, particularly for items with high turnover rates, have been highlighted as critical factors for reducing the fashion industry's environmental implications.